Skip to content

Help Zone

Student Question

Secondary V • 2yr.


Will personal bankruptcy necessarily lower your credit score or could it just negatively impact it?

Thanks !

Financial Education

{t c="richEditor.description.title"} {t c="richEditor.description.paragraphMenu"} {t c="richEditor.description.inlineMenu"} {t c="richEditor.description.embed"}

Explanations (1)

  • Explanation from Alloprof

    Explanation from Alloprof

    This Explanation was submitted by a member of the Alloprof team.

    Team Alloprof • 2yr.

    Hi AdmirableStork6905,

    Thank you for your question!

    A personal bankruptcy will lower the credit score to its lowest tier for at least 6 years after the bankruptcy. However, it is possible to get it back up if good habits are developed over time. It takes a lot of time to get back up, but it is definitely worth it as a credit card is a useful tool if used correctly.

    Hope that answers your question!

    Anthony B.

Ask a question