Skip to content

Help Zone

Student Question

Français
2
Back
avatarAdmirableStork6905
Secondary V • 2yr.

Hi,

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

Thanks !

Financial Education
Provide an answer
avatar
avatar

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

Submit my answerSubmit my answer

Explanations (1)

  • Explanation from Alloprof

    Explanation from Alloprof

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

    Options
      avatarAnthony Bteacher check
      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.

    Québec RioTinto Desjardins Pathy TROTTIER OTHER
    Ask a question