Will filing bankruptcy affect my credit rating?

Yes, filing for bankruptcy will have a significant impact on your credit rating. Generally, a bankruptcy filing can remain on your credit report for seven to ten years, depending on the type of bankruptcy you file. This can result in a substantial decrease in your credit score, making it more challenging to secure loans or credit in the future. Additionally, lenders may view a bankruptcy filing as a sign of financial instability, which can lead to higher interest rates or difficulties in obtaining new credit altogether. However, it is also worth noting that many individuals who file for bankruptcy eventually rebuild their credit over time by practicing good financial habits. For personalized information and guidance regarding specific impacts on your credit situation, it is advisable to consult with a financial expert or legal advisor. If you require further assistance or have specific questions, you may want to look for contact information on the current Nationstar Mortgage Bankruptcy Department webpage.