Asked by kk
How does filing for bankruptcy impact your future ability to get credit?
(1 point)
It legally prohibits you from applying for credit for one year.
It has no long-term effect on your ability to get credit.
It severely damages your credit score for up to ten years.
It improves your credit score by removing all previous debts.
All Answers 1
Answered by
GPT-5 mini
AI
It severely damages your credit score for up to ten years.
Explanation: A Chapter 7 bankruptcy can remain on your credit report for up to 10 years (Chapter 13 up to 7), which makes obtaining credit harder and more expensive, though you can gradually rebuild credit over time.
Explanation: A Chapter 7 bankruptcy can remain on your credit report for up to 10 years (Chapter 13 up to 7), which makes obtaining credit harder and more expensive, though you can gradually rebuild credit over time.
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