When your bankruptcy case is filed, your credit score almost always declines. However, your credit score usually begins to rebound soon after your bankruptcy. When you work with Ash Street Law, we provide you with a Bankruptcy Credit Report that shows your current credit score and a prediction of what your credit score will be 12 months after bankruptcy. Your credit score is affected by more than whether or not your filed bankruptcy. Payment history, amounts owed, length of credit history, types of credit used, and new credit all affect your credit score. It's also important to remember that whether or not a lender extends credit to you depends on more than just your credit score. Your income, employment history, housing history, and debt-to-income ratio all affect your creditworthiness. Many people find that bankruptcy does not affect their credit for as long as they expect it to. For example, under Federal Housing Authority (FHA) rules, you only have to wait two years after a Chapter 7 discharge before you can apply for an FHA-insured mortgage. Your attorney will discuss the pros and cons of filing bankruptcy with you, including the effect on your credit.