Legal Question in Bankruptcy in Connecticut

Re: Bankruptcy and credit

Yes filing for bankruptcy does get listed on your credit report and stays on the report for a period of 10 years. However, the filing for bankruptcy is not the end of the world. It will make it difficult to obtain a mortgage for a period of 2-3 years (with normal interest rates) and a car loan for 6-8 months. Depending on down payment. Normally, the credit issues are not the most important issue in making a decision to file a bankruptcy petition. The amount of the debt and how many late payments also impact on your credit history.