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Although many people believe that filing for bankruptcy greatly damages your credit score, in some cases, it may have the opposite effect. According to Smart Money, consumers who file for Chapter 7 bankruptcy may see a slight increase in their credit scores if they already had a low score.
Chapter 7 bankruptcy wipes out past debts, so in many cases, past debts and collection accounts will disappear from a person's credit report. Additionally, when a person files for Chapter 7 bankruptcy, his score is calculated against other bankruptcy filers. This means that a person has the opportunity to score higher, even with the bankruptcy.
Chapter 7 bankruptcy wipes a consumer's slate clean, giving her a fresh start to future financial health. A person who manages her money wisely after bankruptcy is likely to have a high credit rating in the future.
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