Yes. Declaring bankruptcy will significantly lower your credit score. However, if your debts are bad enough, you’re probably better off in the long run by filing for bankruptcy. This is because if you don’t declare bankruptcy now, you may have payments you continue to miss and debts you may eventually default on. By declaring bankruptcy, you can reset your credit history sooner rather than later and start building it back up. Over time, the effect of anything that hurts your credit, such as a bankruptcy, diminishes.
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