How Will My Credit Rating be affected?

Many people think that applying for bankruptcy means you will have a damaged credit rating for life. Truth is, you won’t. The first 3 years you are bankrupt are the most challenging years. After these first 3 years, you are then known as a “discharged bankrupt”.

There are lenders out there who will help discharged bankrupts to get loans. However, after 5 years (or 2 years after you are a discharged bankrupt) you will then go back to a perfect credit rating again. To learn more on credit ratings call us on 1300 795 575.