Effects of filing bk for business on personal credit

It will greatly impact your overall credit score, you can read more about BK at the link below:
http://www.nolo.com/legal-encyclopedia/chapter-7-bankruptcy/;jsessionid=3F25E57B3FEB841938E651FD169386E3

Bankruptcy can lower your credit score by 100 or even 200 points. However, this also depends on your overall credit. If you have a spotless credit, your score may be greatly hit. However, if you have various negative items on your report, filing bankruptcy will have a less negative impact on your score.

Hi,

By how much points bankruptcy will lower your credit score depends on your overall credit. If you have no negative items on your credit report, your score will be badly affected by bankruptcy filing. However, if there is already many negative items on your credit report, your score won't be greatly hit.

Generally bankruptcy lowers your credit score by 100-200 points.

Thanks

Oddly enough - maybe not - my credit score improved after filing Chapter 7.

Three years of late/no payments, collections, judgments would make a fresh start look pretty good on my credit report.

Since your credit score has been around 700, get ready to lose around 100 points. But, I look at it in another way. It'll give you a chance to start afresh. Try not to commit the mistakes that have led you to the bankruptcy and work on your finances. Although, the bankruptcy will stay on your credit report, you can slowly build up your credit score.

Was the debt personally guaranteed by you? If it is the business filing BK, it shouldnt affect you at all.