Size

• How much bankruptcy will hurt your score depends on your entire credit profile prior to filing, according to myFICO. For example, a consumer with a 680 FICO may lose 130 to 150 points, whereas someone with a 780 may lose as many as 240 points. Also, the more accounts you include in the bankruptcy, the bigger the impact on your score.
  
  

Types

• The FICO scoring formula treats Chapter 7 (liquidation) and Chapter 13 (repayment) bankruptcies equally, as the are both severe and significant indicators of future creditworthiness. The principle applies: a consumer with excellent credit will experience a bigger drop than someone with low credit, who will only experience a modest drop.
  
  

Time Frame

• Chapter 7 and Chapter 11 (business) filings stay on your credit report for 10 years, whereas completed Chapter 13 remains for seven years after filing. The negative effects of bankruptcy will diminish over time and the sooner you begin re-establishing good credit, the sooner your score will rebound, says myFICO.