I love answering reader questions! Today we got a great email from a reader named Murry, asking about the impact of filing for bankruptcy:

Hi, my wife and I would like to know how many credit score points are removed for bankruptcy? Thanks for responding!

 This idea of credit score "points" is a common misconception. In reality, it is nearly impossible to predict the credit score impact of filing for bankruptcy without knowing a lot more about the consumer&39;s credit history. So many factors are used to calculate a credit score, it&39;s not a simple matter of a bankruptcy being "worth" 50 points or a late payment being "worth" 10 points.

Basically: if Murray currently has very high scores, he could see a drop of as much as a few hundred points. If his credit scores are very low, he might see only a very small drop. Either way, filing for bankruptcy will leave him with credit scores that are very low.

This is only a rudimentary explanation though. When you file for bankruptcy several things happen to your credit history. A new public record appears and your discharged debt accounts are marked as being included in the filing. Each of these changes can have a unique impact on your credit scores. One quick way to estimate the credit score impact is by using Credit.com&39;s free Credit Score Estimator tool.

Bankruptcy filing records remain on credit reports for 7-10 years. Once the filing is discharged completely, Murray should be able to start the credit score rebuilding process with a secured credit card or small loan. If he works hard at rebuilding his credit post bankruptcy, he may be able to get a large loan within a few years.

Next question? Send your credit, debt, personal finance and budgeting questions to our team of experts at tidbits@credit.com.