Concerning car insurance, there is one important question you need to ask yourself: will filing for bankruptcy make your rates increase? It is entirely likely, although it is difficult to give a flat “yes” or “no,” because the answer can depend on so many factors — your company, your driving record, and things of that nature.
Your credit rating prior to filing is also an important factor. While a low credit score can lead to higher rates, you may not see an increase if you keep making payments on type.
The thing is, bankruptcy does affect your credit rating and it can stay on your record for as many as ten years. You may not be able to get the lowest car insurance rates because of that. After all, more and more companies rely on credit scores to determine rates.