When you file for bankruptcy, your credit rating will most likely drop to 480, but every circumstance is different. A chapter 13 bankruptcy is a three to five-year open bankruptcy. Your credit score can improve while the bankruptcy is pending if you keep up with your Plan payments and monthly mortgage payments. It is not uncommon for a debtor to secure a new loan while under Chapter 13 protection. Warning: Any additional loans, asset sales, or large-dollar asset purchases must be approved by the court. Check to see if taking out a new loan will cost you more than paying off your present debt.