What triggers FICO hit with BK: Filing or Discharge?

[Anonymous]

What officially "hits" my credit report and/or smashes my FICO score with respect to filing BK?  If I file Chapter 7, but then do not go through with it (dismissal?), is that any less detrimental to my credit than going all the way through to Discharge?  In other words, does the filing itself "do the damage"?  Your knowledgable response will be greatly appreciated!

[granny031350]

the very act of filing will hurt your scores.  Dismissal is worse on the scores than discharge.  If you started, you might as well finish.  Love your sn.  LOL  Jubilee.  I will have that in December!!!!

[Anonymous]

Thanks Granny031350 for your response!  By the way, this is the very first time I have ever posted a comment or question on any blog!

Having spent some time recently navigating through this credit labyrinth, I have come to understand that FICO scores are one thing, and then the ability to obtain conventional Real Estate loans, though related, quite another.  For instance, FNMA's  recently published Announcement 08-16 sets forth the time periods one must "wait" to "re-establish credit", regardless of FICO scores, after BK, Foreclosure, short sale, etc.  For BKCH7(first time), it states 4 years from either discharge or dismissal.  So I guess my "modified question" is:  If I file, and subsequently the need for bk protection is eliminated through, say, a windfall, is there a way to rescind the filing, or are the only possible outcomes dismissal or discharge?  The answer may seem obvious, but maybe somebody out there knows of some (obscure) exception.