Filing for bankruptcy can be an emotionally charged decision. You want to pay your debts, but the financial challenges can be overwhelming, especially in this economic climate. Filing for bankruptcy can lift the financial burden and provide a second chance for consumers with unmanageable debts. But how does a bankruptcy appear on your credit report and for how long?
A Chapter 7 bankruptcy filing remains on your credit report for up to 10 years while a Chapter 13 bankruptcy remains for seven years past the last date of payment.
After successfully filing for bankruptcy, you receive a full discharge of your debts. This means that creditors can no longer come after you for what you owe. However, a new black mark will appear which typically states discharged through bankruptcy, Any 60, 90, 120, etc days late should be removed, but this often does not occur. Credit restoration can get the days late removed and in many cases the bankruptcy notation can be removed as well.
If you would like to get your credit bank on track, Harold Shepley & Associates can help. Harold Shepley and Associates is a full service debt relief law firm which provides bankruptcy, debt negotiation, mortgage foreclosure defense and credit restoration.