There is no doubt that filing for bankruptcy will have a negative impact on your credit score, but having thousands of dollars in defaulted loans and credit cards doesn’t help either.
When you file for a Chapter 7 bankruptcy, that stays on your credit reports for 10 years. A Chapter 13 bankruptcy stays on your credit reports for seven years.
Negative items on your credit report like defaulting on a credit card also remains on your credit report for seven years.
Can I Get Credit Again?
The answer to the question can you get credit after for filing for bankruptcy is a simple YES!
Every week I get calls from former clients asking me to provide them their bankruptcy documents from 2, 3, 4 years back because they are in the process of purchasing a home.
Fact is, when you file for bankruptcy because this information is public, you will start to get offers in the mail to apply for credit with companies such as Wal-Mart, Target, and gas credit cards.
Creditors know you can’t file for bankruptcy for another eight years, so they are willing to extend you credit.
You will not receive a line of credit of $10,000, but you can slowly rebuild your credit like you did initially, hence why bankruptcy lawyers call it a “fresh start.”
Considering filing for bankruptcy? Then contact bankruptcy attorney Alex Hernandez for your free consultation.
Representing clients in the areas of Chapter 7 Bankruptcy, Family Law/Divorce, and car and motorcycle accidents for 20 years.
(904) 712-5565 or (305)-688-LAWS (5297).
*Se Habla Español