Answer:

Many times, people ask us what a bankruptcy will do to their credit report. The answer is it depends. Many people who come to us to file a bankruptcy already have bad credit reports because they’re delinquent on their payments or they’ve missed a few payments. If you missed a payment, missed a couple of payments, your credit report is already what I would call delinquent. In that instance, a bankruptcy really does not necessarily adversely affect your credit report tremendously. A bankruptcy will be shown up on your credit report. Again, a Chapter 7 is on your credit report for ten years, and a Chapter 13 is on your credit report for seven years. The real question always to me is what you are doing to rehabilitate yourself and to get yourself into a better financial situation. Any bankruptcy is supposed to help you look to the future and rehabilitate yourself so that you do have good credit in the future. If you have any questions, please give our office a call.