How Do I Rebuild My Credit?
Bankruptcy can be a tool to help reestablish your credit. For instance, if you have missed a monthly payment or are unable to pay the full amount owed, creditors report to credit reporting agencies. Adverse reports impact your overall credit score. This is what can prevent you from obtaining “good” credit, and therein prevents your obtaining of more credit. Bankruptcy can give you a new beginning to rebuilding your credit because it allows you to be discharged from most debts and eliminate adverse credit reporting.
After you receive a discharge, your creditors and the credit reporting agencies must report a zero balance due.
If you make timely payments on post petition and certain non-dischargeable debts (i.e. student loans) after filing for bankruptcy, you will be given the chance to rebuild your credit within a few years. If you reaffirm any of your post petition debts, your timely payments should rebuild your credit as well.
How Long Does Bankruptcy Show on A Credit Report?
Chapter 7 bankruptcy cases normally show up on a consumer credit report for 10 years from filing. With Chapter 13, a debtor’s bankruptcy information may be reported for seven years if debts are discharged. If debts are not discharged in a Chapter 13 case, the bankruptcy can show for up to 10 years from filing.
Everyone’s case is unique, and Attorney Christopher Hittel can advise you on your specific situation. If you would like to speak with Attorney Christopher Hittel, call him today at (941) 746-7777, or contact him online. He offers free consultations and will answer your questions.