THERE IS LIFE AFTER BANKRUPTCY: AN ANALYSIS OF THE ISSUES THAT COME AFTERWARD
Updated: Mar 30, 2020
AT GLYPTIS LAW, ALTHOUGH WE ARE FOCUSED ON RESTORING YOUR NEGATIVE CREDIT ISSUES PRE- BANKRUPTCY, WE ARE ALSO VERY CONCERNED WITH YOUR POST–BANKRUPTCY FINANCIAL HEALTH. FOLLOW THIS BLOG TO UNDERSTAND THE MAJOR EVENTS OF YOUR PRE- AND POST- BANKRUPTCY LIFE.
THE LENGTH OF TIME A BANKRUPTCY WILL REMAIN ON YOUR CREDIT REPORT AND ITS EFFECT
Although the bankruptcy will be on your credit report for years to come, your overall situation might not be all that bad. Depending on a debtor’s pre-bankruptcy credit score, the bankruptcy itself will affect their post bankruptcy credit score either a lot or a little.
If the debtor’s pre-bankruptcy credit score was good, then the bankruptcy will lower their credit score significantly. However, if the overall pre-bankruptcy credit score was poor to begin with (which is common with most debtors), the bankruptcy will not lower it all that much.
Overall, the bankruptcy can legally stay on your record fur up to 10 years. Depending on the credit bureau, a Chapter 13 usually gets removed from your credit report on average in around 7 years. Chapter 7 can usually be on your credit report for a shorter time, depending on the credit bureau.