If you are dealing with
past due bills and other forms of debt that you can’t seem to keep up with, then bankruptcy might be the
right option for you. Before you file for bankruptcy, you should first
learn about the long-term consequences. In this blog, we tell you if filing
for bankruptcy will stay on your credit report.
Bankruptcy & Your Credit Report
Filing for bankruptcy can have a major impact on your credit score. There
are two types of bankruptcies that you can file:
Chapter 7 or
Chapter 13 bankruptcy. With a Chapter 7 bankruptcy, your unsecured debt will be discharged,
while a Chapter 13 bankruptcy allows you to keep paying your debts off
through a payment plan for several years. You may have heard about a Chapter
11 bankruptcy, however, only businesses can file for this bankruptcy option.
A Chapter 13 bankruptcy will be removed from your credit report 7 years
after your filing date. A Chapter 7 bankruptcy will take 10 years from
the filing date to be removed from your credit report. You do not need
to contact your credit agency to have your bankruptcy removed from your
How Will My Bankruptcy Affect My Credit?
After you file for bankruptcy, it will be more difficult to get a credit
card or low interest rate. However, you can take steps to start building
your credit immediately after you file for bankruptcy. The easiest way
to boost your credit score is to make sure you pay your bills on time
and stick to a reasonable budget that will allow you to avoid incurring
What Will I Need to File for Bankruptcy?
Before you file for bankruptcy, you will need collect the following types
of financial documents:
- Tax Returns
- Bank Statements
- Paycheck Stubs
- Debt Statements
St. Augustine Bankruptcy Attorney
Are you having a hard time paying your bills? Have you lost your job and
exhausted all of your options? If so, you should consult with our team
of attorneys to find out if bankruptcy is the right option for you. At
Albaugh Law Firm, we have been assisting clients with their bankruptcy
cases for more than 60 years, and we are here to guide you through the
entire process. We can review the details of your case and make sure your
interests are fully protected.
Call (904) 637-1839 to
request your free consultation with our bankruptcy lawyers in St. Augustine.