You may anticipate the day that your bankruptcy proceedings are finalized and you can put this whole incident behind you. But the unfortunate truth of the matter is that your bankruptcy filing may still linger in places such as your credit report. Follow along to find out how long this may stay on your credit report and how a proficient Rockland County bankruptcy attorney from The Law Offices of Allen A. Kolber, Esq. can help you work through this.
Approximately how long does my bankruptcy filing stay on my credit report?
First of all, the effect that a bankruptcy filing will have on your credit report is contingent on which type of bankruptcy you filed for. For example, if you opted for a Chapter 7 bankruptcy, then this may appear on your report for 10 years from your filing date. On the other hand, if you chose a Chapter 13 bankruptcy, then this may remain on here for seven years from your filing date. And while the status of your bankruptcy may be updated once it is discharged, it may not be removed from your report until seven to 10 years have passed.
Regardless of the bankruptcy type, your filing may appear in the section of your credit report that is for public records. Meaning, credit bureaus may collect or receive this information from courts to keep your report updated.
How else might bankruptcy affect my credit?
In addition to having your bankruptcy appear on your credit report, your filing may affect you in the following ways:
- Your bankruptcy filing may cause your credit score to immediately sink.
- Your bankruptcy filing may significantly limit your opportunities for applying for loans.
- Your bankruptcy filing may significantly limit your opportunities for applying for additional lines of credit.
- Your bankruptcy filing may appear on your credit report for longer than seven to 10 years if you apply for a job with an annual income that is greater than $75,000.
- Your bankruptcy filing may appear on your credit report for longer than seven to 10 years if you apply for a loan or life insurance policy that is greater than $150,000.
Though this impact may last for years, you may rest assured knowing that there are ways to rebuild your credit in the meantime. One of the simplest ways to work toward this is by making timely payments on your existing lines of credit.
At the end of the day, there is no time like the present to get your bankruptcy filing or credit in order. So pick up the phone and call a talented Rockland County bankruptcy attorney from The Law Offices of Allen A. Kolber, Esq. today. We are looking forward to speaking with you at your free initial consultation.