Getting Credit After Bankruptcy…..Is it really 10 years?

Clients are always concerned about their credit score. It is not unusual for the question “How will bankruptcy affect my credit score?” to be the first thing that comes out of someone’s mouth when they consider bankruptcy as an option. Although bankruptcy does have an effect on your credit, the effect may not be as bad as many would have you believe. Further, most people fail to compare the alternative effect that not filing bankruptcy will and already does have on their credit.

There are a number of facts that will appear on your credit report. Any type of loan, any credit you have taken out, how you use it, whether you have paid it or are in default, are all things that will appear when someone looks up your credit report. Bankruptcy will appear on your credit report for up to 10 years. Any negative occurrences will appear for 7.

If your credit is poor, as most people’s is when they consider filing for bankruptcy, bankruptcy may not hurt your credit as much as not filing for bankruptcy. Those who do not file for bankruptcy and struggle with late payments for longer may end up later filing for bankruptcy, or taking a significant amount of time to get back into good credit.

The main difference may be the ease of bankruptcy over the slow struggle with debt many choose instead. Bankruptcy is quick and can provide a fresh start and relief from creditors for those who use it. It is worth discussing with an attorney how much bankruptcy can help you, and what options are available to you.

The Maryland Bankruptcy Center helps Maryland residents file for bankruptcy. We are bankruptcy lawyers with over 30 years of combined bankruptcy experience. We handle Chapter 7 bankruptcy cases and Chapter 13 bankruptcy cases. Our bankruptcy attorneys help eliminate credit card debt, medical bills, judgements, wage garnishments, repossessions, evictions and prevent foreclosures.

If you would like a free consultation over the phone, by e-mail or in person, contact us today and one of our bankruptcy lawyers will help you immediately.

David L. Ruben