For the people that have declared bankruptcy, you should already be aware that doing this is the worst thing that can happen to your personal credit report. Most creditors would consider it to be a “deal-breaker” if you apply for a new credit card.
Chapter 7 and 13 are the most common types of filed bankruptcies. Chapter 7 stays displayed for creditors to see for 10 years, no questions asked. Chapter 10 is a little more forgiving. It shows for 10 years however, it can be removed after only 7 years.
Whichever way the bankruptcy has been filed, it’s obvious that it will stay on your record for an extremely long time. This is why a person should consider getting some repair for their credit after filing bankruptcy.
Whatever else that’s on your report, even if it’s perfect, as long as you have filed for a type of bankruptcy, it will stick out just like a sore thumb, which will give you problems when trying to apply for credit. If you’ve got a hope of restoring your problems with credit, you need to be able to find everything that you can on bankruptcy repair.
You can consider consulting different services that specialize in bankruptcy repair. You can often find a lawyer who will represent you through any proceedings or hearings.
While it is difficult to remove bankruptcy information completely, there are credit repair companies that have had success doing this. More often, the information can be cleaned up and updated, adding explanations that will be included in your credit report.
You can find legal firms that specialize in bankruptcy repair and other credit repair agencies advertised online and they are also listed in the yellow pages. They will be happy to talk with you by phone and many of the first appointments will be free.
Leave a Comment