Going through bankruptcy can help you regain control of your finances, but there are some potential downsides. The biggest drawback is that this filing will be present on your credit report for years. Some of our clients ask if they can get this removed from their reports, but we usually have bad news for them. That’s why it’s important to consult a Montgomery County bankruptcy lawyer before you take a major step like this.
Can I Get Bankruptcy Filings Removed From My Credit Report?
No. Bankruptcy filings are on your report to stay, unless they were some kind of error. If you never filed for bankruptcy and one is on your report, that’s something to sort out with the credit bureaus.
If you did file, then you cannot do anything to get bankruptcy removed from your credit report. This is important information for a potential lender. It’s going to stay on there for years.
How Long Will My Credit Report Show a Bankruptcy Filing?
Unfortunately, you just have to wait this out. A bankruptcy filing generally stays on a credit report for seven to 10 years. The type of bankruptcy you file can make a difference, but whether you file for Chapter 7 or Chapter 13 bankruptcy you are in for a long wait.
Will a Bankruptcy Really Hurt My Credit That Badly?
A bankruptcy filing is sure to hurt your credit because it’s essentially an admittance that you could not manage your money and your debts. You could not make good on your promises and obligations to your creditors. That’s going to affect your credit score.
The other issue is that most people who are thinking about filing for bankruptcy already have other things dragging down their credit scores. If you are often late making payments or you have accounts that are in default, your score is already being hurt before you even file for bankruptcy.
Can I Improve My Credit Report After Filing for Bankruptcy?
The good news is that improving your credit report is possible. Once you have filed for bankruptcy, you can find ways to build up your score again using tools like secured credit cards. You could also get someone to co-sign a loan for you. If you make payments on time and manage your money well, your score will continue to rise. Then eventually your bankruptcy will fall off of your credit report and you can manage a respectable credit score.
Schedule a Consultation With Our Bankruptcy Lawyers
If you are thinking about filing for bankruptcy, contact Mudrick & Zucker. We can schedule a consultation and tell you more about what to expect from this process. We can also help you figure out if it’s the right move for you. Talk to our experienced attorneys today.
