Credit After Bankruptcy


How long does bankruptcy stay on your credit report?

A bankruptcy under Chapter 7 or Chapter 11 generally remains on your credit report for 10 years from the date filed.

A bankruptcy under Chapter 13 generally remains on your credit report for 7 years from the date filed.

Having a bankruptcy on your credit report will not prevent you from getting credit in the future.

As long as you have regular monthly income, you are actually a better credit risk after having filed for bankruptcy, because once you receive your discharge you will have no debt and future lenders will not need to share your income with other creditors.

How to rebuild credit after bankruptcy?

You can start rebuilding your credit immediately after receiving your discharge.  Most of our clients begin receiving credit card solicitations shortly after receiving their discharge.  One of the simplest ways to improve your credit score is to pay all post-bankruptcy bills on time.  Additionally, you may want to start by obtaining a secured credit card.  In most cases, these types of credit cards are available as soon as you receive your bankruptcy discharge. A secured credit card can be used just like any other major credit card, however it requires that you place a security deposit with the issuer.

Do not let fear of bad credit stop you from filing bankruptcy.  Call Kasen & Kasen now to schedule a FREE INITIAL CONSULTATION (856) 424-4144.

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