Bankruptcy can be one of the most damaging marks that you can have on your credit report. Many lenders will consider it to be the “deal-breaker” when considering credit applications.
Chapter 7 and Chapter 13 are the most common types of bankruptcies. Chapter 7 will typically stay on your credit report for 10 years. Chapter 13 will usually show for 10 years but it can be removed after 7 years.
Regardless, a bankruptcy could stay on your record for a long time. If you need to improve your chances of getting credit in the future, you could consider trying to do some bankruptcy repair.
Regardless of how perfect your credit may have been since, a bankruptcy showing on your credit will still hurt your chances to get credit with certain lenders. Many of them are very unforgiving. You may want to look into different ways to repair your bankruptcy.
If you are trying to repair your credit with a bankruptcy, you will want to engage the services of a specialist. Many times you can find a top company that can offer you assistance similar to a lawyer that might represent a client.
Even though it can be difficult to eliminate bankruptcy information from your profile, you can often update information and add in explanations which can be included in your report.
There are legal firms and other companies that specialize in credit repair. Most of them can offer you valuable information on how to best handle a bankruptcy showing on your credit report. Generally the initial consultation is free.
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