How long will a Bankruptcy ruin a person's credit?
If bankruptcy is inevitable, you may file either a Chapter 7 bankruptcy or a Chapter- bankruptcy. Chapter 7, also called a "liquidation bankruptcy," provides for the discharge of your debt. Chapter-, also called a "reorganization bankruptcy," allows you to negotiate a repayment plan.
How Does Bankruptcy Affect Your Credit History?
Creditors will discontinue their efforts to collect debts from you when you file bankruptcy; however, be aware that this will negatively impact your credit report. As such, obtaining a loan to purchase a home or other major purchase, such as a car, may become close to impossible.
If you do nothing to remove bankruptcy from your credit report, it will remain for 10 years. You might try rebuilding your credit score, which will instantly drop hundreds of points, but this is hard when nobody wants to offer you credit.
A credit company will most likely deem a person with a bankruptcy on their credit report as a possible financial liability. In light of this, you might want to consider repairing your credit score.
Instead of waiting 10 years for the bankruptcy to clear from your credit report, you can take definitive action. Credit repair allows you to rebuild your credit score more quickly, become eligible for new loans in less time, and become credit worthy faster.
Legally Rebuild Credit After Bankruptcy
Challenging information on your credit report IS legal. Pursuant to the Fair Credit Reporting Act (FCRA), you may contest any entry on your credit report which you believe is inaccurate.
Creditors and credit bureaus are required by law to investigate and verify this information. If negative information cannot be verified, it must be permanently deleted.
If this sounds like a solution you are interested in, you could benefit from expert advice and assistance. The legal professionals at Lexington Law have the tools and experience to help you. Consider Lexington Law when it comes to deleting negative entries from your credit report. - 31377
If bankruptcy is inevitable, you may file either a Chapter 7 bankruptcy or a Chapter- bankruptcy. Chapter 7, also called a "liquidation bankruptcy," provides for the discharge of your debt. Chapter-, also called a "reorganization bankruptcy," allows you to negotiate a repayment plan.
How Does Bankruptcy Affect Your Credit History?
Creditors will discontinue their efforts to collect debts from you when you file bankruptcy; however, be aware that this will negatively impact your credit report. As such, obtaining a loan to purchase a home or other major purchase, such as a car, may become close to impossible.
If you do nothing to remove bankruptcy from your credit report, it will remain for 10 years. You might try rebuilding your credit score, which will instantly drop hundreds of points, but this is hard when nobody wants to offer you credit.
A credit company will most likely deem a person with a bankruptcy on their credit report as a possible financial liability. In light of this, you might want to consider repairing your credit score.
Instead of waiting 10 years for the bankruptcy to clear from your credit report, you can take definitive action. Credit repair allows you to rebuild your credit score more quickly, become eligible for new loans in less time, and become credit worthy faster.
Legally Rebuild Credit After Bankruptcy
Challenging information on your credit report IS legal. Pursuant to the Fair Credit Reporting Act (FCRA), you may contest any entry on your credit report which you believe is inaccurate.
Creditors and credit bureaus are required by law to investigate and verify this information. If negative information cannot be verified, it must be permanently deleted.
If this sounds like a solution you are interested in, you could benefit from expert advice and assistance. The legal professionals at Lexington Law have the tools and experience to help you. Consider Lexington Law when it comes to deleting negative entries from your credit report. - 31377
About the Author:
Discover how I raised my credit score from 582 to 745 in four months with the help of Lexington Law. Learn the truth about quickly and effectively deleting bad credit at www.creditforcouples.com.
