Filing for bankruptcy under either chapter 7 or chapter 13 will be listed on your credit report for 10 years following your initial filing. While it will be listed for 10 years there is no clear outcome for what this listing will ultimately do to your credit as a whole. Some creditors may think that seeing a bankruptcy on your credit report means that you’ve at least improved your current credit, while others still may think that your bankruptcy is a good thing as it allows you to open new lines of credit while not having to worry about previous financial obligations that would have been discharged during your bankruptcy. Ultimately, the impact of filing for bankruptcy is creditor specific--some creditors will think that filing for bankruptcy is a positive mark on your credit, others will be ambivalent, and others will think it’s a negative mark on your credit.
To better understand if filing for bankruptcy is the right action for you to take, it is recommended that you set up a consultation with a local bankruptcy attorney.
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