Bankruptcy: Can I repair my credit?

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If you’ve been reading about bankruptcy, you probably know that a Chapter 7 bankruptcy will be on your credit report for 10 years from the date you file. A Chapter 13 bankruptcy will stay on your credit report for seven years. Potential clients are anxious about how long the bankruptcy will stay on their credit report, and I sometimes get asked what I think of credit repair companies.

To be blunt, I think it’s a scam.

Credit repair companies claim to be able to remove negative information, including bankruptcy, from their credit report. No one can remove negative credit information that is accurate. And if you’ve filed for bankruptcy, that information on your credit report is accurate. Hiring a credit repair company to remove that information is a waste of money.

Before you get too concerned about how long your bankruptcy will be on your credit report, you should know that it won’t keep you from getting credit for 10 years. Your bankruptcy will be another factor that lenders will take into consideration when deciding to lend you money. The primary way it will affect your ability to get credit will be the interest rates you’ll be offered. The interest rates will start high and get lower the further you are from your filing date.

Filing bankruptcy is a huge decision. You should get accurate, reliable information to help you make that decision. If you have questions about how bankruptcy will affect your credit and ability to get credit in the future, we hope you’ll come in for a free, no-obligation consultation with an experienced Florida bankruptcy lawyer. You can make an appointment by calling 813-886-8500!

 

credit scams, bankruptcy scams, chapter 7, chapter 13

Avoid Companies That Claim To Be Able To Remove Bankruptcy From Your Credit Report

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