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How long will Chapter 13 Bankruptcy stay on my credit history?

Post by Christopher Migliaccio

An understanding of Chapter 13 bankruptcy rules can help you decide if this is the right decision for you, especially if you are concerned about how the bankruptcy affects your credit. Talking with a Plano Chapter 13 bankruptcy lawyer may help, but know that it will generally stay on your credit history for seven years.

How Bankruptcy Affects Credit

Unfortunately, you generally won’t know for sure how your credit is affected until after you have filed. The drop in your credit score depends on what it was before you filed. If it’s already low, the drop may not be as much as if it was high prior to filing. Either way, expect some decline.

You may find it more difficult to open new credit cards or take out loans after filing, but again, this will depend on your ability to open new credit cards or take out loans prior to filing. If you already found it difficult, the effect may not be as severe. This may impact your decision of whether or not to file.

Chapter 13 Bankruptcy Rules

Chapter 13 bankruptcy requires you still pay a portion of the debt, which is why it will remain on your history for seven years instead of the 10 years it stays on your history if you file under Chapter 7.

But there are rules that protect you, too. For instance, creditors cannot make attempts to collect when you have filed for bankruptcy. An automatic stay goes into effect once you have filed the paperwork. However, not all debt is protected by the stay, such as tax or child support debt. 

Warren & Migliaccio: Plano Chapter 13 Bankruptcy Lawyers

It’s not uncommon to have concerns about how bankruptcy will affect your credit. A bankruptcy lawyer at Warren & Migliaccio, L.L.P. can evaluate your financial circumstances to determine what might be a good solution and provide an explanation of how Chapter 7 and Chapter 13 bankruptcy rules affect you. Call us: 888-584-9614.

FAQ Category: Chapter 13 Bankruptcy

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If you need to speak with an attorney at Warren & Migliaccio, L.L.P.  submit our contact form or call either our Richardson or Dallas location to schedule a free consultation. We’re happy to meet at your convenience. Contact our firm today for legal counsel from experienced attorneys.

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10440 N Central Expy #800
Dallas Texas 75231
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