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How long will a Chapter 7 bankruptcy stay on my credit history?

Post by Christopher Migliaccio

Having a bankruptcy on your credit history won’t mar your record for life, but it will appear on your record for ten years from the date of filing. This is one of many things you should consider if evaluating whether filing Chapter 7 bankruptcy is the right choice for you. Your Richardson lawyer can evaluate your situation to determine not only if filing for bankruptcy is the right option, but if you may qualify.

Dealing with Concerns about Bankruptcy on a Credit History 

Many are concerned about how filing for bankruptcy could affect their lives down the road. For example, you may be concerned that you’ll be unable to rebuild credit after you file for bankruptcy. This isn’t the case. You will have ample opportunity to rebuild your credit.

When you begin receiving credit card offers in the mail, make sure to carefully scrutinize each one. You don’t want to rush into any offers, or borrow any money too quickly. Only with careful planning and preparation should you begin slowly building your credit after filing for bankruptcy.

Secured credit cards are one option you may have to rebuild your credit. You will deposit a certain amount into an account, and that amount will be your credit limit. You can make charges within your credit limit, and then pay the bill on time each month.

The deposit protects the creditor should you be unable to make your payments, whereas opening the account and making the payments can help you re-establish your credit score. When opening a secured credit card account, do your homework. Some might not report to credit bureaus, which may not help you much if you’re looking to rebuild your credit.

It’s also important to understand that filing for bankruptcy won’t leave your credit history over night, just as you aren’t going to re-establish good credit overnight. Your Richardson Chapter 7 bankruptcy lawyer can help set expectations for life after you file for bankruptcy.

Make sure you understand the limitations you may face when you file, but also remember that it’s not forever and it can actually be an opportunity to ultimately arrive at a better place financially.

Obtaining Counsel from a Richardson Chapter 7 Bankruptcy Lawyer 

But filing for bankruptcy isn’t the right choice for everybody. Some might not even qualify, as a means test is required before you can file. If you are able to make minimal payments to creditors, you may not be eligible. What’s more, some who may believe bankruptcy is the only way to lift their financial burden may find that there are other options available.

Contact a Chapter 7 bankruptcy lawyer at Warren & Migliaccio in Richardson, Texas to discuss your case. We will address your concerns and review all the legal options you may have available. We can also help you with the filing process. If you are weighing your financial options and have questions regarding how a bankruptcy affects a credit history, contact us today at (888) 584-9614.

FAQ Category: Bankruptcy, Chapter 7 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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3600 Shire Blvd #205
Richardson, Texas 75082
(972) 684-5051

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10440 N Central Expy #800
Dallas Texas 75231
(214) 974-3965

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