Markowitz Law Firm, LLC
Local609-482-3138
Toll Free866-437-1189

Call To Schedule A Consultation

How long is bankruptcy on your record?

Bankruptcy is not always a bad option when it comes to getting yourself out of debt. Though many believe it should be the last-ditch effort, it does have its place in the financial world as a kind of relief for those who are in over their heads with debt.

While there are many kinds of bankruptcy that you can choose, one that is most commonly discussed is Chapter 7. Chapter 7 bankruptcy, also known as liquidation bankruptcy, requires individuals to part with many of their assets in exchange for the forgiveness of debts.

The good news about Chapter 7 bankruptcy is that it often comes with exceptions and allowances, so you don't have to start over from scratch. For instance, you may be able to keep your home or your primary vehicle and still complete the bankruptcy.

If you do decide to use Chapter 7 bankruptcy to resolve your debts, remember that it may stay on your credit report up to 10 years. If you file the similar, but not identical, form of bankruptcy, Chapter 13, it stays on your record for only 7 years.

No matter what kind of bankruptcy you choose, your credit score will likely drop, and you may have challenges when trying to get credit or to obtain loans for a period of time. Fortunately, even with a bankruptcy on your record, you can begin to fix your credit as soon as your bankruptcy is finalized. You'll be in a better financial position and be able to move forward without crushing debts holding you back.

No Comments

Leave a comment
Comment Information

3131 Princeton Pike, Building 3D, Suite 200
Lawrenceville, NJ 08648

Toll Free: 866-437-1189
Phone: 609-482-3138
Fax: 609-896-3184
Map & Directions

Send Us An Email.Get Started Today.

Bold labels are required.

Contact Information
disclaimer.

The use of the Internet or this form for communication with the firm or any individual member of the firm does not establish an attorney-client relationship. Confidential or time-sensitive information should not be sent through this form.

close

Privacy Policy