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LegalCornerTM - Bankruptcy Basic Facts F.A.Q.'s

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Q.After bankruptcy, how long will it take to get my Credit Restored?

A.Believe it or not, sometimes declaring bankruptcy will restore your credit sooner than if you remained in debt and attempted to pay off all of your outstanding balances. That's right! Although a bankruptcy may remain in on your credit report for 7 to 10 years, most creditors will consider what you do with your credit after filing your bankruptcy petition. Certainly there will be creditors who will refuse to extend credit merely because a bankruptcy exists in your credit report, but other creditors will extend credit because you now have no debts and you now cannot file another bankruptcy for at least 7 years.

Copyright 1999-2019 Melissa C. Marsh. All Rights Reserved. All Information on this website is subject to a Disclaimer and Use Agreement. This information is provided as general information only and should not be construed as legal advice. We advise you to seek the advice of competent legal counsel to address your own specific questions, facts and circumstances.