Bankruptcy & Your Credit History
Bankruptcy is an option for those who are experiencing financial difficulties and are unable to repay their debts. There are several types of bankruptcy that allow you to restructure your debt with a repayment plan and/or relieve you of some of your debts. This can help you get your finances back on track and take that financial burden off your back. The two general categories of bankruptcy are Chapter 7 and Chapter 13 bankruptcy. One thing that one must consider when filing for bankruptcy is how long it impacts your credit report.
A bankruptcy filing on your credit report will make it difficult to rebuild your credit. It will not be impossible, but your options will be limited. Chapter 7 bankruptcy will stay on your credit report for up to 10 years while Chapter 13 bankruptcy stays on your credit report for seven years. As we said, you will be relieved financially, but your credit score will be impacted for the foreseeable future.
Contact Our Bankruptcy Attorney Today!
Elmy Law, P.C. is a bankruptcy attorney serving the Midland, MI area. Financial difficulties are something that plague most people. Credit card debt, car payments, food, utilities, rent, health insurance, and everything else add up quickly. It can become overwhelming, and you find yourself unable to repay your financial obligations. Bankruptcy will help relieve you of some of your debt or give you a repayment plan that fits your budget. Contact us today for assistance filing for bankruptcy!