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You are not alone in the bankruptcy process. Let us serve as your guide, helping you secure maximum debt relief through whichever type of bankruptcy is best suited to your specific case. Contact us today to get started.

A Bankruptcy May Not Stay on Your Credit Report as Long as You Think It Will

Though no one wants to be in a position where they need to file for bankruptcy, the fact of the matter is that it is an option to get rid of debt that has become unmanageable. There are many reasons that people choose not to explore the option of bankruptcy, including the idea that it will stay on their credit report for the rest of their lives.

Keep reading to get the facts about bankruptcy and your credit report. If you are considering filing for bankruptcy, contact The Law Offices of Paul Y. Lee at 951-755-1000 for a free consultation with a bankruptcy attorney. We are here to help you find the best way forward with your case.

Bankruptcies Will Stay on Your Credit Report for Seven to Ten Years

The short answer to how long a bankruptcy will stay on your credit report is that it will stay for seven to ten years, depending on whether you filed for Chapter 7 or Chapter 13 bankruptcy. A Chapter 7 discharge generally stays on your credit report for ten years. If you file for Chapter 13, then it will generally stay on your credit report for seven years after it is discharged.

Does This Sound Like Bad News? It May Not Be

If you see those numbers and feel as though that is a long time for a bankruptcy to stay on your record, ask yourself this: Can you pay off your debt more quickly? If you are like many people who are considering bankruptcy, it is likely that you are having a hard time even making your minimum payments. Without a drastic change, this could go indefinitely.

Or you could call a bankruptcy attorney and have the clock start over much sooner. You may also be surprised to learn that many lenders prefer a person with a bankruptcy on their credit report than a person with a lot of debt. There is no question that in the long run, bankruptcy is often the best thing a person can do for their credit score.

Are You Tired of Creditors Harassing You?

There is a long list of reasons that bankruptcy often makes sense for buyers, including the fact that it immediately puts a stop to creditors calling and otherwise harassing you. In fact, as soon as you file, creditors are legally required to stop trying to contact you at all except through proper court channels.

Imagine getting rid of the weight of the debt you are currently struggling under. Imagine never getting another call from a pushy lender again. If you are interested in considering your options then we welcome your call to The Law Offices of Paul Y. Lee at 951-755-1000. We are standing by to give you a free consultation so you can better understand the right choice for your individual situation.