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Contributed by mm | August 21, 2006 2:06 PM PST
Yes, bankruptcy record may stay in your credit report for seven years, but it will only affect your credit score in the next couple of years.
From Florida Bankruptcy Law Blog:
Actually, the effect of bankruptcy on your credit is much shorter. Many of my former bankruptcy clients have worked for either banks, automobile finance companies, or mortgage brokers. These people evaluate credit for a living. For the most part, these clients tell me that their lending guidelines provide that a bankruptcy more than two years old will not disqualify prospective borrowers. If the former bankruptcy debtor has established reasonably good credit history after getting his bankruptcy discharge, most lender employees told me that the borrower will have a fairly normal credit score. Last week, a wife of one of my former bankruptcy clients consulted with me about herself filing bankruptcy. She said that her husband had established excellent credit within one year of his bankruptcy being completed.
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Different Types of Banktupcies: Chapter 13 (August 22, 2006)
Truth be told, there are more than one types of banktupcies, and you need to carefully choose which one suits you. Here is what is Chapter 13 bankruptcy, commonly known as debt repayment plan.
Different Types of Banktupcies: Chapter 7 (August 22, 2006)
Truth be told, there are more than one types of banktupcies, and you need to carefully choose which one suits you. Here is what is Chapter 7 bankruptcy, commonly known as liquidation.
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