Skokie Bankruptcy Attorney Talks About Proof Of Filing On Credit Rep...

Proof of your bankruptcy filing could last on your credit report for up to 10 years but that doesn’t mean you won’t receive credit claims Skokie bankruptcy attorney.  Typically, my clients receive offers for credit within six months to two years after filing a bankruptcy.  Unsecured debt or vehicle debt can be acquired in as little as 90 days to six months and mortgages can be acquired after two years. 

Now the fact that a bankruptcy filing stays on a credit report for 10 years is not something that should dissuade somebody from filing.  You simply have to get out of debt first before you can seek credit again.  After the 10 year period, the credit report should reflect no bankruptcy filing.  However, I caution my clients to pull their credit reports every year or every quarter at www.annualcreditreport.com to ensure that the information on their credit report is true and accurate.  If you see after 10 years that your bankruptcy filing is still showing up, then you want to dispute that information with the credit bureau because it needs to be removed. 

Evidence of your bankruptcy filing should only last on a credit report for up to 10 years.  I have even heard from clients who have had the information removed prior to the 10 year period; however, I do not encourage people to try to take it off because it is truthful information. 

Don’t let the fact that bankruptcy sits on a credit report dissuade you from trying to get out of debt.  The majority of my clients find that offers for credit are readily abundant soon after filing a Chapter 7 or completing a Chapter 13 bankruptcy case.  The mere fact that it stays on your credit report will not dissuade creditors from offering you money if you have the ability to repay and if you show good credit history other than the bankruptcy filing after your cases filed. 

For example, if you are someone who had bad credit before you filed and after your filing you have not incurred any negative credit, then lenders will see that you have changed your ways and corrected some of your errors.  If, on the other hand, you continue to be delinquent and late with payments after the bankruptcy case is filed, then you will be a bad risk for creditors because you are still making bad decisions in terms of repaying debt. 

So again, the credit report will reflect that you filed the bankruptcy.  This information will be removed automatically after 10 years and you will get credit for things such as cars, unsecured credit cards and mortgages within about 90 days to two years after filing either a Chapter 7 or a Chapter 13 bankruptcy case.