How Chapter 7 and Chapter 13 Impact Your Credit Report

by DeLadurantey Law Office, LLC on January 20, 2014

How Chapter 7 and Chapter 13 Impact Your Credit ReportMost people who are considering filing for bankruptcy protection are concerned with how the filing will impact their credit score. The answer depends upon which type of bankruptcy case you file. There are differences in how long a Chapter 7 and Chapter 13 remains on your credit report.

If you file a Chapter 7 case, it will remain on your credit report for 10 years from the date you file the case. While this is a long time for it to remain on your report, it is important to remember that a Chapter 7 case provides you with a quick means for comprehensively dealing with your debts. You can quickly obtain your fresh start (usually a Chapter 7 case lasts between 4 and 6 months) and begin rebuilding your credit sooner.

A Chapter 13 filing remains on your credit report 7 years from the date you file your case. The main reason the Chapter 13 case is removed from your report quicker than a Chapter 7 is that you repay a portion of what you owe your creditors under your Chapter 13 plan (which lasts 3 to 5 years). Additionally, a Chapter 13 typically does not affect your credit score in the same ways as a Chapter 7 filing.

It is important to understand there are pros and cons to both types of personal bankruptcy cases. Thus, it is essential to have a qualified bankruptcy attorney review your financial circumstances, determine which type of filing you qualify for and help determine the most beneficial strategy for your filing.

To learn more about Chapter 7 and Chapter 13 bankruptcy, contact the legal team at DeLadurantey Law Office, LLC to schedule an appointment.

Contact The “Milwaukee Bankruptcy Attorneys,” DeLadurantey Law Office. LLC.   DeLadurantey Law Office focuses on Chapter 7 and 13 bankruptcy, debtor’s rights, debt negotiations, debt relief, mortgage loan modifications, and foreclosure defense.  A “defender of the little guy, DeLadurantey Law Office serves the following location – Milwaukee, South Milwaukee, West Milwaukee, Waukesha City, Waukesha Town, Kenosha, Racine, and all other municipalities in Milwaukee County, Waukesha County, Kenosha County, and Racine County.  We can be contacted by phone: (414) 377-0518 and can be found on the Internet and on Facebook.

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