As kids, we never grow up and think, “I hope I get to file for bankruptcy someday.” No one ever wants to be in that situation as an adult. However, if you do find yourself in what seems like an impossible situation financially, bankruptcy is an option to help you get rid of debt that has simply become too much to handle. There are a lot of reasons why people do not want to consider bankruptcy, and one of them is that they fear bankruptcy will stay on their credit reports for the rest of their lives. Keep on reading to know why Bankruptcy may not be as hard on your credit report as you think.
Fortunately, that is a common misconception and is not the truth. Keep reading to get all the facts about your credit report and how it is affected by bankruptcy, then reach out to the attorneys at Bankruptcy Law Center and let San Diego California bankruptcy attorney help answer any questions you may still have about whether bankruptcy is the right option for you.
Bankruptcy Will Only Stay on Your Credit Report Seven to 10 Years
The short answer to how long your credit report is affected by bankruptcy is seven to 10 years. This will depend on what type of bankruptcy you file. A Chapter 7 bankruptcy discharge will typically stay on your credit report for 10 years. By filing a Chapter 13 bankruptcy, the bankruptcy will likely only stay on your credit report for seven years from the date of discharge. Is this really bad news?
This May Not be as Bad as it Sounds
If you are like many people, you see seven to 10 years and think that it is an awfully long time for a bankruptcy filing to stay on your credit report. However, look at it this way. If you do not file for bankruptcy, will you be able to pay off your debt sooner than that? If you are like most people thinking about bankruptcy, you are probably only making the minimum payments on your debts. Bankruptcy lawyer San Diego California is the best option for your all of your problems.
Bankruptcy May Not be as Hard on Your Credit Report as You Think
Without making more than the minimum, those payments could go on indefinitely, and that will be a lot more than seven to 10 years. Bankruptcy Attorney San Diego California is here to help you with debt cases.
By calling a San Diego California bankruptcy lawyer, the clock could start over much sooner. Many creditors and lenders would rather see a bankruptcy filing on someone’s report than a ton of debt. Are you surprised? Most people are when they hear that. In the long term, bankruptcy is often the best option a person has to improve his or her credit score.
Are You Tired of Being Harassed?
There are a lot of reasons why bankruptcy may be a good option for people, but the one that people like the most is that bankruptcy will put a stop to the harassing calls from creditors. As soon as your attorney files the paperwork in court, the calls are required to stop. In fact, creditors cannot contact you at all except through the proper court channels. Keep on looking about the factors that may lead you to why bankruptcy may not be as hard on your credit report as you think.
If you are ready to start working on your credit score and want the harassing calls to stop, contact the attorneys at BLC Law Center today and schedule a consultation.
(image courtesy of Nathan Dumlao)