How Long Does Bankruptcy Stay On Your Credit Report?

Every year, millions of Americans contemplate filing bankruptcy. Credit card debt, student loans, medical bills, mortgage payments, and all your other financial obligations can be overwhelming. The high-interest rates and unexpected expenses that inevitably arise can make it nearly impossible to get out of debt. Bankruptcy is a possible solution for relieving some of your debt.

However, many people are afraid to file bankruptcy because they don’t want it to affect their credit report. It can feel like it ruins your credit for a lifetime. That is far from the truth. It will eventually drop from your credit report. When it does depends on the type of bankruptcy you file for. Chapter 13 bankruptcy will drop from your credit report after seven years, while chapter 7 bankruptcy will be removed after 10 years. The removal of bankruptcy from your credit is an automatic process. There is no need for you to remember dates yourself or submit any further paperwork after the bankruptcy has been finalized.

Contact Our Bankruptcy Attorneys Today!

Considering filing bankruptcy? If you live in the Temecula, CA area, get in touch with our bankruptcy attorneys! The Ashcraft Firm has been assisting clients for decades with filing for bankruptcy. Our attorneys can discuss with you which type of bankruptcy you qualify for, and which is best for your situation. There is no need to worry about bankruptcy ruining your credit for the remainder of your life. It will drop off in either 7 or 10 years. However, the benefits from bankruptcy can be well worth it. Life-changing events such as the birth of a child, loss of employment, or injury can make it difficult to meet your obligations. Don’t let yourself be stuck in debt forever. Contact us today to schedule your initial consultation!