Your credit report contains all types of relevant details about your financial past. Filing for bankruptcy is an important detail that lenders want to know, and your bankruptcy filing will thus be listed on your credit report. The length of time that the filing is on your report is going to vary depending upon what chapter of the bankruptcy code you filed under.
While bankruptcy can affect your credit, is it not true that it always brings your credit score down a lot. It is also possible for you to begin obtaining loans shortly after you have filed for bankruptcy and had your debts discharged. An experienced bankruptcy lawyer can help you to understand the impact of bankruptcy on your credit, so call Ronald D. Weiss, PC today for more information and for assistance with your bankruptcy case.

Suffolk County Bankruptcy and Your Credit Report

If you file for Chapter 7 bankruptcy in Suffolk County, you can expect that the bankruptcy will stay on your credit report for 10 years. If you file for Chapter 13 and successfully complete the bankruptcy repayment plan, the filing will stay on your credit report for seven years.
While bankruptcy is going to affect your credit score, it can also be the first step you need to take to improve your credit. If you do not file for bankruptcy protection and you continue to pay your bills late or maintain cards that are over-the-limit, negative information will be reported on your credit report each month. Your credit score will simply keep getting worse and worse, and you will never have a chance to improve.
Bankruptcy stops the onslaught of negative information. The debts are discharged and you can start with a clean slate. When you start to build a positive credit history post-bankruptcy, your score will start to improve as a result. With time, you can get back to having good credit.
Typically, you can obtain a secured card right after your bankruptcy filing is over. These cards have high interest rates and fees, but you should get one just to make purchases and pay them off in full each month to start building a good credit history. By the time two years have passed since the bankruptcy filing, you should be able to buy a home with an FHA loan if you desire to do so and should also be able to start getting other types of credit.
Ronald D. Weiss, PC will help you through your Suffolk County bankruptcy and advise you on its impact on your debt and credit. Call today to speak with a legal professional who can assist you.