Credit Scores and Bankruptcy

A consumer credit report may include Fort Lauderdale Chapter 13 bankruptcy information for seven years from the time the case is filed. Fort Lauderdale Chapter 7 bankruptcy information will remain on a credit report for ten years. This does not mean that you can’t obtain credit again for seven or ten years, far from it. It simply means that during the period of time, you will have to overcome the negative entry in order to obtain a favorable credit standing.

In actuality, most of my clients obtain vehicle and house financing even while the Chapter 13 case is still pending. And way before the seven year period expires most of my clients are able to obtain a credit card or unsecured bank loan. This is just the reality of aggressive lending policies that creditors practice today. A Fort Lauderdale bankruptcy lawyer can answer your questions about how long it takes to get back on your feet.

Usually the cost of obtaining credit with less than a squeaky clean credit profile results in the payment of a higher interest rates on your borrowing. But the cost of not declaring bankruptcy, both economically and emotionally may end up being more in the long run. It’s an analysis that only you can make a decision about.

Most other non-bankruptcy credit information is also included on a consumer credit report for seven years, and longer if the information is relevant for a longer time period. For example, if the civil judgment against the debtor is valid for ten years, it can be reported for credit-rating purposes for the same time period.

The Bankruptcy Law Firm of Clare Casas handles bankruptcy cases in Miami, Hollywood, Fort Lauderdale, Plantation, Pembroke Pines, Sunrise, Coconut Creek, Cooper City, Dania, Davie, Deerfield Beach, Hallandale, Hollywood, Inverrary, Lauderdale Lakes, Lauderdale-By-The-Sea, Lauderhill, Margate, Lighthouse Point, Miramar, North Lauderdale, Oakland Park, Pembroke Park, Tamarac, Weston, Wilton Manors, Pompano, Coral Springs, Boca Raton, Delray and South Florida.