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Will filing for Bankruptcy permanently damage my credit rating?
Camille Sebreth

In most cases, if you are considering filing for bankruptcy, your credit rating has already taken a hit. A bankruptcy will remain on your credit report for up to 10 years, and may be on your consumer credit report for 7 years. Due to the 2008 recession, the stigma of a bankruptcy became less of an impact, and credit card companies may allow you to apply and be approved for a new credit card within 2 years following a bankruptcy. Part of the reasoning for this is to allow you to begin repairing your credit, and credit card companies & lenders know that if you filed for chapter 7 bankruptcy, you cannot file for another chapter 7 bankruptcy for 8 years. In other words, they know you will have to make your payments.

Answer Provided By Camille Sebreth / Orlando, FL Bankruptcy Attorney

Answers By Attorneys
Answers By Attorneys

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