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How long does bankruptcy reflect on a credit report?

On Behalf of | Sep 4, 2020 | Life After Bankruptcy

One of the main reasons Florida residents might hesitate to file bankruptcy is because they are afraid of the effect it will have on their credit score. When someone has spent most of their adult life building up their credit score, it is scary thinking what will happen to it after bankruptcy. Rest assured though, if a debtor behaves responsibly with regards to their finances after filing for bankruptcy, there is light at the end of the tunnel—it is possible to get better credit again.

Rebuilding credit after bankruptcy depends on one’s current credit score, their financial situation, and their goals, among other factors. Once knows what their score is as they are coming out of bankruptcy, they should keep an eye on it and keep all accounts current to ensure that everything is accurately depicted. It is also a good idea to get a secured credit card as a way to begin rebuilding credit. Debtors should try to avoid taking additional loans unless they are certain the payments can fit within their budget.

Depending on the type of bankruptcy one is filing for, it can stay on one’s credit report. It is possible that it stays on one’s report for 10 years after Chapter 13 bankruptcy, but if the debt is discharged and one is making payments on time, debtors are likely to see an improvement earlier than they expect.

It is important not to repeat past mistakes and try to maintain the control of one’s financial life that was gained through bankruptcy. Since bankruptcy proceedings affect everyone’s situation differently, it might be helpful to consult an experienced attorney for specified advice.


Kingcade & Garcia | A Miami Law Firm