Credit scores are a common concern for people who are considering bankruptcy. In fact, worries over credit scores are a common reason why people sometimes wait to file their cases. Although bankruptcy affects your credit scores, chances are you have more important things to worry about if you are considering bankruptcy. How Bankruptcy Could Affect Your Credit Bankruptcy’s effects on credit scores will vary from person to person, but there are some universal rules. For Chapter 7 cases, the bankruptcy does appear on your credit for up to 10 years from your filing date. Chapter 13 cases remain on your credit reports for seven years after they conclude. It is important to understand that not filing for bankruptcy could have an even more negative effect on the long-term health of your credit scores. For example, creditors are still going to report unpaid debts to the three credit bureaus after a…
Read More »