PLEASE NOTE: We remain open and we are available for video conference, regular teleconference or in some limited situations will accept in person consultations.

The Law Office of

Donald L. Bell

Free Consultation
240-624-0748

PLEASE NOTE: We remain open and we are available for video conference, regular teleconference or in some limited situations will accept in person consultations.

The Law Office of
Donald L. Bell
Free Consultation
240-624-0748
Consumer Bankruptcy Tax Debt Relief Office in Greenbelt, MD

3 common questions about bankruptcy and your credit report

Depending on if you have been making consistent payments on your debts, bankruptcy will likely significantly impact your credit score in the short term. However, if you are at the point where you are seriously contemplating filing for bankruptcy, you probably already have missed payments to your creditors.

If this is the scenario you are in, you probably wonder how bankruptcy will affect your credit going forward. Familiarizing yourself with the following answers may help you formulate a plan for your future finances.

1. Will I be able to get credit after filing for bankruptcy?

Yes, you likely will get plenty of offers in the mail for credit cards, car financing or other personal loans. However, these are typically not great financing offers as the annual fees, interest rates and other credit costs remain very high until you rebuild your credit.

2. How long does bankruptcy stay on a credit report?

A bankruptcy public record will still affect your credit scores as long as it appears on your credit report. A Chapter 13 bankruptcy stays on your credit report for seven years after filing. A Chapter 7 bankruptcy remains on your credit report for ten years from the filing date.

3. How do I rebuild my credit score?

As time passes, the bankruptcy notations on your credit report begin to affect your score less and less. You can take steps in the meantime to rebuild your credit score:

  • Get and use a secured credit card. Pay it down entirely and do not use the max amount.
  • Review your free credit reports at com so you can dispute an incorrect bankruptcy report.

Overall, filing for bankruptcy is a way for you to move forward and may help your credit score in the long term.