subject: Bankruptcy Alternatives – How Long Does A Bankruptcy Filing Remain On My Credit History? [print this page] Whenever a person is in doubt regarding his debt problems and to move out of them, they choose filing bankruptcy over other alternatives as this seems to be the quickest solution to get free from all the financial liabilities. But, what most people do not realize that bankruptcy can suspend all your debts and loans and will provide you instant relief but, its Repercussions are going to stay on your credit score for years.
A chapter 7 bankruptcy will remain on person's credit score for 10 years from the day he filed for the application and if he is filed under chapter 13 bankruptcy then, it will remain on the credit score for 7 years after the payment is settled in full. In both the cases, the credit score gets damaged badly and your credit history is ruined with the "bankruptcy" stamp on it. Due to the damaged score and with the bankrupt status it gets difficult for you to apply anywhere else for the credit and even for the mortgage as no one would like to entrust their money with someone who already had filed for bankruptcy once. The minimum time for which the Bankruptcy filing remains on the credit score is for 7 years. Therefore, it is always advisable to weigh the pros and cons of any action you are undertaking regarding your debt and loan.
The creditors will never be willing to impart any sort of loan or credit service to a person with such background. However, there are some alternatives which have emerged in order to save the person's credit history from getting damaged for long. You can keep on paying the car and other such loan which you have taken after the negotiation with your creditors and can rescue yourself from the damaged score problem.
Bankruptcy Alternatives How Long Does A Bankruptcy Filing Remain On My Credit History?
