Will My Credit Be Forever Tarnished?

San Antonio TX Bankruptcy Lawyer Helping You Find Long-Term Financial Solutions

Filing for bankruptcy will likely have an impact on your credit for a period of time, but the effects will not last forever. Very quickly, you will probably start seeing more credit opportunities as you move forward into the next chapter of your life, and an experienced lawyer can help you take the steps the get there.

Filing for Bankruptcy May Be Your Best Option

When you are in serious financial trouble, there is a good chance that your credit rating has already taken a substantial hit. Whether you have overwhelming medical debt, outstanding credit card balances, or drastically behind on your mortgage, it may be impossible to meet all of your obligations. Missed payments and delinquent accounts will drop your credit rating and often reducing your options.

Filing for consumer bankruptcy under Chapter 7 or Chapter 13 of United States Bankruptcy Code gives the ability to start over and to rebuild your credit quickly. With proper guidance from an experienced bankruptcy attorney, creditors will soon start to see you as a safe bet because you have little debt and cannot file bankruptcy again for several years.

How Long Will a Bankruptcy Stay on My Credit History?

After you complete bankruptcy proceedings, your credit history will continue to list your bankruptcy for a predetermined amount of time, depending on which type of bankruptcy you filed. For a Chapter 7, the bankruptcy will be visible on your credit report for ten years.

AChapter 13 will be visible for only seven years. In situations serious enough to warrant bankruptcy, repayment alternatives would likely affect your credit for a similar amount of time without the promise of a fresh start.

Get the Help You Need

If you are experiencing a financial crisis and would like to discuss your available options, contact our office today. Call 210-342-3400 for a free consultation at the Law Offices of Chance M. McGhee. From our San Antonio office, we are proud to help clients in South Texas seek the better future they deserve.