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Bankruptcy Law Practice in Denver and the following areas
The bankruptcy will appear on your credit report for 7 years after you file. an advantage over a Chapter 7 Bankruptcy. A Chapter 7 Bankruptcy lists on your credit report for a 10 year period. Other accurate negative reports on your credit must be removed after seven (7) years (like late payments on credit cards, foreclosures, etc.). Your credit will most definitely be less damaged than had you completed a Chapter 7 Bankruptcy. The bankruptcy’s effect on your credit weakens over time. A 2 year old bankruptcy means more to creditors that a five year old bankruptcy because creditors are primarily interested in present financial circumstances and your demonstrated ability to pay. The usual limitations will apply until the bankruptcy disappears off of your report:
You will not get as high a credit limit as you once. But getting some credit (such as a secured credit card) shouldn't be that difficult and you will be able to rebuild your credit over a reasonable amount of time. What you will likely face is higher interest rates, required higher down payments, more points, etc. But you will typically be treated more leniently than a person with a Chapter 7 Bankruptcy, if you can demonstrate an ability to pay.
This information pertains to Chapter 13 and Chapter 7 consumer bankruptcy. Each state has bankruptcy laws which apply only in that state. The information contained in the preceding is provided for general information purposes and is not a substitute for a legal consultation and it is not intended as legal advice. Every individual's debt and financial situation is different and you should seek independent legal advice regarding you specific situation.
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