I’m Robert Beucler. I’m a certified
bankruptcy specialist with Lerner and Rowe Law Group.
I’ve been practicing bankruptcy law for over thirty years and representing debtors
like you. We are not a credit reporting agency, and we do not rehabilitate your
credit. However, many debtors are concerned about the effect of the
bankruptcy on their credit report. There is very little difference between a
chapter seven discharge and a chapter thirteen discharge. Arguably, in the chapter thirteen, because you have been making payments for a period of three to five years, your
credit should immediately be repaired or improved. The chapter seven discharge occurs within approximately ninety to one hundred and twenty days after the bankruptcy petition is filed.
Arguably, the debtor’s financial status and credit reporting should be greatly
improved after the filing of the chapter seven because the debtor is now essentially debt free. There is not a great deal of difference between the chapter seven
discharge and the chapter thirteen discharge as far as the credit reporting agencies
are concerned. The benefit of a bankruptcy is to obtain a fresh start
unencumbered with past new debt. Bankruptcy will not ruin your credit
forever. The fact that you have filed a bankruptcy may remain on your credit
report for up to ten years, but that is not the end of the inquiry. The repayment
of debt, secured debt, over a period of time will help you rehabilitate your
credit. Your credit is not ruined, and you will be able to acquire and finance
vehicles, homes, and so on.