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Bankruptcy Law Frequently Asked Questions (FAQs) | Missouri & Illinois Common Bankruptcy Legal Questions

Q: Will filing bankruptcy hurt my credit for 10 years?

A: You are getting 2 completely different concepts confused with each other. You are getting the fact that bankruptcy is on your credit report for up to 10 years mixed up with the effect that report will have on your credit.  Just because something is reported on your credit report does NOT necessarily mean it will have a negative effect on your credit standing.

First, let's get one thing out in the open.  By the time you need to make an appointment to see a bankruptcy attorney, your credit is already messed up or maxed out, or both, or at least strongly headed in that direction.  Think about it.  If your credit is already messed up or maxed out, you, more than likely, have no credit for bankruptcy to hurt.

Furthermore, in my experience if you have not re-established good credit in 2 to 4 years after you file bankruptcy, it most likely has nothing to do with the fact that you filed bankruptcy.  And it certainly has absolutely nothing to do with the fact that your credit history still shows an old bankruptcy filing.

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