Has something happened in your life which has made it difficult to keep up with the financial demands you once could meet? If so, you may need to speak with a Rhode Island bankruptcy attorney as they can explain what the process entails and if it might be a good option for you.
While bankruptcy can help you, it isn’t something you want to rush into as it also will be placed on your credit report which could have an adverse effect in the long run.
When will my bankruptcy be removed from my credit report?
Your credit report displays valuable information that banks, lenders, and even stores look at before they are willing to provide you with a loan, line of credit, or a fairly low interest rate. Obviously if you are considering filing for bankruptcy your credit report might already contain negative reporting, however, it will also contain a bankruptcy if you elect to file and receive it.
So how long will a bankruptcy stay on your credit report and what do you have to do to get it removed?
According to Experian.com, it depends on the type of bankruptcy you filed. This is something else that must be discussed with a Rhode Island bankruptcy attorney as there are a few different options when it comes to what type of bankruptcy you are looking to file for. If you filed a Chapter 13 bankruptcy, you are generally looking at having this remain on your credit report for seven years from the filing date. If you filed a Chapter 10 bankruptcy, you have to wait 10 years from the filing date before your it is removed from your credit report. And once the timeframe has been fulfilled, your bankruptcy should come off of your credit report automatically.
