Major Credit Reporting Agencies will typically show on your report the filing of a
Chapter 7 Bankruptcy for ten (10) years from the date of the initial filing. However,
a Chapter 13 Debt Reorganization will generally only be held for seven (7) years from the date of filing. Please note that any negative credit information can be held on your credit record for seven (7) years as well. Therefore, if you find that you are
having difficulties paying your bills, and in fact fall behind on your debts that
information will stay on your credit report for seven (7) years, which is no longer
than that reported on your credit record if you file Chapter 13 Debt Reorganization,
and only three (3) years less if you simply discharge the debts in a Chapter 7 Bankruptcy.

Also, most credit reporting agencies will allow you to add your own comments to your credit report, disclosing why you were forced to file a petition for relief under the Bankruptcy Code. This may be helpful in obtaining future credit, because often you are unable to orally explain the reason for the filing of your bankruptcy case to any potential creditor. However, it may be of assistance to a potential creditor since it will already be on your credit report.

Additionally, one way in which you can re-establish your credit record after the filing
of bankruptcy is to obtain more credit, which can be done by placing a security deposit for a credit card. Typically, a small deposit is required, and the bank will then issue a Visa or MasterCard. Use this credit card on a regular basis and pay it off each month which will then be reported to your credit report, thus showing any future creditor that you have in fact been able to reestablish credit following the filing of your bankruptcy petition. My office can aid you in obtaining a copy of your credit report, as well as additional information regarding the reestablishment of your credit, following, the filing of your bankruptcy petition.

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