How does a Chapter 13 Bankruptcy affect my credit rating and report?
A Chapter 13 bankruptcy is typically noted on your credit report for 7 to 10 years. The debts listed in your bankruptcy should be noted on your credit report as zero balance due and/or included in bankruptcy. However, filing bankruptcy does NOT mean that your credit is ruined for 7 to 10 years. First, you will likely be surprised how easy it is to get credit after you file for bankruptcy (not that you should want a lot of credit anyway!). Secondly, if you need to file for bankruptcy relief, your credit is typically better than if you did not file; not filing and continuing to add negative entries to your credit report most certainly does not improve your credit rating.
