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Roger
Roger, Attorney
Category: Bankruptcy Law
Satisfied Customers: 31230
Experience:  BV Rated by Martindale-Hubbell; SuperLawyer rating by Thompson-Reuters
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if I pay off my debt and not claim bankruptcy, how long will

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if I pay off my debt and not claim bankruptcy, how long will it take for my credit to be restored

Roger :

Hi - my name is XXXXX XXXXX I'm a Bankruptcy litigation attorney. Thanks for your question. I'll be glad to assist.

Roger :

Any negative history - lawsuits, late payments, collections, etc. all can remain in your credit for up to 7 years. Here's a good link that outlines this: http://www.myfico.com/crediteducation/questions/negative-items-on-credit-report.aspx

Roger :

Thus, the length of time that this information can remain is the same as a bankruptcy filing.

Roger :

HOWEVER, the impact of late payments is much less than a bankruptcy would be. Thus, not filing bankruptcy is certainly the better option.

Customer:

I cannot own any assets and claim bankruptcy right

Roger :

You can own property/assets and file. However, there are limits to what you can keep, claim as exempt, etc.

Roger :

But, you are allowed to keep some property and assets.

Customer:

ok

Roger :

Here's a good link to the NY bankruptcy exemptions available: http://www.nolo.com/legal-encyclopedia/new-york-bankruptcy-exemptions.html

Roger :

Thanks for allowing me to assist and please let me know if you need anything further.

Roger and other Bankruptcy Law Specialists are ready to help you