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cfortunato, Lawyer
Category: Consumer Protection Law
Satisfied Customers: 8023
Experience:  Areas of practice: Landlord/Tenant, Bankruptcy, Consumer Debt
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hers the deal i had perfect credit 2 years ago when i lost

Resolved Question:

hers the deal i had perfect credit 2 years ago when i lost my job i stoped paying on everything except my house just recently i came into some money and can pay all past debt but im worried my credit is destroyed forever am i better off filling for bankruptsy or paying my bills what will get my credit looking the best and able me to apply for credit again in the future
Submitted: 5 years ago.
Category: Consumer Protection Law
Expert:  cfortunato replied 5 years ago.

Hi JACustomer,

A Bankrutpcy will remain on your credit report for 10 years, where it will continue to make it harder for you to get credit for the entire time the Bankrutpcy is on your credit report. Additionally, a Bankruptcy will reduce your credit score by more points than it has already been reduced by the delinquent accounts.

The accounts that are delinquent will remain on your credit report for 7 years, after which time those accounts will no longer have a negative affect on your credit.

In summary, paying the debts and not filing a Bankrutpcy will result in a faster improvement in your credit score.


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Thank you.

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