Written By: Brandy Miller | March 1, 2018 | No Comments

How Long Does Bankruptcy Affect My Credit?Berks County Bankruptcy Attorney Larry Miller, Jr.

  • A Bankruptcy in Pennsylvania stays on your credit history for ten years.
  • Also, some lenders ask whether you have ever had a Bankruptcy filing.
  • Potentially, a Bankruptcy will affect your ability to secure a loan for at least ten years.

Chapter 7 May Have Less Impact Than Chapter 13 Bankruptcies on Your Credit

Courts eliminate some of your debt f you file for Chapter 7 Bankruptcy. Therefore you may have an easier time getting credit or financing because your overall debt load will be smaller.

Competitive Credit Markets Help Securing a Loan After a Bankruptcy

Because lending is a competitive industry, many lenders are willing to work with borrowers who have some dings on their credit, including bankruptcies. You may notice that some lenders will offer you loans for financing even if you have had a Bankruptcy in the past. In fact, in many cases, you may qualify for some forms of loans within a few years or sooner after your Bankruptcy.

Bankruptcy Can Improve Your Credit Over Time

Credit Bureaus have already lowered your credit score before you file for Bankruptcy because of

  • missed payments;
  • late payments; or
  • a high debt load.

Filing for Bankruptcy will probably lower your credit score still further in the short run.

In the long term, Bankruptcy can help resolve some of these problems by

  • discharging some of the debt;
  • making repayment of your debts more affordable;
  • as a result of the above, lowering your debt load; and
  • establishing a history of current payments.

Therefore, Bankruptcy helps you get a fresh financial start. Many people who file for Bankruptcy go on to have healthy credit ratings because they turned their financial life around.

You Won’t Find Better Bankruptcy Attorneys in Reading or Berks County to Help You

Our Bankruptcy Attorneys have

  • 40 years’ experience in PA Bankruptcy Law;
  • helped hundreds of people File for Bankruptcy in Berks County communities around Reading, PA;
  • knowledge of precisely what the court is looking for and expects in you filing documentation and schedules;
  • have a full breadth of Bankruptcy related legal expertise including Business Dissolution, Business Contracts, Business Taxes; Spousal Support and Alimony, Child Support and Estate Planning; and
  • very importantly, a reputation in Berks County for being the most supportive law firm to assure you everything will be OK.

Contact Us Online or Call Us at 610-670-9000 today. We’ll begin the process of getting your finances in order giving you fresh new start.

Miller Law Group Berks County Law Offices in West Lawn, PA

Miller Law Group’s Berks County Law Offices are in West Lawn, PA near Reading.

We offer

  • Convenient, Easy and Safe Free Parking;
  • Easy Access Ramp; and
  • Spacious, Well-Lit Offices

Take a Virtual Tour of Our Office and Get Directions