There’s a lot of false information out there regarding bankruptcy. One of the biggest myths is filing for bankruptcy can wipe the slate clean so you can start over. But like with many things, this is only partially true. When you pursue bankruptcy on credit removal services, it’s important to understand what is realistic. Here are four credit report bankruptcy myths to be aware of.
Bankruptcy Stays On Your Credit Report Forever
While bankruptcy will follow you around for a while, it will eventually fall off your credit report. Chapter 7 bankruptcy can remain on your credit report for as many as ten years. Chapter 13 bankruptcy is a little different and can fall off quicker depending on how some scenarios play out. So with some diligent effort, you can work to remove bankruptcy from your credit report in ten years or less.
All Bankruptcies Are Created Equally
When you look up “how to remove my bankruptcy from my credit report”, you’ll get a lot of results. However, every bankruptcy filing is unique and needs to be treated as such. Working with experts in credit repair in Los Angeles can help you identify the most efficient and effective path to removing bankruptcy from your credit report.
Debts Are Removed From Your Credit Report After Bankruptcy
One thing you’ll see a lot when searching for “how to remove my bankruptcy from my credit report” is all of your debts are removed. While it’s true that bankruptcy can free you from those debts, they will remain on your credit report as normal. Depending on the type of debt, it could stay on your credit report for up to seven years. Once you file for bankruptcy, work with experts in credit repair in Los Angeles to determine the best plan for removing debts from your credit report.
You Shouldn’t Try To Build Credit With Bankruptcy On Your Record
Bankruptcy hurts your credit score significantly and there’s no way to sugarcoat it. However, if you are proactive in trying to build better credit, then the impact of bankruptcy won’t be as prominent. Having positive items on your credit report can offset some of the negative items, which can slowly improve your score.
Core Credit Solutions has helped many clients deal with the aftermath of filing for bankruptcy. It’s one of the most difficult decisions you have to make, but you can turn your finances around by taking the right steps. Our credit repair experts are ready to help you on your journey, so contact us today to learn about our services.