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Bankruptcy: How Long Do They Stay on Credit Reports?
It’s very unfortunate when one is forced to file for bankruptcy for unavoidable reasons. Sometimes it is unavoidable!. Reasons could range unexpected unemployment, severe accidents or illnesses to having sick relatives. But no matter what the reason is it would still affect your credit score and it would still appear in your credit report. A straight up bankruptcy would generally appear on your credit report for ten years.
Macylegal challenges bankruptcies on credit reports and has been sucessful at challenging and succesfully disputing these. See our credit restoration services for more info.
Bankruptcy can be bad for those seeking employment. Employers often check their credit scores as well as check their personal background. Employers would generally be cautious especially when hiring for positions that require handling of cash and other positions that are exposed to money. This may not seem fair for those seeking employment to improve their current financial status but employers have to protect themselves too. Obtaining loans can also be difficult.
Some of these loans are hard to repay these loans and it will only further worsen their credit score as a result. This would signal that the person has not changed his ways since his bankruptcy. This would even spell more difficulty in finding a job, finding a place to rent and getting a car on credit. You can also file for bankruptcy and be on a plan to repay your debt in a few years. This would still appear on credit reports from 7 to 10 ten years.
It may be slightly better than a straight forward bankruptcy but it’s still a bad mark on your credit report. The only good thing is that you can show that you were actually able to repay your debt and creditors may see this as a good sign. Some people would try to get this mark erased.
For some this is bery effective. Incorrect details can allow for challenges and disputes which can lead to have the bankruptcy mark be deleted. Again, some are actually successful but some are not. Also, in the future if you’re asked if you have ever gone bankrupt you would have to answer truthfully because it would be easy to check and confirm this.
To challenge the bankrupcty on your credit report we offer several services including a Do It Yourself Service! You have nothing to lose and everything to gain!
See our Services Page for more details on the services we offer!
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