As a Chicago bankruptcy attorney, I will often get the question how will a bankruptcy affect my credit? Well the answer is that it depends on what your credit looks like now. It is true that a bankruptcy stays on your credit report for 10 years; however, the further from the filing the less that a bankruptcy will impact a creditors decision to give you new credit. In addition, if you are already behind on bills, you have missed mortgage payments, and/or your debt to income ratio is high then your credit score has already been hurt. Further, each and every month that you wait to file either a Chapter 7 in Chicago, or a Chapter 13 in Chicago your credit score is dropping. Most people will be better off filing for a bankruptcy than repaying debt out of bankruptcy.

If you are deep in debt and have no way out bankruptcy may be a viable option for you. I am an experienced Chicago bankruptcy lawyer who serves Cook County, Dupage County, Will County, and Kane and Lake Counties. I want you to lose your debt and keep your dignity. Please call my office today for a free consultation at 312-489-8182!

Marc Wagman

Attorney at Law