Filing a bankruptcy will impact your credit whether it is a Chapter 7 bankruptcy or a Chapter 13 bankruptcy. How much it will impact your credit score varies on the persons credit score and whether or not they are current on their debts or not. However, if you are presently not paying your bills or debts are in collections each and every day you wait your credit score is dropping and usually a bankruptcy will have less impact than not filing.

A bankruptcy filing will stay on your credit report for 10 years. That does not mean that you will not get credit for ten years, the longer the time between a bankruptcy filing and incurring or applying for a debt the less a bankruptcy will impact a creditors decision to give you credit. Nevertheless, outside of bankruptcy if your debt to income ratio is high then it will impact a creditors decision to give you credit also.

When choosing a Chicago bankruptcy lawyer, experience matters. I have been representing Debtors for a significant amount of time now. What also matters is that you get sound legal advice and questions answered in a prompt and courteous manner. I am happy to speak with a potential client and advise them as to their options even if they decide not to file a bankruptcy. If you are burdened with significant debt please call my office today my office offers a free consultation for any potential bankruptcy client so please call me at 312-489-8182.

Marc Wagman

Attorney at Law