Debra Booher & Associates Co., LPA
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How bankruptcy impacts a credit report

When Ohio consumers file for bankruptcy, it will go on their credit report. The bankruptcy may appear on a credit report after it was first filed even if the case was dismissed or a debtor chose to drop the case after filing. Those who file for Chapter 13 bankruptcy should expect to see it on their credit report for seven years after the filing date.

Those who file for Chapter 7 bankruptcy will typically stay on a credit report for 10 years after the filing date. In some cases, it may be possible to get it removed early, but it may be an expensive process with no guarantee that it will be successful. In the meantime, debtors may opt to keep debt balances low and pay bills on time to boost their credit scores.

In most cases, the effects of a bankruptcy will be less severe two years after the case is resolved. In fact, debtors may want to let potential creditors know that they tried to cancel the bankruptcy. This may play a role in how a creditor views the bankruptcy as well as an individual's ability to manage additional debt.

Those who are facing financial challenges may be able to solve some or all of those issues by filing for bankruptcy. Depending on the type of filing a person chooses to pursue, it may be possible to discharge some or all debts while paying little or nothing to creditors. It may also be possible to keep some or all personal property during and after the bankruptcy process. An attorney can explain more about the process of filing as well as the associated benefits such as at least a temporary stay of collection efforts.

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