There are a multitude of scenarios in which an individual in Maryland or elsewhere could experience prolonged periods of financial struggle. Those who suffer due to overwhelming amounts of debt may wish to pursue relief through the available outlets such as bankruptcy. However, some may have concerns about the process, one of which could revolve around the impact a consumer bankruptcy might have on their credit report.
Filing for bankruptcy is a major decision that will have an inherent impact on one’s credit. In addition, a bankruptcy will remain on a person’s credit report for up to seven to 10 years depending on the chapter that is selected. This could also affect one’s ability to obtain additional lines of credit in the future, and understanding this aspect of the process before deciding on a path is advisable.
However, while a person may experience difficulty in obtaining a credit card or loan, it isn’t necessarily impossible. Regarding the impact on one’s credit score, those who are experiencing monetary troubles may already be suffering in this area, and bankruptcy could be the correct path with which to pursue relief. By filing for bankruptcy, individuals may also be able to begin rebuilding their credit shortly after the process is finalized.
Those who experience financial hardships due to significant amounts of debt may wish to protect their financial futures, but they might be uncertain where to turn for guidance. By speaking with an attorney, one could obtain some much-needed advice on the available options for relief, such as consumer bankruptcy. An attorney in Maryland can evaluate a client’s situation and provide advice and assistance in pursuing relief from the burdens of debt.
Source: fool.com, “How Long Will a Bankruptcy Stay on My Credit Report?”, Maurie Backman, Dec. 20, 2017