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Simon, Fitzgerald, Cooke, Reed and Welch
Simon Fitzgerald, LLC
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Type of debt relief chosen impacts future credit report

One of the issues many people in Louisiana worry about when they face serious financial crises is how their options to resolve their money problems may affect their future. For instance, many people are concerned that once bankruptcy is listed on their credit reports, it will never go away. While it's true that bankruptcy definitely impacts a credit score, the consequences of filing for this form of debt relief are usually temporary.

How long bankruptcy remains on a credit report depends on the type of bankruptcy option chosen. Most individuals typically file either Chapter 7 or Chapter 13. The eligibility requirements for each type vary, and being eligible for one does not necessarily mean a person is also eligible for the other. Chapter 13 generally stays on a credit report for seven years.  

Chapter 7, on the other hand, remains a part of a credit report for 10 years. Chapter 13 is more of a restructuring of a financial plan, which may be why it is removed from a credit report sooner than Chapter 7, which generally involves a complete liquidation of assets. Many people choose Chapter 7 when they have exorbitant medical or credit card debt (or both).  

Remembering, as mentioned earlier, that most financial problems are temporary and knowing where to seek experienced guidance may give Louisiana residents confidence to pursue available debt relief options. People who take advantage of such options often wind up in better financial shape than they were before their initial crisis hit. Acting alongside experienced legal support can help determine which option best fits a particular situation. 

Source:, "How long will bankruptcy stay on my credit report?", Karin Price Mueller, April 24, 2018

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