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Chapter 7 and Your Credit Report

While Chapter 7 bankruptcy has gained a reputation as a great way to get out of personal debt, you must be certain that this is the best solution for you. While this type of bankruptcy can change your finances significantly, there are other aspects you should be aware of before deciding to file for Chapter 7 bankruptcy.

One of the biggest and most important things to understand about bankruptcy is that it will be visible on your credit history. Although your debts will be removed from your credit history, anyone who checks the history will see that you have filed for bankruptcy. Keep in mind, your Chapter 7 can stay on your report for up to ten years.

While you may receive offers for credit cards after completing bankruptcy, they will come at a price. You will be asked to pay higher interest rates on your cards, which can make it difficult at first to rebuild your credit. However, you can still make large purchases and work towards rebuilding your credit over time.

Want to know what consequences you may face if you file for Chapter 7 in Illinois? Contact a Chicago Chapter 7 lawyer from our law office now to receive information as well as answers to your questions.
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The information on this website is for general information purposes only. Nothing on should be taken as legal advice for any individual case or situation.

Main Office: 123 W. Madison Street, Suite 205 Chicago, IL 60602
Phone Number: (312) 427-3100