Do Chapter 7 and Chapter 13 Bankruptcy Impact Your Credit Score Differently?

One of the most common questions we get from clients is how bankruptcy will impact their credit score. For many individuals, their past due payment history, lawsuits and repossessions have already damaged their credit score, so filing bankruptcy does not have a significant impact.

One of the most common questions we get from clients is how bankruptcy will impact their credit score. For many individuals, their past due payment history, lawsuits and repossessions have already damaged their credit score, so filing bankruptcy does not have a significant impact.

One of the most common questions we get from clients is how bankruptcy will impact their credit score. For many individuals, their past due payment history, lawsuits, and repossessions have already damaged their credit score, so filing for bankruptcy does not have a significant impact. This is especially true when compared to how effective bankruptcy is in eliminating debt and getting the person’s financial life back on track. However, it is important to understand that there are differences between how long a Chapter 7 and Chapter 13 filing stays on your credit report.

A Chapter 7 bankruptcy remains on your credit report for 10 years from the time you file. A Chapter 13 bankruptcy, on the other hand, will only be on your credit report seven years from the time you file. Why the difference? Chapter 13 cases involve the debtor repaying a portion of what is owed to creditors. As a result, a Chapter 13 debtor’s credit score tends to be less affected than a Chapter 7 debtor’s score.

If you are deciding whether to file a bankruptcy case or not, there are additional factors other than how it will impact your credit score that is important to consider. First, you must determine which type of case you are eligible to file. Additionally, filing a Chapter 7 may remain on your credit report longer, but you also receive your discharge (elimination of debt) quicker. A typical Chapter 7 case lasts approximately four months, so you can start rebuilding your credit faster. In Chapter 13, you do not receive your discharge of debt for three to five years.

For help determining which type of filing you qualify for and which would be most advantageous for you, contact LSS Law. We will review all of your finances, including your credit report, and fully explain all of your debt relief options.

Please keep in mind that every case is different, so if you are thinking of filing bankruptcy, and would like to schedule a no-cost consultation, please contact our office by completing the form on this website or calling us at 954-466-0541.

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       If you are considering filling for bankruptcy , this would be the firm to use! Jonathan is very experienced as well as all of his team, Specially Anne ! They made the process very easy and my case was approved due to their help and expertise! I am very grateful to have had them representing me !
  
 
    
   Xime Basa 
 2023-09-28
 
 
 
      I highly recommend LSS Law. No complaints. Jonathan, Ann, and Maria were very professional and clear in all our communications, which makes everything really easy.
  
 
    
   Donald Galindo 
 2023-09-05
 
 
 
      Great service. Friendly and helpful staff. Highly recommend.
  
 
    
   Al La 
 2023-03-29
 
 
 
      Jonathan and Anne were wonderful and I thank you for helping me with my new beginning.
  
 
    
   ADRIANNE SURRENCY 
 2023-03-29
 
 
 
      I had a wonderful experience with Jonathan Leiderman at LSS Law. Not only is he well experienced, but he is also very patient and supportive throughout a tough time. I appreciate that he takes such a hands-on approach where there is no going through office staff and waiting for a reply. He deals with you one-on-one, and he is your single point of contact. He takes time to answer all your questions and takes the time to ensure that you understand every aspect. He is highly communicative and does so in a timely manner.... I always got a response within minutes or hours, at the latest 24 hours. I don't know how he does it all, but I am grateful that I had him to represent me! I highly recommend Jonathan and LSS Law!
  
 
    
   Jewel Nicholson 
 2023-02-16
 
 
 
      Jonathan Leiderman did a phenomenal job representing me and taking on my case.  His knowledge, experience, and diligence quickly became apparent through his work product and the correspondence that he maintained with me.  Furthermore, he was always quick to answer my questions and put my mind at ease during the entire process.  Jonathan and LSS Law will forever have my gratitude and I highly recommend their services to anyone who is in need of them.
  
 
    
   Ali 
 2023-02-06
 
 
 
      I am really greatful to attorney Jonathen Leiderman for patiently working with me through a very stressful period of ambivalence, and then towards resolution of a difficult predicament. His professionalism and empathy were exceptional. I would recomend him to all who need similar services.
  
 
    
   Peter G 
 2022-04-04
 
 
 
      Excellent company to work with providing timely advice and guidance.  Went above and beyond in assisting our company with an out of state bankruptcy issue
  
 
    
   Diane Artioli 
 2021-10-08
 
 
 
      This company was very professional, sympathetic and very reasonably priced.
  
 
    
   Kemel Gajraj 
 2021-09-13

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Google Reviews

Xime Basa

If you are considering filling for bankruptcy , this would be the firm to use! Jonathan is very experienced as well as all of his team, Specially Anne ! They made the process very easy and my case was approved due to their help and expertise! I am very grateful to have had them representing me !

Donald Galindo

I highly recommend LSS Law. No complaints. Jonathan, Ann, and Maria were very professional and clear in all our communications, which makes everything really easy.

Walter Laramore

Jonathan is quite splendid to deal with and has been an ideal representative for my case. Well prepared, great attention to detail, and very empathetic to my needs. Superior communication skills and gets back with you, anticipating your needs. Worth every penny!

Tavy Bastos

I had a great experience. Jonathan was very attentive, patient and knowledgeable. I had consulted with a different office before that was subpar and didn't provide all of the options provided by this one. I felt secure and in good hands with the representation.

Adrianne Surrency

Jonathan and Anne were wonderful and I thank you for helping me with my new beginning.

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Do Chapter 7 and Chapter 13 Bankruptcy Impact Your Credit Score Differently?

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