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Phone: (816) 842-6200
Castle Law Office

Q
Is Chapter 13 Bankruptcy Better for My Credit Than Chapter 7?

A

Chapter 13 bankruptcy and Chapter 7 bankruptcy can both stay on your credit score for 10 years. There's not a huge difference between how they'll affect that score or your borrowing opportunities.

In some cases, a lender might be more willing to lend to someone who's been through a Chapter 13 than a Chapter 7, because they think it shows the person is more likely to pay off their debts. But this shouldn't be the deciding factor for whether you file Chapter 13 or Chapter 7.

If you're considering bankruptcy right now, your credit is probably not very good already. Going through the bankruptcy might hurt your score more for a time; but ultimately either type of bankruptcy will help you get back on your feet, lose your debt, and be more prepared for taking on new financial commitments down the road.

Life After Bankruptcy

In addition, if you're worried about your credit score after bankruptcy, our Kansas City bankruptcy firm offers a free program to help all our new clients. With this program, you can improve your credit after a bankruptcy to a score of 720 (an A rating) in as little as a year.

So don't let fears about credit score keep you from getting the fresh start you need. Castle Law Office has been handling bankruptcies for Kansas City clients from more than 14 years. If you need the fresh start bankruptcy can provide, call us today at 816-842-6200 to speak with an attorney. Or click here to email us and schedule your free consultation.

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