5 Signs You Might Need a Personal Bankruptcy Attorney for Your Financial Situation

In today’s economic landscape, financial challenges can arise unexpectedly, leaving individuals overwhelmed and uncertain about their options. Whether it’s mounting debt, foreclosure threats, or creditor harassment, navigating through such crises can be daunting without proper guidance. Fortunately, seeking the assistance of a knowledgeable personal bankruptcy attorney can provide clarity and relief in times of financial distress. Here are five signs that indicate you may need the expertise of a personal bankruptcy attorney to navigate your financial situation effectively:

1. Overwhelming Debt Burden:

If you find yourself drowning in a sea of debt with no feasible repayment plan in sight, it may be time to consult a personal bankruptcy attorney. Whether your debt stems from credit cards, medical bills, or loans, an attorney can assess your financial situation and recommend the best course of action. They can help you explore options such as Chapter 7 or Chapter 13 bankruptcy to alleviate your debt burden and achieve a fresh financial start.

2. Threat of Foreclosure:

Are you facing the risk of losing your home due to missed mortgage payments or foreclosure proceedings? Seeking the assistance of a personal bankruptcy attorney can provide crucial support in negotiating with lenders and exploring alternatives such as mortgage modification or bankruptcy protection. With their expertise, you can work towards saving your home and securing a more manageable repayment plan that aligns with your financial circumstances.

3. Persistent Creditor Harassment:

Dealing with incessant calls and letters from creditors can be emotionally taxing and exacerbate an already stressful situation. A personal bankruptcy attorney can intervene on your behalf and put an end to creditor harassment through legal channels. By filing for bankruptcy, you can benefit from an automatic stay, which prohibits creditors from engaging in collection activities, providing you with much-needed relief and peace of mind.

4. Declining Credit Score and Financial Health:

A deteriorating credit score and worsening financial health are red flags that warrant immediate attention. Rather than allowing your financial situation to spiral out of control, consulting a personal bankruptcy attorney can help you assess your options and take proactive steps to mitigate further damage. By addressing your financial challenges head-on, you can begin the journey towards rebuilding your credit and securing a more stable financial future.

5. Complex Legal Procedures:

Bankruptcy laws can be intricate and complex, making it essential to enlist the expertise of a qualified attorney who specializes in personal bankruptcy cases. From navigating paperwork and court proceedings to representing your interests effectively, an experienced attorney can guide you through the entire bankruptcy process with professionalism and diligence. By entrusting your case to a knowledgeable legal professional, you can minimize errors, expedite proceedings, and maximize the likelihood of a favorable outcome.

In conclusion, recognizing the signs that indicate the need for a personal bankruptcy attorney is the first step towards regaining control of your financial future. Whether you’re facing overwhelming debt, foreclosure threats, or creditor harassment, seeking legal guidance can provide invaluable support and peace of mind. With their expertise and advocacy, a personal bankruptcy attorney can help you navigate through challenging times and emerge with a fresh start towards financial stability and independence.

Lewis and Jurnovoy is a local law office serving the Florida Panhandle. We specialize in bankruptcy law, including Chapter 7 and Chapter 13 bankruptcy. We will work to achieve the best financial remedy for your outstanding debts.

Lewis & Jurnovoy PCB
2714 West 15th St
Panama City, FL 32401
(850) 913-9110
https://www.LewisandJurnovoy.com

A Comprehensive Guide to Credit Counseling vs. Bankruptcy

In the face of financial challenges, individuals often find themselves at a crossroads, weighing the pros and cons of different debt relief options. Two prominent choices that emerge are credit counseling and bankruptcy. Each path offers unique benefits and considerations, catering to diverse financial situations. This article aims to unravel the intricacies of credit counseling and bankruptcy, providing readers with insights to make informed decisions about their financial future.

Understanding Credit Counseling:

Credit counseling is a proactive approach to managing debt. It involves working with a certified credit counselor who assesses an individual’s financial situation and crafts a personalized plan for debt repayment. The counselor negotiates with creditors to establish a manageable repayment schedule, often with reduced interest rates or waived fees. Credit counseling aims to empower individuals with financial education, enabling them to take control of their finances responsibly.

Benefits of Credit Counseling:

Structured Repayment Plans: Credit counseling offers structured repayment plans that fit within an individual’s budget, making it easier to manage and eliminate debt.

Financial Education: Clients receive valuable financial education, learning budgeting skills and money management strategies to avoid future debt issues.

Reduced Interest Rates: Credit counselors can negotiate with creditors for lower interest rates, helping clients pay off debts more efficiently.

Considerations for Credit Counseling:

Impact on Credit Score: While credit counseling doesn’t directly impact credit scores, enrolling in a debt management plan may be reflected on credit reports, potentially affecting creditworthiness.

Time Commitment: Credit counseling involves a commitment to sticking to the agreed-upon repayment plan, which may take several years to complete.

Understanding Bankruptcy:

Bankruptcy is a legal process designed to provide individuals with a fresh financial start by discharging eligible debts or establishing a court-approved repayment plan. There are different types of bankruptcy, with Chapter 7 and Chapter 13 bankruptcy being the most common for individuals.

Benefits of Bankruptcy:

Debt Discharge: Chapter 7 bankruptcy allows for the discharge of certain unsecured debts, providing a clean slate for individuals overwhelmed by financial obligations.

Automatic Stay: Filing for bankruptcy triggers an automatic stay, halting creditor actions such as wage garnishments and foreclosure.

Considerations for Bankruptcy:

Credit Impact: Bankruptcy has a significant negative impact on credit scores, and the record has remained on credit reports for several years.

Eligibility Requirements: Not everyone qualifies for Chapter 7 bankruptcy, and eligibility is determined based on income and financial circumstances.

Choosing the Right Path:

The decision between credit counseling and bankruptcy depends on individual circumstances. Those with a steady income who can commit to a structured repayment plan may find credit counseling more suitable. On the other hand, individuals facing overwhelming debt and seeking a fresh start may explore bankruptcy options.

Navigating financial challenges requires careful consideration of available options. Whether opting for credit counseling or bankruptcy, seeking professional advice is crucial. Each individual’s financial journey is unique, and understanding the nuances of credit counseling and bankruptcy empowers individuals to make informed decisions on their path to financial stability.

Lewis and Jurnovoy is a local law office serving the Florida Panhandle. We specialize in bankruptcy law, including Chapter 7 and Chapter 13 bankruptcy. We will work to achieve the best financial remedy for your outstanding debts.

Lewis & Jurnovoy PCB
2714 West 15th St
Panama City, FL 32401
(850) 913-9110
https://www.LewisandJurnovoy.com

Navigating the Murky Waters of Business Bankruptcy: A Strategic Guide for Entrepreneurs

In the unpredictable landscape of business, even the most meticulously planned ventures may find themselves facing financial hardships. When the storm clouds of financial distress gather, business bankruptcy becomes a looming possibility. Navigating the complex and often intimidating process of bankruptcy requires a strategic approach that balances legal obligations, financial considerations, and the potential for business recovery.

Understanding the Types of Business Bankruptcy:

Before delving into the intricacies of navigating business bankruptcy, it’s crucial to understand the different types of bankruptcy filings for businesses. The two most common types are Chapter 7 and Chapter 11 bankruptcy.

Chapter 7 Bankruptcy: Liquidation

Chapter 7 bankruptcy involves the liquidation of business assets to repay creditors. While this may seem like the end of the road, it offers a chance for a fresh start by eliminating most, if not all, existing debts.

Chapter 11 Bankruptcy: Restructuring

Chapter 11 bankruptcy, on the other hand, focuses on business restructuring. This allows the business to continue its operations while developing a plan to repay creditors over time. It’s a more complex process but can provide a lifeline for businesses aiming to recover.

Navigating the Bankruptcy Process:

Assessment and Decision-Making:

a. Financial Assessment: Conduct a thorough analysis of the business’s financial health. Identify the root causes of the financial distress and assess the feasibility of recovery.

b. Legal Consultation: Seek professional advice from bankruptcy attorneys who specialize in business cases. They can provide insights into the legal implications and guide you through the decision-making process.

Chapter Selection:

a. Chapter 7 or 11: Based on the assessment, choose the most appropriate bankruptcy chapter. Consider the business’s viability, the desire to continue operations, and the extent of debt.

b. Filing Process: Work closely with legal counsel to prepare and file the necessary documents for bankruptcy proceedings.

Developing a Reorganization Plan:

a. Financial Restructuring: In Chapter 11 bankruptcy, focus on developing a reorganization plan. This may involve renegotiating contracts, downsizing operations, or other measures to improve financial stability.

b. Creditors’ Meeting: Engage with creditors transparently. Present the reorganization plan and negotiate terms to gain their support.

Implementation and Monitoring:

a. Court Approval: Once the reorganization plan is finalized, seek court approval. This marks the beginning of the implementation phase.

b. Strict Adherence: Execute the plan diligently, and closely monitor financial performance. Adapt strategies as needed to ensure the business remains on the path to recovery.

Post-Bankruptcy Operations:

a. Rebuilding Credit: After emerging from bankruptcy, focus on rebuilding the business’s credit. Establish transparent communication with creditors and demonstrate a commitment to financial responsibility.

b. Strategic Growth: Plan for controlled and strategic growth. Learn from past mistakes and implement measures to prevent a recurrence of financial distress.

Navigating business bankruptcy is undoubtedly challenging, but with strategic planning and the right professional bankruptcy guidance, it can be a transformative process. By understanding the options available, making informed decisions, and embracing the opportunity for reorganization, businesses can emerge from bankruptcy stronger and more resilient than before. Remember, the key lies in approaching bankruptcy not as a defeat, but as a chance for a new beginning.

Lewis and Jurnovoy is a local law office serving the Florida Panhandle. We specialize in bankruptcy law, including Chapter 7 and Chapter 13 bankruptcy. We will work to achieve the best financial remedy for your outstanding debts.

Lewis & Jurnovoy PCB
2714 West 15th St
Panama City, FL 32401
(850) 913-9110
https://www.LewisandJurnovoy.com

How to Bounce Back After Bankruptcy?

Bankruptcy can be a severe financial shock for anyone, but it does not have to be the end of the road. Getting back on your feet after filing for bankruptcy may seem difficult, but it is possible with the right mindset and steps. In this blog post, we will discuss some practical tips on how to bounce back after bankruptcy, and how you can rebuild your finances and future.

Develop a realistic budget:

The first step to financial recovery after bankruptcy is to develop a realistic budget. This involves scrutinizing your income and tracking all your expenses. You need to be honest with yourself about your spending habits and prepare a list of bare necessities. This can include essential expenses like food, utilities, and shelter. You may need to make some lifestyle changes, like eating out less, to avoid overspending.

Obtain secured credit cards:

As a bankrupt, getting approved for loans or credit cards can be challenging. However, obtaining a secured credit card and using it wisely can help rebuild your credit score. A secured credit card involves making a deposit upfront, which becomes the card’s credit limit. Make sure to pay off your balance in full each month to avoid interest charges and negative credit reports.

Save for an emergency fund:

Emergencies can happen to anyone, and it’s essential to have enough savings to cover unexpected expenses. After bankruptcy, saving can be tough, but starting with small amounts and gradually building it up can help. You can set up automatic savings to ensure that you save a percentage of your income every month.

Seek financial counseling:

It’s essential to seek financial counseling after bankruptcy to help you get back on track. A professional can help you develop a customized financial plan and provide guidance on financial management and building credit. There are many free nonprofit organizations that offer financial counseling services.

Stay Positive:

Lastly, it’s crucial to remain optimistic and have a positive outlook after bankruptcy. Remember, you have taken the first step toward financial recovery, and it’s essential to stay motivated. Celebrate every small win and continue working towards your financial goals.

In conclusion, rebuilding your financial future after bankruptcy requires effort, patience, and dedication. Employing these practical tips, such as developing a budget, obtaining a secured credit card, saving for an emergency fund, seeking financial counseling, and staying positive can help you get back on track. Remember, there is life after bankruptcy, and you can bounce back from it.

Lewis and Jurnovoy is a local law office serving the Florida Panhandle. We specialize in bankruptcy law, including Chapter 7 and Chapter 13 bankruptcy. We will work to achieve the best financial remedy for your outstanding debts.

Lewis & Jurnovoy PCB
2714 West 15th St
Panama City, FL 32401
(850) 913-9110
https://www.LewisandJurnovoy.com

Five Signs Bankruptcy Should Be the Next Step

The decision to file for bankruptcy is not an easy one to make. For some, it may feel like a last resort, while others may feel relieved knowing that they can finally get out from under their debt. But how do you know when it’s time to file for bankruptcy? In this blog post, we’ll review five signs that bankruptcy should be your next step.

1. You’re drowning in debt.

One of the most obvious signs that bankruptcy could be the best option for you is if you’re drowning in debt. When your debt reaches a point where you can’t make the minimum payments, and it’s affecting your ability to pay for essentials like housing and food, it’s time to take action. Bankruptcy can relieve your debt, stop collection calls, and give you a chance to start over.

2. Your income can’t keep up with your expenses.

If you’re struggling to make ends meet and find yourself relying on credit cards to pay for daily expenses, it’s time to take a hard look at your finances. Bankruptcy can provide you with a fresh start, but it’s essential to ensure you can keep up with your expenses moving forward. If your income can’t keep up with your current expenses, it’s time to consider bankruptcy.

3. You’re facing the threat of foreclosure or repossession

If you’re behind on your mortgage or car payments and facing the threat of foreclosure or repossession, bankruptcy can help. Filing for bankruptcy can stop foreclosures, giving you time to catch up on missed payments. It can also stop repossession, allowing you to keep possession of your car while you work to catch up on payments.

4. Your credit score has taken a hit.

If you’re struggling to keep up with your debt payments, your credit score is likely to take a hit. When you file for bankruptcy, it will appear on your credit report for up to ten years, but it doesn’t mean your credit score will be permanently damaged. In fact, some people see an increase in their credit score shortly after filing for bankruptcy as their debt-to-income ratio improves.

5. Creditors are suing you.

If creditors are suing you and don’t have the means to pay the debt, bankruptcy can help. Filing for bankruptcy can put a stop to collections efforts, including lawsuits. Bankruptcy can provide you with protection from creditors and give you time to get your finances in order.

If any of these signs speak to you, it may be time to consider bankruptcy. Remember, bankruptcy is not the end of the road – it can give you a fresh start and a chance to regain control of your finances. Speaking with a bankruptcy attorney to discuss your options and make an informed decision is essential. With the right guidance, you can find some relief from your debt and start building a brighter financial future.

Lewis and Jurnovoy is a local law office serving the Florida Panhandle. We specialize in bankruptcy law, including Chapter 7 and Chapter 13 bankruptcy. We will work to achieve the best financial remedy for your outstanding debts. 

Lewis & Jurnovoy PCB
2714 West 15th St
Panama City, FL 32401
(850) 913-9110
https://www.LewisandJurnovoy.com

Knowing When to File for Bankruptcy as a Small Business

Small businesses are the backbone of the economy, with over 30 million small businesses operating in the United States. Unfortunately, it’s not uncommon for these businesses to face financial difficulties. In times like this, it may be a good idea to start considering bankruptcy. Though it’s often seen as the last resort, there are times when it can be a strategic move for a small business. In this blog from experts in bankruptcy assistance, you’ll find tips to help you understand when it’s time to think about filing for bankruptcy as a small business.

Unable to Pay Debts

One of the most significant signs for a small business when it comes to knowing if you should file for bankruptcy is being unable to pay its debts. When a business has more debts than assets, it is often difficult to stay up to date with necessary payments. This results in late fees and an accumulation of debt over time. Financial difficulties like this can be alleviated through bankruptcy.

Can’t Negotiate with Creditors

As a struggling business, it’s likely that you’ve tried negotiating with creditors to extend payment terms. If none are forthcoming, then filing for bankruptcy could be the best way to move forward. Bankruptcy gives you the opportunity to discharge some of those debts and negotiate a repayment plan for the remaining ones.

Legal Action Against Your Business

When facing legal action from creditors, including collectors taking legal action against your assets, it’s time to consider filing for bankruptcy. It allows you to keep most of your assets and halts creditors’ efforts. This will give you some more time to regroup, reassess your options, and decide on the best way to move forward.

Conclusion

Bankruptcy is not a simple decision to make for any small business. It’s a stressful situation, and you may be worried about your financial future, and the future of your business. Remember to review all your options and consider what is best for your circumstances. Don’t try to figure it out on your own; make sure you work with a professional to guide you through any financial challenges. If you need assistance with bankruptcy or want a free debt consolidation consultation, reach out to Lewis & Jurnovoy today.

Lewis and Jurnovoy is a local law office serving the Florida Panhandle. We specialize in bankruptcy law, including Chapter 7 and Chapter 13 bankruptcy. We will work to achieve the best financial remedy for your outstanding debts.

Lewis & Jurnovoy PCB
2714 West 15th St
Panama City, FL 32401
(850) 913-9110
https://www.LewisandJurnovoy.com

Protecting Your Home from Foreclosure in Florida through Bankruptcy Proceedings

Did you know that filing for bankruptcy in Florida can help stop the foreclosure process and potentially allow you to keep your home? In this blog post, top bankruptcy attorneys in Panama City Beach, Florida, will explore how Chapter 7 and Chapter 13 bankruptcy can affect your home and how it can help you during this difficult time.

Chapter 7 Bankruptcy:

Chapter 7 bankruptcy is often referred to as a “liquidation” bankruptcy because most of your assets may be sold to repay your debts. However, there are exemptions, including one that allows you to keep your primary residence. If you want to keep your home, you’ll need to continue paying your mortgage. If you’re behind on your mortgage payments, filing for Chapter 7 bankruptcy can give you a little breathing room. An automatic stay will go into effect as soon as you file, temporarily halting any foreclosure proceedings. This can give you time to catch up on your mortgage payments without the threat of losing your home.

Chapter 13 Bankruptcy:

Chapter 13 bankruptcy is also known as a “reorganization” bankruptcy because it involves developing a repayment plan to pay off your debts over three-to-five years. If you’re behind on your mortgage payments, you can include them in your repayment plan, allowing you to catch up on your payments over time. The automatic stay will also go into effect as soon as you file, halting any foreclosure proceedings. This can give you time to catch up on your mortgage payments while keeping your home.

How Each Bankruptcy Type Affects a Home:

While both Chapter 7 and Chapter 13 bankruptcy can help stop foreclosure and allow you to keep your home, they affect your home differently in the long run. In Chapter 7 bankruptcy, your mortgage payments will continue as normal, and the bank won’t be able to foreclose on your home if you continue to pay your mortgage. In Chapter 13 bankruptcy, your mortgage payments will be included in your repayment plan, allowing you to catch up on any past-due payments. If you’re struggling to keep up with your mortgage payments and feel that you may ultimately be unable to do so in the future, Chapter 13 bankruptcy may be a better option for you.

In conclusion, seeking the assistance of a lawyer to declare bankruptcy can make a significant difference when facing foreclosure in Florida. They possess in-depth knowledge about Chapter 7 and Chapter 13 bankruptcy and leverage this expertise to guide you through the legal maze, enabling you to make informed decisions. Foreclosure doesn’t have to mean losing your home. With the right guidance, you can effectively use these bankruptcy laws to your advantage, providing you not just with the potential to retain your home, but also with the hope for a brighter, more financially stable future.

Lewis and Jurnovoy is a local law office serving the Florida Panhandle. We specialize in bankruptcy law, including Chapter 7 and Chapter 13 bankruptcy. We will work to achieve the best financial remedy for your outstanding debts.

Lewis & Jurnovoy PCB
2714 West 15th St
Panama City, FL 32401
(850) 913-9110
https://www.LewisandJurnovoy.com

How to File for Bankruptcy and Keep Your Car

If you’re struggling financially and worried about losing your car, there are options available that can help you keep your vehicle. In this blog post, two top bankruptcy attorneys will discuss the different types of bankruptcy, how they impact your car ownership, and what you can do to protect your vehicle during the bankruptcy process.

Chapter 7 vs. Chapter 13 Bankruptcy

Two main types of bankruptcy that individuals may file are Chapter 7 and Chapter 13. In a Chapter 7 bankruptcy, your non-exempt assets are sold to pay off your creditors, and any remaining debt is forgiven. If you want to keep your car in a Chapter 7 bankruptcy, you may be able to “redeem” the car by paying its current value to the creditor in a lump sum. This could be beneficial if your car’s value is less than the amount you owe on your auto loan. Alternatively, you can negotiate with your lender to reaffirm your auto loan, which lets you maintain your regular payments and keep your car.

In a Chapter 13 bankruptcy, you make a repayment plan to pay off your debts for 3 to 5 years. Because this type of bankruptcy allows you to keep your essential assets, including your car, you can still make regular payments on your car loan and hold onto your vehicle.

Steps to Keep Your Car During Bankruptcy

To keep your car during the bankruptcy process, you may need to take specific steps such as:

• Negotiate with your lender: You may be able to renegotiate loan terms, interest rates, or repayment schedules to make your car loan more manageable.
• Redeem your car: As mentioned earlier, redeeming your car may be an option if you’re eligible.
• Reaffirm your loan: You can reaffirm your car loan with your lender, indicating that you’ll continue to pay it after the bankruptcy process.
• Declare bankruptcy without surrendering: If your car is leased, you can declare bankruptcy without surrendering the vehicle, as long as you continue to make payments on the lease.

Conclusion

Filing for bankruptcy can be a tough decision, but with the right legal advice and strategy, you can keep your car and get back on track financially. Whether you choose a Chapter 7 or Chapter 13 bankruptcy, it’s important to work with an experienced attorney who can guide you through the process and make sure your rights are protected. Remember that there are options available, even if you’re struggling with debt and fear losing your car. If you need help from a lawyer to declare bankruptcy, contact Lewis & Jurnovoy today.

Lewis and Jurnovoy is a local law office serving the Florida Panhandle. We specialize in bankruptcy law, including Chapter 7 and Chapter 13 bankruptcy. We will work to achieve the best financial remedy for your outstanding debts.

Lewis & Jurnovoy PCB
2714 West 15th St
Panama City, FL 32401
(850) 913-9110
https://www.LewisandJurnovoy.com

The Effect of Personal Bankruptcy on Your Business

Personal bankruptcy can be a tough financial decision that can have lasting effects on your finances and your credit history. However, what some people don’t realize is that it can also affect their business. Bankruptcy can have significant consequences on your business if you own a sole proprietorship or a partnership. Many people mistakenly believe that declaring personal bankruptcy will have no impact on their business, but that is often not the case. In this blog post, a Chapter 7 assistance lawyer will explore the effect of personal bankruptcy on your business.

Liability and Business Operations

If you are a sole proprietor or in a partnership, your business is not considered a separate entity from your finances. In this case, any debts you have accumulated on a personal level will also affect your business. This can make it difficult to operate and comply with normal business procedures, such as obtaining loans or credit. Your business partners may also be affected by your bankruptcy, and it is important to discuss this with them.

Losing Your Business

Personal bankruptcy may lead to the loss of your business if it is not structured properly. If your creditors are searching for a way to recover their debts, they may attempt to seize your business assets. This can lead to significant financial strain and a total loss of operations. Furthermore, if your business has established credit, it too could be affected by your decision to claim personal bankruptcy.

Legal Implications

As bankruptcy claims are legal proceedings, there are various legal implications that you should be aware of. Any contracts or agreements that you may have signed with other businesses or individuals may be affected. They may be voided or terminated, which can have serious consequences for your business relationships and future business prospects.

Business Bankruptcy Filing

If your business is a separate entity, such as a Limited Liability Company or Corporation, declaring personal bankruptcy may have little to no effect on the business. However, it is important to speak to a bankruptcy lawyer before making any decisions. As there are multiple types of bankruptcy, filing a business bankruptcy could be the best course of action for your business.

In conclusion, personal bankruptcy can have serious consequences for your business, especially if it is a sole proprietorship or partnership. It is important to consult with a bankruptcy lawyer to understand the effects of your financial decisions on your business. Plan to discuss your situation with business partners, prepare to potentially lose your business, be mindful of legal implications, and in some situations, a business bankruptcy is a good option. Do not take the potential effects of personal bankruptcy lightly and be sure to do your due diligence.


Lewis and Jurnovoy is a local law office serving the Florida Panhandle. We specialize in bankruptcy law, including Chapter 7 and Chapter 13 bankruptcy. We will work to achieve the best financial remedy for your outstanding debts.

Lewis & Jurnovoy PCB
2714 West 15th St
Panama City, FL 32401
(850) 913-9110
https://www.LewisandJurnovoy.com

How Long Does Bankruptcy Stay on My Credit History?

Have you recently been through bankruptcy, or are you considering filing for one? If so, you may be wondering how long a bankruptcy will stay on your credit history and if there is anything you can do to reduce the time it remains. Well, the answer is complicated, but our best lawyer to declare bankruptcy does have some answers. Let’s talk about the specifics of this issue.  

Bankruptcy Types and Length of Stay on Credit Reports 

The type of bankruptcy you file impacts how long it will stay on your credit report. A Chapter 7 bankruptcy will typically remain on your credit report for 10 years after the date of filing, while a Chapter 13 bankruptcy will usually remain for seven years after filing. In both cases, these removals are done automatically, so you don’t need to initiate any kind of removal process yourself.  

Can Bankruptcy Be Removed from My Credit More Quickly? 

If you notice any incorrect information or omissions on your credit report related to the bankruptcy, you can dispute those items with these three bureaus to get them removed or corrected. 

• Experian® 
• Equifax® 
• TransUnion® 

This could lead to faster removal of the bankruptcy filing from your credit report. 

Rebuilding Credit After Bankruptcy 

It’s important to remember that the negative effects of bankruptcy don’t last forever — it’s possible to rebuild your credit after you’ve gone through this process. To do so, focus on paying all bills on time and keeping your credit utilization ratio low. You can also get a co-signer or ask a family member with good credit if you can become an authorized user. 

What Do I Do Now? 

If you would like more information on how long bankruptcy stays on your credit history, or if you need any advice on the best way to handle your debt situation, contact your local bankruptcy attorneys today for more assistance. 

Lewis and Jurnovoy is a local law office serving the Florida Panhandle. We specialize in bankruptcy law, including Chapter 7 and Chapter 13 bankruptcy. We will work to achieve the best financial remedy for your outstanding debts. 

Lewis & Jurnovoy PCB 
2714 West 15th St 
Panama City, FL 32401 
(850) 913-9110 
https://www.LewisandJurnovoy.com