The process of filing for chapter 7 bankruptcy can be complicated, but debtors usually feel a sense of relief after discharge. But with this sense of relief also comes questions about how to move on after bankruptcy. We commonly get questions about the best ways to move forward after chapter 7 bankruptcy, and many wonder about the length of time that bankruptcies will stay on their credit report. We’ve put together a short article exploring these issues and outlining practical steps for moving forward.

How Long Does Bankruptcy Take?

In and of itself, chapter 7 bankruptcy is not an extremely long process. Within three to four months after filing, most people can complete the process and obtain a discharge. More time is added to the process when there are creditor objections, or in the instance of more complex cases.

How Long Does Chapter 7 Stay on a Credit Report?

This is one of the most commonly asked questions we get from clients. Chapter 7 bankruptcy remains on your credit report for ten years after the filing date. After this time, the bankruptcy and any related accounts will be removed automatically. Even though this seems like a long time, in no way does it prevent filers from obtaining credit and rebuilding their finances as they began the process of moving on. 

Practical Steps for Moving On

After chapter 7 bankruptcy, clients have many options for rebuilding their credit, including the use of a secured credit card. Secured credit cards are great options because they work by allowing you to deposit a specific amount of money into a bank account that serves as your credit limit. This allows you to build credit while paying down debts quickly. It’s also important to realize that by focusing on building a monthly budget, monitoring spending habits, and paying bills on time, it is possible to have excellent credit again in the future.

Credit Rebuilding After Chapter 7 Bankruptcy

At Parker & DuFresne, we understand that filing for bankruptcy is just the first step towards rebuilding your finances, which is why we implement a proven strategy for rebuilding your credit after you file. Our credit rebuilding program provides clients with a proven strategy for rebuilding their credit scores. We provide this program, which normally costs $1,000, to our clients for no additional fees.

There is life after chapter 7 bankruptcy. At Parker & DuFresne, our goal is to get clients across Northeast Florida back on the road to financial stability as quickly as possible. We empower our clients with the resources they need to receive a successful case and have a bright financial future. We specialize in bankruptcy law, and through a thorough consultation, our attorneys will help you determine if bankruptcy is the right solution for you. If you would like more information about the chapter 7 bankruptcy process, contact us today to learn more!