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| About My Credit The bankruptcy filing is picked up and noted by several commercial credit reporting companies. Federal law limits the length of time that this information may be carried on a report. As of 1997, the limit on reporting a bankruptcy filing is 10 years. Also, the law prevents certain governmental units and agencies from discriminating against persons who have filed bankruptcy. Again, a lawyer can give you guidance in this area. |
| Many people find that if, after filing bankruptcy, they promptly make the payments they are left with, such as car payments, house payments, rent or utility payments, they can re-establish their credit in about 2 years time. However, individual credit ratings are based on overall credit history, as well as income and assets, and it may be harder for some people to re-establish a good credit rating than it is for others. ALTERNATIVES Bankruptcy is not the only method of dealing with a debt problem. In some situations, another way might be more advantageous to the debtor than filing bankruptcy. Such alternatives may include an out of court settlement with creditors, reduction of payments to creditors, obtaining help from a consumer counseling service, or payment of debts by sale of assets or borrowing on assets. However, these methods require some cooperation from creditors, and the chances of success are greater if the debtor attempts these alternatives soon after financial difficulties begin. |
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