Credit Report Effects
Bankruptcy stays on your credit report for 7-10 years after filing your case. Bankruptcy may make it difficult for a borrower to obtain a mortgage or vehicle loan. A borrower may obtain credit but with less favorable terms.
Credit reports are used by lenders to determine whether to lend money to a borrower and under what terms. Lenders may also consider a borrower’s debt to income ratio, length of credit history, payment history, and number of credit applications.
Call The Law Office of Brent M. Myer in Stuart for more information on credit report effects and bankruptcy information. We’re here to help.