Daniel J. Winfree Attorney at Law
San Diego, California
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Is My Credit Ruined Forever?

ERROR:  Your credit cannot recover from Bankruptcy.

ERROR:  Credit Recovery after Bankruptcy takes TEN years.

ERROR:  Credit Recovery after Bankruptcy takes FIVE years.

…. Rather than go on with these ERROR messages, please understand:

  • The ten-year period which you probably have heard about is the maximum period of time a Credit Reporting Agency can notate a Bankruptcy filing on your Credit Profile.

  • The fact that you show a Bankruptcy filing on your Credit Profile is not ipso facto fatal to any credit transaction that occurs after.

…. In our society, credit has become a matter of negotiation. Our form of business is dependent on it. If you can convince a person or company that wants to loan you money that you will be trustworthy in returning it to them, the chances are that they will loan it to you.

…. The fact that you have a Bankruptcy on your credit report is an indication of only one fact:  That you have a Bankruptcy on your credit report!! The situation could have been a lost job, or a medical emergency, or a significantly out of control tax obligation etc. etc….The naked city has six million stories, and when you want to borrow money you have the prerogative of telling your story. It's just a matter of selling yourself…

Now, I'm not meaning to suggest that Bankruptcy is merely a hiccup in your credit history. To the contrary, It is a significant credit event. But, if you have, since the filing of the Bankruptcy, performed your credit obligations in a faithful, timely manner, as a general proposition you will be as creditworthy as the next person within a relatively short period of time, i.e., two (2) to three (3) to four (4) years.

CAVEAT:  There does, however, seem to be a "buddy system". If you lost property in a foreclosure sale, you may find it more difficult to borrow mortgage money the next time…If you've had a vehicle repossessed, you are apt to find it costly borrowing money to finance a car purchase.

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The information you obtain at this site is not, nor is it intended to be, legal advice. You should consult an attorney for individual advice regarding your own situation.

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