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Which is Better On My Credit: Chapter 7 or Chapter 13?


People ask us all the time which looks better on their credit: a Chapter 7 or a Chapter 13? The short answer is there is no difference as to how it affects your credit. A bankruptcy does impact your credit negatively and can stay on your report up to 10 years. Carrying a large amount of debt, late payments, repossessions, and charged-off accounts will also stay on your credit report and impact it negatively. So the question becomes, which one will have the best effect for you, individually?

For some people, utilizing the Chapter 7 to get the fresh start in a short amount of time and discharge large amounts of unsecured debt, like credit card debt or medical debt, makes the most sense. A Chapter 7 can allow you to more quickly gain access to credit and begin rebuilding your credit. Freeing up disposable monthly income through a Chapter 7 is sometimes the best move you can make for your overall credit.

It can also be argued that a Chapter 13 might be better for some people and that a lender may look more positively on a Chapter 13. The Chapter 13 can allow you to meet your monthly obligations on terms that are more manageable while still achieving goals such as making your monthly car payments and paying off your car.

Make an appointment to speak with one of the experienced bankruptcy attorneys at O'Bryan Law Offices to discuss your options and evaluate whether a Chapter 7 or Chapter 13 are the right solution for you. Bankruptcy can help give you relief from your financial worries. Call us today at 502-400-4020 for a free bankruptcy consultation.

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