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Chapter 7 not the end of the financial road

Many Americans have a tendency to view bankruptcy with no small degree of skepticism, if not outright panic. Of course, debt can spring from a variety of unforeseen sources. Thankfully, there are ways to speed up the process of returning to financial health even after a Chapter 7 bankruptcy in Kentucky. 

Bankruptcy filings can stay on a credit report for up to 10 years, but this is a maximum, not a requirement. In some cases, it is possible to file a dispute with the credit bureau that can have the bankruptcy removed from the credit report altogether; however, this requires evidence that mistakes were made in the report. Every element of the report, especially personal information like Social Security numbers, must be accurately included. If errors are found, a dispute can be filed. 

Barring this option, there are still ways to begin improving credit while a bankruptcy is still on file. Most commonly, seeking out secured loans like low-limit credit cards and secured mortgages are a good place to start. These "secured" loans require immediate payback of debt and can help show the credit bureau that progress toward financial stability is being made. 

While bankruptcy can be an uncomfortable topic for those Kentucky residents suffering from debt, the reality is a Chapter 7 filing is simply not the end of the world. With the support of financial advisors including experienced bankruptcy attorneys, it is possible to recover from financial hardship. In time, often substantially less than the proscribed 10 years, credit can be rebuilt and financial stability achieved once again. 

Source:, "When Can I Get a Bankruptcy Off My Credit Report?", Gerri Detweiler, May 21, 2018

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Law Office of Ginger C. Cord, PSC
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Lexington, KY 40507

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