There are different kinds of people in the world who have varying views about how certain things will help or hurt them. For instance, when it comes to filing for bankruptcy, whether Chapter 13 or Chapter 7, it can affect one’s credit score. Some people will view this as a reason to avoid bankruptcy at all costs, while other Illinois residents may only see it as a small bump in the road to financial freedom.

Bankruptcy in any of its forms is not perfect. It has its good points and its bad points. Yes, it can affect one’s credit score, as it will remain on one’s credit report for some time. How long will it remain, and what can one do to raise one’s credit score following a bankruptcy filing?

A bankruptcy declaration will remain on an individual’s credit report anywhere from seven to 10 years. This doesn’t mean that, during that time, one cannot do anything to improve his or her credit rating. Credit scores are based on a number of things, bill payment being one of them. By paying all bills from here on out on time, one can show creditors that he or she can be financially responsible, and the result may be a credit score increase. This may not seem like such a big thing, but over time, it can make a significant difference.

Sometimes, the hit one may take to his or her credit score by filing for a Chapter 13 or 7 bankruptcy may not be worth it, but sometimes, it may be. Every Illinois situation is different. An experienced attorney can review one’s economic circumstances and then offer information on all available options that will best serve one’s interests.

Source:, “How Long Will a Bankruptcy Stay on My Credit Report?“, Maurie Backman, Dec. 20, 2017