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St Louis Bankruptcy: How Long Will A Bankruptcy Stay On My Record?

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I get this question a lot, and I know what the person is trying to ask me. But it’s important to point out something (so that there is no misunderstanding of the way things work). When you speak about someone’s “record,” you are talking about their criminal background history (like when a potential employer runs a background check to see if you have been convicted of any crimes). But the filing of a St Louis bankruptcy is not a crime. And it does not go on your “record.”

But it will show up on your credit report. And the current rules state that a bankruptcy filing shall remain on your credit report for ten (10) years. For a lot of people, this sounds kinda scary. “Oh my god! It will stay on my record for ten years?!” (And then I explain that it’s not their record, but their credit report).

However, it should be noted that the government describes the bankruptcy process as a “fresh start / clean slate”. It is literally a chance to wipe the slate clean, to start fresh, and rebuild. What do I mean by “rebuild”? Let me give you an example: most people can expect their credit score to improve by about one hundred (100) points within the first year after filing (and that’s if you did nothing more than sit on the couch for the next 365 days). And you can also expect to see your score rise back to where you want it within a year and half to two years after filing. So it doesn’t happen overnight, but a lot quicker than most people imagine.

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So why is that example important? Because regardless of the fact that the bk will stay on your credit report for the next ten years, it has no bearing whatsoever on your ability to improve your financial standing. But then that’s the whole point of a St Louis bankruptcy: it is to put you in a better position than you are now. No more harassment from rude creditors and collection agencies; no more wage garnishments and bank levies; no more worrying and stressing over how to pay all of your bills (while still being able to feed your children).

The affordable St. Louis bankruptcy attorneys at Brinkman & Alter, LLC have been saving and protecting people’s assets for years. Our goal is to make sure that you keep the assets and property you want, discharge the debts that you want to get rid of, and do it all at an affordable cost to you. All phone conversations and office consultations are free of charge.