Your Virtual Credit Manager
AUGUST 1, 2023
Confirm that the bankruptcy has actually been filed with the bankruptcy court, and which type (usually Chapter 7 liquidation, Chapter 11 reorganization, or Chapter 13 if an individual is operating as a sole proprietor). Once the bankruptcy filing has been confirmed, halt all collection efforts and contacts immediately.
Your Virtual Credit Manager
OCTOBER 15, 2024
Over the next couple of years, many more companies are expected to file bankruptcy chapter 7 liquidations, or simply close their doors for good. As a consequence, commercial accounts receivable (AR) portfolios are at an increasing risk of suffering bad debt losses. This initial uptick is only expected to get worse.
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CreditStrong for Business
SEPTEMBER 4, 2024
Your credit report sees the effects of a bankruptcy filing for ten years for a chapter 7 bankruptcy. With a chapter 13 bankruptcy, your credit is affected for seven years. How Long Does A Chapter 13 Bankruptcy Stay On A Person’s Credit Report? While it does eliminate your debts, it comes with a bigger penalty.
CreditStrong for Business
MARCH 10, 2023
Most negative information such as late credit card payments, collection agency activity, and other missed payments toward debts remain on your credit report for seven years. A Chapter 7 bankruptcy will remain for up to 10 years, while a Chapter 13 bankruptcy generally remains for seven years.
CreditStrong for Business
SEPTEMBER 12, 2024
More precisely, a Chapter 7 bankruptcy will remain for up to ten years, while a Chapter 13 bankruptcy generally remains for seven years. If that happens, or if the creditor sends your debt to the collection agency, then it becomes a much more significant issue that will have a more serious impact on your score.
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