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It is true that Chapter 7 or Chapter 13 bankruptcy shows up on credit reports for a while. Its presence will negatively affect your credit score and everything related to it. Nonetheless, the bankruptcy is not a permanent fixture on your report.

With all the economic ups and downs of the pandemic, it’s not usual for people and businesses to have suffered financial setbacks.

If you are considering filing for bankruptcy, you are not alone. Many people have and will continue to file for bankruptcy based upon the times with corporate layoffs, downsizing and continuing business failures. Although not inclusive, the general guidelines below will help you determine if you should consider filing bankruptcy.