Those in Virginia who are thinking about filing for bankruptcy should know that the process can do significant damage to a credit score. However, it is possible to minimize the damage over the long-term. By taking out a secured credit card or a credit builder loan, a debtor could start to establish a timely payment history.
The public record of a Chapter 7 bankruptcy will last for 10 years. However, all other bankruptcy references will remain on a credit report for only seven years. Once that time has elapsed, the bankruptcy won't be seen by anyone doing a credit check. After the seven years, a person's credit score may improve significantly. With some planning and discipline, however, it is possible to get a good credit score within four or five years.