Your Credit Score will be affected whether you file Chapter 7 or Chapter 13. But which is worse on your Credit? In this article I will discuss the Pros and Cons in regards to how each bankruptcy will affect your personal credit rating. Over the years in the Mortgage Industry I have dealt with the affects of these different bankruptcies, and how each one affected your ability to get financed. I know that each has its purpose, but I do know which one I would not file personally.A chapter 13 bankruptcy is where the lawyer gets most of your debts consolidated into a payment you can afford. You make these payments to a trustee for a period of time. This particular bankruptcy is the one I would prefer over Chapter 7. One of the main reasons is the lenders look at Chapter 13 less harshly than a Chapter 7. The main reason is you are attempting to pay back your debts. You can get a mortgage if you are in a Chapter 13. You cannot get a mortgage if you filed Chapter 7 for usually 2 years. Chapter 13 stays on your credit report for 7 years. A chapter 7 […]

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