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Posted in Bankruptcy
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Question By
mamasboy2

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how long does bankruptcy remain on my credit

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Bankruptcy on Credit Report

Helpful to 203 out of 214 people

The record will remain on your credit report for seven years or longer depending on the type of bankruptcy filed.
For Chapter 7, it stays for 10 years. For Chapter 13, it stays for 7 years.

Reply by
ljohnverrell

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Helpful to 49 out of 62 people

Exactly. A chapter 7 says on your credit report for 10 years. 

Reply by
RodJB

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Helpful to 90 out of 111 people

It may only stay on your credit report for 10 years, but if you are in a profession where they do a thorough background check on you, they can find out 25 years after the fact that you filed for bankruptcy relief.  I am not sure if this is ever removed from your history--but please do not confuse this with your credit report--they are two seperate things. 

The only think that you can do if your employer or perspective employer does such a check is to be straight forward with him/her and tell them it is on your record and give them a good reason as to why.  If you say nothing, or worse, lie, you can be refused the position at this point or worse, fired for lieing on your app if they find out after the fact.  I know someone that this happened to several years after they had been hired and had done an exemplary job during their tenure.  However, it says in the app that you may be fired for giving false information or telling an untruth. 

Don't do it, it is not worth the shame later on.  Especially when you feel you have established yourself as a hard-working reliable employee one to whom others turn for advice.  Good luck.  I myself am battling through the BR scenario and only have a few more months before I hit the ten-year mark.  I am counting the days for that to come off my credit report, along with the creditors that are still listed that were dismissed with the bankruptcy.  Isn't it wrong for them to continue to post negative comments AFTER they were included in a bankruptcy?

Remember, things will get better and as one writer said, "there is life after bankruptcy!"

Reply by
baldbob47

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Helpful to 12 out of 21 people

I filed Chapter 13 in 2001. Cleared it a year early because of a small inheritance and it is still there. How do I get it off.

Reply by
Delmonte66

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Helpful to 0 out of 1 people

I entered my bankruptcy december ,  should'nt this be removed on all three credit reports by now?

Reply by
Delmonte66

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Helpful to 0 out of 1 people

I had a chapter 13

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Bankruptcy

Helpful to 102 out of 121 people

I am a certified credit counselor.  After filing you will have a harder time getting someone to take a chance on you to start building credit again.  Credit unions usually have some type of credit building loan, just make sure they report to all THREE bureaus.  Most people can build credit faster after a bankruptcy, and some lenders see it as a good thing because you can't file again for several years so they are more likely to get paid.  This in no way should encourage someone who has ANY other option not to explore that option.  Bankruptcy is the worse thing you can do to your credit, but usually in time most of my clients are able to build the credit report they want. 

Bankruptcy stays on your credit for 10 years.  It is better than tax liens those stay on a credit report until 7 years after the debt has been satisfied. 

Reply by
Goodlfe

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Helpful to 209 out of 227 people

There is hope after an ugly credit sitation.  Because of an unfortunate circurmstance of divorce, I had to file Chapter 7.  It made me sick to my stomach because I was always the one who would pay my bills before I ate.  Bottom line...after five years of not having a mortgage, I qualified for first time homeownership again and the best part I was able to qualify on the best interst rate that the banks offered at the time, which was 6% for a plain/vanilla FHA 30 loan.  Get this, before the bankrupcy was off my record, I was able to refinance that home loan for a better interest rate within a couple more years after that. 

Yes, bankruptcy sucks...expecially for those who really try to do right, work hard and pay their bills on time, but it happens to the best of us.  Don't fall for these credit counselors who will try to make money off you.  Go to Clark Howard's site and look up the non-profit organizations that can really help you.

There's life after bankruptcy and it was never that bad during.  Don't fall for fear tactics!

Reply by
xjock1969

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Helpful to 10 out of 15 people

WOW    

Reply by
bingis68

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Helpful to 56 out of 67 people

IN 2008 when the economy tanked and the houseing market went to hell due to the bad practices of the Banks and Wall street. Bankruptcy was the only option for us a hard working two income family that lost jobs due to the crash, it was our only option to save our house so this garbage of saying BK 7 is bad please........... what the banks and Wall street were bad and no one is in jail... so credit counsler, being judged or looseing the roof over your head I will take the seven years, after haveing and holding a credit score for over 25 years of 840 it took one year to destroy it! many things should be changed with the way credit is represented so negitively . Its wrong how we are judged on credit when the banks really hold your life in there greedy hands they would rather sit on the money then lend it , it should not take a person 30 years to build there credit and maintain it and 10 min to destroy it .

Reply by
rod55

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Helpful to 1 out of 1 people

Is the 10 years from the date filed or date discharged?

Reply by
mmintnp

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i just went to 321 meeting on may s5th   already have been offered 23 loaans for  car even before  i filed.  i filed because creditors did not want to consolate  the bills  they were more interest in how much  money sthey can make  insstead of correcting   the problem so i corrected it  i did not miss any payments in 8 and one half years   go figure?   they will give you credit cards after 6 or 7 months  and a car loan after one year.   costmers are always right even though they are wrong  wisth out them  close your doors. 

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Bankruptcy and Credit Report Timelines

Helpful to 83 out of 88 people

Chapter 7 = Up to 10 years it can remain on your credit report

Chapter 13 = Up to 7 years it can remain on your credit report

Until you are qualified to file a chapter 7 again = 8 years from the date your case was "discharged"

Until you can apply for a home loan = 1-2 Years

Until you can apply for a credit card = Immediately after discharge of your bankruptcy

Keep in mind that once you have filed a chapter 7, you can also file a chapter 13.  They are two seperate bankrupties.  I've been a legal secretary for a California Bankruptcy Attorney for the past 7 years.  Often we tell clients that if after the 10 year period has passed since the "discharge" of your chapter 7.  Write a letter to all 3 credit reporting agencies notifying them of the timeline and provide them with a copy of your "Notice of Discharge".  You may need to do this several times before action is actually taken.

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CEO/Broker

Helpful to 95 out of 105 people

It's 10 years to the date and because it being an electronic age the computer knows exactly when it's coming off.

Reply by
xjock1969

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Helpful to 30 out of 43 people

10 years ??? WTH  Lawyer said it would be between 4-7 years???   Either way i'm pretty screwed for a bit...filed chap 7 about 2 years ago   so???   Okay    thank's  M

Reply by
xjock1969

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Helpful to 6 out of 15 people

WTH   THAT'S CRAZY....   SCREWED HERE   CHAT 7

Reply by
chicobico

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Helpful to 12 out of 15 people

I don't believe this is true.  My sister filed bankruptcy, bought a house two years later, filed another one later and also bought another house within a couple of years.

Top Contributor
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Helpful to 30 out of 39 people

 Max of 10 years..

Reply by
xjock1969

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Helpful to 12 out of 21 people

Max   10 years???  wth    Like i said in one of the other guy's comments     my lawyer had meantioned to me it would be between 4 & 7 years from time filed?  I filed 2 years back "chap 7"    either way i'm screwed for along while..    thank's   M

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19 People Helped

Helpful to 19 out of 26 people

How do I get bankruptcy removed from credit report it's been ten years already

Reply by
bdahlbergh

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3 People Helped
Helpful to 3 out of 5 people

Write to all three credit bureaus requesting it be taken off. 

Reply by
scorchedone

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Helpful to 11 out of 14 people

There is a website that will give you your discharge papers from your bankruptcy in something like 15 minutes for $15! I am in the process of signing for a mortgage and they needed the discharge date & paperwork. It's easy, simple & quick. I had my discharge paperwork in 10 minutes sent to my email address. Next day I was able to give it to my lender & everything is now moving forward. DON'T EVER EXPECT THE CREDIT REPORTING AGENCIES TO "JUST TAKE IT OFF WHEN IT'S TIME"!!! THEY WON'T UNLESS YOU CAN PROVIDE THE DISCHARGE PAPERS!! Also, don't go by credit karma, they are so off on your scores! When the mortgage lender ran my scores last month, they were almost 200 pts higher than what credit karma says they are! I went through Lexington Law, my scores went up +150 pts. up in less than 10 mos & now out of over 40+ negative items (some of which were from 2002!, ) I only have 8 items remaining. They are well worth it! Good luck, I hope this helps you!

2 Contributions
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Helpful to 15 out of 19 people

You need to write in and ask them to take it off

Reply by
Bryanyyu

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Helpful to 6 out of 11 people

Write whom?

Reply by
chez8793

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Helpful to 3 out of 9 people

Write who

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15 People Helped

bk on credit report

Helpful to 13 out of 15 people

7-10 years..

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12 People Helped

How do you contest inaccurate data

Helpful to 12 out of 15 people

How do I contest incorrect information on my report? I was also told that medical bill were not supposed to count. Is that correct and how do I fix that?

Reply by
ladyfiona81

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Helpful to 8 out of 12 people

You have to contact all 3 credit agencies - but don't expect them to play nice! I lost my dispute with them. :(

Reply by
xjock1969

6 Contributions
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Helpful to 4 out of 6 people

I WANT TO KNOW THE ANSWER TO THAT ?    HECK YEA    RSPOND PLZZ

Reply by
scorchedone

2 Contributions
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Helpful to 3 out of 3 people

There is a standard credit letter for all three bureaus for dispute, make sure you have copies of any correspondence for your medical bills. Medical bills most certainly do count & can be brutal. I had one company that was double billing me; they were using the ID medical billing codes for the same amt & I was being double billed. They denied it bit when I sent them copies of their invoices, they had no choice but to zero out the bill! Good luck!

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According to the FCRA, (FairCredit Reporting Act) which you may look at on the web,once you file a dispute with the credit reporting agency they MUST either prove their claim. If they cannot and do not remove the stuff you claimed, you may be entitled to money damage's from the credit reporting agency. See, also, the FCRA to learn about this and how to dispute a false claim that the reporting agency has made. Good luck!

2 Contributions
25 People Helped

Helpful to 10 out of 12 people

Ten years

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