How Long Does A Bankruptcy Stay On My Credit Report?

credit reportAny bankruptcy filing will have an impact on your credit.  Filing bankruptcy will stay on your credit report for a minimum of seven (7) years.  The bankruptcy case will remain a part of your permanent financial record regardless of which type of bankruptcy you file.  If you file under Chapter 13 of the bankruptcy code then the filing will remain on your record for 7 years.  If you file under Chapter 7 of the bankruptcy code then the filing will remain on your record for 10 years.  Your closed accounts will not be deleted from the credit report immediately.  They will remain on your report with a notation “included in bankruptcy” or other  similar language.

It is incredibly important that you speak to a qualified bankruptcy attorney prior to filing because even a dismissed bankruptcy case will affect you.  The mere fact that you filed will remain on your credit report even if your Chapter 13 case is later dismissed or if your Chapter 7 filing isn’t successful.  If your bankruptcy case is not successful in obtaining your discharge this ding on your credit was all for nothing.

Filing for bankruptcy is not the end of your credit life either.  Being disciplined with credit in the future and through hard work you will be able to rebuild your credit score and credit future in no time.  How you handle credit moving forward will determine the credit opportunities that you will be able to obtain down the road.