QUESTION
How long will bankruptcy stay on my credit?
Asked on Jan 13th, 2011 on Bankruptcy - California
More details to this question:
I am thinking of filing for bankruptcy. Is it true that if I file for bankruptcy right now it will only stay on my credit for 2 years because of a new law?
8 ANSWERS
Shawn Christopher
The bankruptcy will likely stay on your credit report for 10 years. I think you are getting confused with how long it will take before you might qualify for a home loan.
Answered on Jan 19th, 2011 at 1:28 PM
A Chapter 7 bankruptcy will stay on your credit report for 10 years. A Chapter 13 bankruptcy will stay on your credit for 7 years. There is no new law that reduces this time to 2 years. Most people are surprised to learn that bankruptcy can improve your credit score over time as it discharges debt and this is shown on your credit report after the bankruptcy is over. Our typical Chapter 7 client has a higher credit score one year after filing bankruptcy than he or she had prior to filing bankruptcy.
Answered on Jan 17th, 2011 at 1:28 PM
Bankruptcy Attorney serving Victorville, CA
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Law Offices of Lady Justice
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Bankruptcy will stay on your credit for 10 years.
Answered on Jan 16th, 2011 at 6:58 PM
Family Law Attorney serving Kingston, NH
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DiManna Law Office, LLC
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10 years currently.
Answered on Jan 15th, 2011 at 6:28 PM
Bankruptcy Attorney serving Hayward, CA
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Carballo Law Offices
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The credit bureaus will report your bankruptcy case in your credit report for 10 years if you file a Chapter 7 case and 7 years if you file a Chapter 13 case. I am not aware of any new law that reduces that to two years. That does not mean you cannot obtain credit after a bankruptcy. You can start rebuilding your credit immediately after obtainin a discharge of your debts. Most Chapter 7 cases end in about three months. Chapter 13 cases require some payment in a Chapter 13 Plan that can last from three to five years. You cannot use credit while in Chapter 13 without permission from the trustee and maybe the court. Therefore, you cannot start rebuilding your credit history until your make all the payments and receive a Chapter 13 discharge. You will have no problem getting credit after bankruptcy so long as your income is adequate although the interest rate will be lot higher and the credit limits lower at the beginning until you demonstrate that you are a good credit risk. Since you cannot file a Chapter 7 case again for 8 years and you will be debt free after the discharge, some lenders will consider you a better credit risk after bankruptcy.
Answered on Jan 14th, 2011 at 6:58 PM
Alternative Dispute Resolution Attorney serving Ventura, CA
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Zahn Law Office
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Bankruptcy will stay on your credit for 7-10 years.
Answered on Jan 14th, 2011 at 5:43 PM
judith runyon
It stays on your credit report for 10 years.
Answered on Jan 14th, 2011 at 5:13 PM