How Long Does Bankruptcy Stay On Your Credit Report?

March 8, 2007 By

Accurate negative information generally can be reported for seven years, but there are exceptions. Bankruptcy information can be reported for 10 years. The reporting of bankruptcy information begins from the date on which the case is filed, not when the case ends.

But the fact that you filed for bankruptcy does not mean that you will not be able to get new credit after bankruptcy. In fact, many people report getting new credit card offers almost immediately after the case is completed. Why? Because after bankruptcy you do not owe any money, so you are a better credit risk than you were. In addition, you can file for bankruptcy and receive a discharge of your debts under Chapter 7 only once every eight years. Taken together, that means there is a much better chance that the prospective creditor will be able to collect from you if you run into problems down the road.

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Filed Under: Bankruptcy Information
  • LadynRed

    To be completely accurate, negative information stays on your reports for 7 years PLUS 180 days, beginning with the date of first delinquency that immediately precedes placement for collections and/or charge-off. FCRA Section 605(c).

    If a debt was not delinquent when you file for bankruptcy, then the reporting period for included debts begins with the bankruptcy filing date itself.

    Newly bankrupt people get inundated with credit card ‘offers’, but they are almost always at insane interest rates that you really don’t want. A lot of these ‘offers’ are also of the type where they give you a $250 credit limit, but they load it up with $239 worth of fees before you even get the card ! Very bad.. shred every one of these !