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How Long Will Bankruptcy Stay on My Credit Report?
Bankruptcy can be a life-changing decision. You should definitely educate yourself as much as possible about the ramifications before you file. Your specific circumstances will determine whether bankruptcy is the right choice for you. But you must keep your long-term objectives in mind. On a weekly basis I answer the question: How long will bankruptcy stay on my credit report?
How long will bankruptcy stay on my credit report?
Under the Fair Credit Reporting Act, a bankruptcy record will expire from your credit report after 10 years. In actuality, however, your bankruptcy filing may drop off your credit report much sooner than that. Different credit bureaus use different annotations for bankruptcy filings. Bankruptcy filings, however, usually appear in the “Public Information” section at the beginning of the report. The applicable date of the reporting by credit bureaus is the date of the filing (or the “petition date”). Your bankruptcy discharge date or case closure date will not appear on your credit report. You can obtain a free credit report once a year from each of the big three credit bureaus (TransUnion, Experian, and Equifax) at AnnualCreditReport.com.
How long will Chapter 7 bankruptcy stay on my credit report?
Currently, a Chapter 7 bankruptcy will remain on your credit report for ten (10) years. For example, if you filed Chapter 7 bankruptcy in January 2018, then the filing will be removed from your credit report in January 2028.
How long will Chapter 13 bankruptcy stay on my credit report?
A Chapter 13 bankruptcy will remain on your credit report for seven (7) years. Chapter 13 drops off your your credit report three years sooner than a Chapter 7. Credit bureaus report Chapter 13 for a shorter duration as a sort of incentive to consumers. In a Chapter 13 bankruptcy, you repay at least a portion of your debt. For example, if you filed Chapter 13 bankruptcy in January 2018, then the filing will be removed from your credit report in January 2025.
How long will my discharged bills stay on my credit report?
Individual accounts discharged in your bankruptcy drop off your credit report independently of your bankruptcy filing. These credit items include utility bills, credit cards, court judgments, medical bills, and etc. Each of these accounts on your credit report will be annotated as “Discharged in Bankruptcy.”
After a complete credit cycle passes — about four months after you receive your discharge — Lee Legal will review your credit report to ensure that your creditors are reporting your bankruptcy discharge correctly. This service is included in our fees and is just one more reason why you should entrust your bankruptcy case to an experienced bankruptcy attorney.
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Brian Lee from Lee Legal was an amazing attorney to work with. He took his time, reviewed my documents and we discussed my situation thoroughly. He explained the process and my options as well as gave his recommendation. Not only did he assist, but he ensured that I knew this...
I was very nervous and scared about going through this process. But Brian was very knowledgeable and helped me through it. I was notified about any and all updates to my case and he was very responsive when I had questions regarding any concerns I had. Although a bit nerve...
Brian provided me with a very detailed analysis about my potential case after our first consultation. He promptly responded to all my complex questions, especially navigating student loans and some tax discussions. He is very professional and experienced at what he does, I would...
I've had the pleasure of working alongside Brian V. Lee for several years, and I can say without hesitation that he is one of the most knowledgeable bankruptcy attorneys in the DMV area. Brian's command of Chapter 7, 11, and 13 practice is exceptional, and his clients in the DC...
Brian has the amazing talent of taking complicated legal matters and distilling them down to seamless, frictionless resolutions. He is a phenomenal problem solver and a trusted advisor.
Brian is both warm and professional. He helped me navigate a financial issue that I had not been looking forward to working on and he made the entire experience non-stressful, receiving a lot of anxiety I had around the matter. He is straight forward and a fantastic problem...
I had the opportunity to work with Brian at a time when I was challenged by a professional setback and forced with the challenge of making some very difficult legal decisions. Additionally, I worked with him again as I was dealing with some financial issues pertaining to my...
Still several years from Public Service Student Loan Forgiveness and saddled with significant student loan payments in proportion to my income, I came to Lee Legal to explore the bankruptcy path. Through his counsel, Brian took the fear out of the process and helped me to...
