How long does a bankruptcy stay on my credit report?

Authored by Wendy Witt, Esq.

You're not going to like the answer and neither do we. Your bankruptcy discharge will stay on your credit record for 7 to 10 years and we recommend that you count on the 10 years. That's a long time and here are some considerations:

  • Most people who file bankruptcy don't have a choice. Most filers are in overwhelming debt with no other way out.
    In fact, we've found that many filers have waited way too long to file. They impractically hope for a miracle, while spending down assets they could have protected.
  • Many people who file bankruptcy already have severely damaged their credit ratings with late payments, missed payments, and a heavy debt load.
  • Credit can be rebuilt, albeit very slowly (but surely). Think, "Slow and steady wins the race."
  • With the current economy, about 1.4 million bankruptcies are filed each year. Bankruptcy is commonplace and no longer has the stigma it once had.

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