How Long Does Bankruptcy Stay On Your Credit Report?

Depending on the chapter you filed, the public record from your bankruptcy is deleted after seven years from Chapter 13 bankruptcy and ten years from Chapter 7 bankruptcy because none of the debt has been repaid. Read on to learn more.

Accounts Included In Bankruptcy

Individual accounts included in Chapter 13 and Chapter 7 bankruptcy will remain on the credit report for a total of seven years. When an account has been delinquent when it was included in the bankruptcy, the delete date will be seven years from the originating date of delinquency. The declaration of bankruptcy will not change the delinquency date.

Will A High Credit Score Help You During A Bankruptcy?

It is a myth that possessing a high credit score or one with few late payments means the impact of your bankruptcy will be less. The bankruptcy also does not recognize recent payments that have been made on time. Conversely, if you already have poor credit, it may not be worth the effort as the bankruptcy is going to damage your credit report. In both cases over time managing your credit and debt appropriately can be positive steps for the future. Additionally, it may help to open accounts using secured credit cards and keep them paid off in full on a monthly basis, arranging to make payments on time as you proceed and keep credit cars at less than thirty percent of the maximum being used.

Source: https://www.experian.com/blogs/ask-experian/removing-bankruptcy-from-your-credit-report/