How long does a chapter 7 bankruptcy stay on your credit report?

I filed for bankruptcy at the end of 2001 and it was charged off in 2002. I thought that bankrupycies last on your credit for 7 years and now I’ve heard 10. Does anyone know the true answer and how I go about verifying that?

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Posted July 3rd, 2010 in Bankruptcy Q and A. Tagged: , .

13 comments:

  1. babeebluez73:

    10 years for a Chapter 7 bankruptcy

    a chapter 13 bankruptcy stays for 7 years. it’s shorter because you are actually repaying your debt rathering than eliminating it all together.

    http://wiki.answers.com/Q/How_long_does_a_bankruptcy_stay_on_your_credit_report

    July 3rd, 2010 at 3:39 pm
  2. bimmrgirl:

    I believe 7 years.

    July 3rd, 2010 at 3:39 pm
  3. Mrs J:

    its at least 7 years and can be up to 10. It probably goes by the state your in.

    I filed bankrupcty. It was a LOONG 10 yrs too. BUT! Amamzing enough, I have better credit now than I did then. Go figure!

    July 3rd, 2010 at 3:39 pm
  4. Pearlinpc:

    10 years

    July 3rd, 2010 at 3:39 pm
  5. toosexxy:

    It is 7 years. Go to a non-profit credit counselling agency in your area and they would verify it for you. Good luck.

    July 3rd, 2010 at 3:39 pm
  6. wishbone13569:

    10 years in canada,.so i heard,.

    good luck,.,

    July 3rd, 2010 at 3:39 pm
  7. Danielle:

    10 years. It is 7 years before you can declare bankruptcy again (which I think may have actuallly just gone up to 8).

    July 3rd, 2010 at 3:39 pm
  8. OC1999:

    The Bankruptcy will stay on your record for 10 years from the date of Dischage. So it will remain on your report until 2012. However, if you keep everything in good standing and a good payment history, it has less and less effect on your credit report.

    Now your Credit Cards and debts that were included will drop off after 7 years from the last action date. This last action is generally the date of your bankruptcy but could vary based on when you stopped paying them. So in reality you could have 3 years where you just have the bankruptcy listed but no other negative information.

    July 3rd, 2010 at 3:39 pm
  9. Becky:

    it is 7 – 10 years but if you stay outta trouble after 3, and show effort to build good credit it is almost discharged, there is a term for it but I can’t remember, I hope that helps

    July 3rd, 2010 at 3:39 pm
  10. heybulldog:

    chapter 7 is for 10yrs
    chapter13 is for 7yrs
    but, loan applications and many job applications ask if you have ever filed for bankruptcy. Ever. if you lie to get a loan because your bankruptcy is very old, technically you have committed criminal fraud

    July 3rd, 2010 at 3:39 pm
  11. Aims:

    Anyone who answered 7yrs is wrong. A record of bankruptcy (chapter 7) stays on the individual’s credit report for 10 years. This may make credit less available and/or terms less favorable, although high debt can have the same effect.

    July 3rd, 2010 at 3:39 pm
  12. scotty:

    It is 10 years…….I filed my bankruptcy in Aug/1996 it was discharged in Dec/1996…It took 10 years to come off of my Credit profiles which was last year in Aug/2006. I know it is a long time. But when it does Rejoice and Bless the Lord that is gone…..Good Luck..

    July 3rd, 2010 at 3:39 pm
  13. Bunkee:

    It can be 7-10 years…. For us I noticed when we filed for chapt 13 in dec’99 it was discharged ‘03 and it was gone in ‘06 so for us it was 7 years.. So possibly it will only be on your report for one more year,,,I dont know if chapt 13 & 7 are treated differently

    July 3rd, 2010 at 3:39 pm

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