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Chapter 7 Bankruptcy

Chicago, IL |
Filed under: Bankruptcy

How long will the Chapter 7 Bankruptcy record be on your Credit Report from the day you are discharged?

After Chapter 7 Bankruptcy record removed from your Credit Report, does it mean that your record is now clean with good credit?


Attorney Answers 3


The Chapter 7 bankruptcy will remain on your credit for 10 years from the date your case was filed. The date of discharge is unimportant. See the Fair Credit Reporting Act, link below, for the law that allows this. Just having your bankruptcy removed from your credit report will not give you good credit, an empty report can be worse than a bad report. I have published a 10 part series explaining how you can rebuild your credit after a bankruptcy and the link to the list of all of my articles is below. Hope this perspective helps!

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10 years from the date of filing. If your credit is bad already the bankruptcy normally doesn't do as much damage to your credit scores. Most people will get offers for credit after filing. It is a matter of how you rebuild your credit and how far from discharge you are. It is also a matter of income etc. You can rebuild your credit after discharge.

The response given is not intended to create, nor does it create an ongoing duty to respond to questions. The response does not form an attorney-client relationship, nor is it intended to be anything other than the educated opinion of the author. It should not be relied upon as legal advice. The response given is based upon the limited facts provided by the person asking the question. To the extent additional or different facts exist, the response might possibly change. Attorney is licensed to practice law only in the State of Illinois. Responses are answers to general legal questions and the receiver of such question should consult a local attorney for specific answers to questions.

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Generally speaking, a Chapter 7 Bankruptcy is considered a serious on a credit report for 2 years after the filing date. Yes, I know, it shows for 10 years, but after the first 2 years, you will find your credit pretty normal.

Believe it or not, most people IMPROVE their credit when they file for bankruptcy. Their job is not longer in danger from garnishment. Their car isn't getting repoed. And their home is safe. Good luck.

Don't forget to click on the "Best Answer" button, if you appreciate this wit and wisdom. This answer is not intended to create an attorney-client relationship and may not be relied upon as legal advice. A careful examination of the facts is necessary before a legal answer may be relied on. You should consult your own attorney before taking or refraining from any legal action.

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