A bankruptcy typically stays on your credit report for:
- Chapter 7 bankruptcy: Up to 10 years from the filing date. This is the most common type of bankruptcy involving liquidation of assets to pay creditors
- Chapter 13 bankruptcy: Generally remains for 7 years from the filing date. This type involves a repayment plan over 3 to 5 years, allowing you to keep more assets
The timeline starts from the date you file for bankruptcy, not when the bankruptcy process ends. After these periods, the bankruptcy should automatically be removed from your credit reports. While bankruptcies severely impact your credit score initially, their negative effect diminishes over time, especially if you rebuild your credit responsibly
. Note: In some cases, bankruptcy can be reported beyond 10 years, but this is less common
. In summary:
Bankruptcy Type| Time on Credit Report
---|---
Chapter 7| Up to 10 years
Chapter 13| Up to 7 years
This applies to the major credit bureaus Equifax, Experian, and TransUnion in the U.S.
