Bankruptcy stays on your credit report for different lengths of time depending on the type:
- Chapter 7 bankruptcy remains on your credit report for up to 10 years from the filing date. This type involves liquidation of assets to pay creditors and typically discharges most unsecured debts
- Chapter 13 bankruptcy stays on your credit report for up to 7 years from the filing date. This type involves a court-approved repayment plan over 3 to 5 years and usually allows you to keep more assets
After these periods, the bankruptcy should automatically be removed from your credit reports. While bankruptcy has a significant negative impact on your credit score initially, its effect lessens over time, especially if you practice good credit habits and rebuild your credit
. Bankruptcy information appears in the public records section of credit reports and is collected by credit bureaus from court records
. In summary:
Bankruptcy Type| Time on Credit Report| Description
---|---|---
Chapter 7| Up to 10 years| Liquidation bankruptcy
Chapter 13| Up to 7 years| Repayment plan (reorganization)
This timeline is standard across major credit bureaus like Equifax, Experian, and TransUnion
