The Fair Credit Reporting Act says that a bankruptcy must be removed from a consumer’s credit report no later than ten years after the bankruptcy case was filed. See 15 USC 1681c(a)(1).
However, the “unofficial policy” of most credit reporting agencies is to report a bankruptcy filing for between seven to ten years. A Chapter 13 bankruptcy (repayment plan) will usually be reported for seven years while a Chapter 7 bankruptcy (liquidation) will usually be reported for ten years. The seven or ten years is counted from the date your bankruptcy case was filed and not the date your discharge order was entered.
If you are struggling with debt problems and would like to know more about how bankruptcy may be able to help you, contact me today by phone or email to schedule a FREE initial consultation. I would count it a privilege to be able to visit with you in a relaxed and confidential environment where I’ll answer all of your questions in plain English and give you the straight scoop on the pros and cons of bankruptcy as related to your specific situation.
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