If you’ve made the hard choice to file for bankruptcy, you may be wondering about the impact on your credit. Specifically, how long does bankruptcy stay on your credit report? As you’ll see below, it primarily depends on the type of bankruptcy.
A Chapter 7 bankruptcy can stay on your credit report for up to 10 years from the date the bankruptcy was filed, while a Chapter 13 bankruptcy will fall off your report seven years after the filing date.
After the allotted seven or 10 years, the bankruptcy will automatically fall off your credit report.
If you’ve declared bankruptcy, it will appear in the public records section of your TransUnion credit report. You may also see references to your bankruptcy within the account information section, as your creditors may report one or more of your accounts as included in bankruptcy.
In most cases, no: You cannot remove a bankruptcy from your credit report. Remember, it will be removed automatically after seven or 10 years, depending on the type of bankruptcy you filed.
In the rare case that the bankruptcy was reported in error, you can get it removed. It’s fast and easy to dispute your information with TransUnion. If you see a bankruptcy on your credit report that you didn’t file, here’s how to dispute your credit report.
Declaring bankruptcy is a major decision, and it can have a big impact on your credit profile. But, its effects won’t last forever. To learn more about how you can improve your credit health, one step at a time, check out this blog on how to rebuild your credit history.