bankruptcy petition
In a Chapter 7 bankruptcy, also known as a liquidation bankruptcy, there is no repayment of debt. Because all your eligible debts are wiped out, Chapter 7 has the most serious effect on your credit, and will remain on your credit report for 10 years from the date it was filed.
A Chapter 13 bankruptcy will fall off your report seven years after the filing date.
That means after the those seven or ten years, the bankruptcy will automatically fall off your credit report. It also means it takes away any long credit history (that is used to boost your score) and can mean you pay higher rates after in interest as you are starting again to build credit. You will need to spend those years getting a start on things like paying on time.
Many places want you to be a minimum of six months out of the end of the bankruptcy, before they will start working with you. That means the end of the wrap up date, and not the end of the fall off your credit date.
A Chapter 13 bankruptcy will fall off your report seven years after the filing date.
That means after the those seven or ten years, the bankruptcy will automatically fall off your credit report. It also means it takes away any long credit history (that is used to boost your score) and can mean you pay higher rates after in interest as you are starting again to build credit. You will need to spend those years getting a start on things like paying on time.
Many places want you to be a minimum of six months out of the end of the bankruptcy, before they will start working with you. That means the end of the wrap up date, and not the end of the fall off your credit date.