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how long does a bankruptcy remain on your credit history |
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Date:
March 5, 2007, 6:43 pm |
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how long does a bankruptcy remain on your credit history |
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Answer:
The length of time a bankruptcy remains on your credit report depends upon which type of bankruptcy you file. Chapter 7 remains for 10 years. A Chapter 13 bankruptcy (in which you repay part or all of your debts under a court-approved payment plan) remains on your credit report seven years. However, even with a bankruptcy on your credit report, many lenders will do business with you and extend you new credit. This is because the discharge, obtained in bankruptcy, leaves all future earnings free from the claims of past creditors. So, the key to getting the credit you need has far more to do with the amount of present income you have, rather than any negatives on your credit report. Thus, if you have good present income, even with a bankruptcy on your record, it`s possible to get credit for cars and new credit cards as soon as you are discharged in a chapter 7 (about four months after you file), and after a year or so, you can even get a mortgage on a house. They may not give you the best rate, but you can get credit in almost all cases. To get more detailed information, you can read our article about bankruptcy. |
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