A common question that any Arizona bankruptcy lawyer gets is how long will a bankruptcy stay on a person’s credit report. Under the federal Fair Credit Reporting Act, a bankruptcy will remain on a debtor’s credit reports for 10 years from the filing date (not the discharge date, which comes later). However, all three major credit reporting agencies will remove Chapter 13 bankruptcies 7 years from the date the case was filed. The debtor does not have to do anything for the bankruptcy to be removed after the 7 or 10 year period. The credit bureaus remove the bankruptcy notations automatically.
It is recommend that a bankruptcy case gets handled by a Leading Bankruptcy Lawyer, each creditor that was included in a debtor’s bankruptcy will still appear on the debtor’s credit report. The credit bureaus will list a notation, “included in bankruptcy” for those accounts that were part of the bankruptcy. Those creditor accounts will be deleted 7 years from the date the account originally went delinquent.
There is no doubt that a debtor will be approved for credit after a bankruptcy filing. As such, it is important for debtors to stay current on all of those payments in order to rebuild their credit. It is also important for debtors to periodically check their credit reports to make sure everything is being reported accurately. If not, the debtor should file a written dispute with each of the credit bureaus to correct the information.
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