How long will bankruptcy stay on my credit? 19 Answers as of January 19, 2011

I am thinking of filing for bankruptcy. Is it true that if I file for bankruptcy right now it will only stay on my credit for 2 years because of a new law?

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Christopher Legal Group
Christopher Legal Group | Shawn Christopher
The bankruptcy will likely stay on your credit report for 10 years. I think you are getting confused with how long it will take before you might qualify for a home loan.
Answer Applies to: Nevada
Replied: 1/19/2011
Law Office of Harry L Styron
Law Office of Harry L Styron | Harry L Styron
No. Generally the fact of a bankruptcy will remain on your credit report for at least 7 years.
Answer Applies to: California
Replied: 1/18/2011
Uriarte & Wood, Attorneys at Law
Uriarte & Wood, Attorneys at Law | Robert G. Uriarte
Bankruptcy filings may be reported for up to 10 years. I am not sure where you are getting the 2 year reporting period. i believe that is incorrect information you have.
Answer Applies to: California
Replied: 1/18/2011
Law Offices of Michael J. Berger
Law Offices of Michael J. Berger | Michael J. Berger
A Chapter 7 bankruptcy will stay on your credit report for 10 years. A Chapter 13 bankruptcy will stay on your credit for 7 years. There is no new law that reduces this time to 2 years. Most people are surprised to learn that bankruptcy can improve your credit score over time as it discharges debt and this is shown on your credit report after the bankruptcy is over. Our typical Chapter 7 client has a higher credit score one year after filing bankruptcy than he or she had prior to filing bankruptcy.
Answer Applies to: California
Replied: 1/17/2011
Law Offices of Lady Justice
Law Offices of Lady Justice | Mona Patel
Bankruptcy will stay on your credit for 10 years.
Answer Applies to: California
Replied: 1/16/2011
    DiManna Law Office, LLC.
    DiManna Law Office, LLC. | Dawn DiManna
    10 years currently.
    Answer Applies to: New Hampshire
    Replied: 1/15/2011
    Gus Johnson Attorney at Law
    Gus Johnson Attorney at Law | Gus Johnson
    It can be reported on a credit report for 7 years.
    Answer Applies to: South Dakota
    Replied: 1/15/2011
    Bankruptcy Law Office of Robert Weed
    Bankruptcy Law Office of Robert Weed | Robert Weed
    No that's not true.

    Bankruptcy stays on your credit for ten years. The debts that were discharged in your bankruptcy stay for seven years.

    However, that does not mean you have to go seven years with bad credit. You can build back to a good credit score in about three years. (Filing bankruptcy quickly when your credit goes bad shortens that a little.)

    Many people are able to buy a house at a good interest rate as soon as two years after a bankruptcy is discharged.
    Answer Applies to: Virginia
    Replied: 1/15/2011
    The Law Office of Brian Nomi
    The Law Office of Brian Nomi | Brian H. Nomi
    Nope, bankruptcy stays on your credit report for 10 years. With good moves, you can have average credit again after just 2 years, though. A good lawyer will help you rehabilitate your credit after the bankruptcy, in addition to doing the case correctly.
    Answer Applies to: California
    Replied: 1/14/2011
    Carballo Law Offices
    Carballo Law Offices | Tony E. Carballo
    The credit bureaus will report your bankruptcy case in your credit report for 10 years if you file a Chapter 7 case and 7 years if you file a Chapter 13 case. I am not aware of any new law that reduces that to two years. That does not mean you cannot obtain credit after a bankruptcy. You can start rebuilding your credit immediately after obtainin a discharge of your debts. Most Chapter 7 cases end in about three months. Chapter 13 cases require some payment in a Chapter 13 Plan that can last from three to five years. You cannot use credit while in Chapter 13 without permission from the trustee and maybe the court. Therefore, you cannot start rebuilding your credit history until your make all the payments and receive a Chapter 13 discharge. You will have no problem getting credit after bankruptcy so long as your income is adequate although the interest rate will be lot higher and the credit limits lower at the beginning until you demonstrate that you are a good credit risk. Since you cannot file a Chapter 7 case again for 8 years and you will be debt free after the discharge, some lenders will consider you a better credit risk after bankruptcy.
    Answer Applies to: California
    Replied: 1/14/2011
    The Law Office of Mark J. Markus
    The Law Office of Mark J. Markus | Mark Markus
    10 years from the date your case is filed.
    Answer Applies to: California
    Replied: 1/14/2011
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