Brent’s Credit and Debt blog

We can just go ahead and answer this now:  10 years.

However, what does that really mean?  10 years from when?  Well, the removal date of a bankruptcy is determined based on the filing date of the bankruptcy, NOT the discharge date.  Either chapter 7 or chapter 13 debts will fall off after those 10 years are up.  However, it is possible that the credit bureaus will remove them after 7 years, if you request it.  They may not remove the entry, but you can dispute it at that time and it may fall off.

But what about all the accounts included in bankruptcy?  Well, they will be on your report for 7 years.  Here is the trick, though.  The 7 years is calculated based on the first date of delinquency on your account.  In other words, the clock starts as soon as you miss your first payment resulting in default.  So, if you start missing payments in January, but don’t file bankruptcy until November, the clock starts for your 7 years in January.  You will need to check your reports for this, as each creditor will report the late payment differently.

Does it matter if you file Chapter 7 or Chapter 13?  Nope.  Not really.  On a Chapter 13 repayment plan, your discharge date won’t occur until the payment plan is satisfied, but the clock starts ticking with the filing.

So, what it boils down to is this:  You have 7 years to see the individual items fall off, and 10 for the bankruptcy itself.  Of course, by working diligently you can get all of them removed much quicker, but that does take work and a bit of knowledge.

To get a copy of my FREE e-Book ‘The Top Ten Ways You Can Wreck Your Credit’, just click the link.  You will be taken to a page where you can get more information about downloading the e-book.  This book tells you what you should avoid doing concerning your credit, and what negative impacts can occur if you treat your credit wrong.