How long will a bankruptcy stay on my credit report?

In Colorado, a bankruptcy will remain on your credit report for 7-10 years. The exact amount of time varies depending on the type of bankruptcy you declare. For example, Chapter 7 bankruptcy will remain on your credit report for 10 years from the filing date while Chapter 13 bankruptcy will remain for 7 years from the filing date. The length of time a bankruptcy remains on your credit report has a major effect on your credit score. Any bankruptcy will cause a drastic drop in your credit score. It is likely that you will see your score rebound over time as you begin to rebuild your financial history with new positive payment habits. It is especially important to establish those good payment habits as soon as you can after you file for bankruptcy. Doing so will help you to establish a good credit score much faster. This means you will be able to apply for loans and other credit products sooner, and will be seen as less of a risk by future lenders. It is also important to stay on top of your credit report. Having a bankruptcy on your credit history does not mean you are stuck with it; there are steps you can take to improve your credit. Work with an experienced credit counselor or bankruptcy attorney to determine the best plan of action for your unique situation.

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How long will a bankruptcy stay on my credit report?

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