How long will a bankruptcy stay on my credit report?

When filing for bankruptcy in Virginia, the length of time a bankruptcy stays on your credit report depends on the type of bankruptcy you file. The two most common types of bankruptcy in Virginia are Chapter 7 and Chapter 13. Chapter 7 bankruptcy lasts on your credit report for up to 10 years. When creditors report to the credit bureaus that you have filed Chapter 7, they will note the bankruptcy on your credit report the day it was filed. It will remain on your credit report for the next ten years, though its influence on your overall score will lessen with time. Chapter 13 bankruptcy, also known as “wage earner’s bankruptcy,” typically stays on your credit report for seven years. The official record of your Chapter 13 bankruptcy will be present on your credit report for up to seven years, though it will be less influential to your overall score after about 3-4 years. It is important to note that a bankruptcy will remain on your credit report even after it has been discharged. Since a bankruptcy is a serious matter that creditors take into consideration when considering new loans, it is imperative to focus on rebuilding your credit score during and after the bankruptcy process. Paying bills on time, reducing credit card payments, and tracking credit scores are all great ways to rebuild your credit score following a bankruptcy filing.

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How long will a bankruptcy stay on my credit report?

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