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How Long Will a Bankruptcy Stay On My Credit Report?

Nov. 29, 2022

My goal as your St. Louis bankruptcy lawyer is to set you on the right path to better credit by showing you how taking a loss right now (by filing for bankruptcy) can mean very positive financial progress in the future. But, you must have patience through the process.

Which Will Stay On My Credit Report Longer, a Chapter 7 or 13 Bankruptcy?

One of the main reasons a lot of people from the very beginning have negative feelings about filing bankruptcy is because of the rumors they’ve heard about it and how doing so could badly affect their overall lives. For example, many folks think that they will have to end up losing all of their belongings when they file, down to their personal items (this is not the case!).

As a seasoned St. Louis bankruptcy lawyer, I can tell you wholeheartedly that this is far from the truth, and so is the preconceived notion that if you were to move forward with filing Chapter 7 or 13 that you would never be able to get good credit again. This is so untrue, but, in the beginning, it can feel that way for some people because of the way the entire process works.

You see, when you file for, say, Chapter 7 bankruptcy, it's going to stay on your official credit report for a long time - ten years, to be exact, according to the American consumer credit reporting agency TransUnion. If you filed for Chapter 13, it will be seven years before it falls off your credit report.

This does not mean you are unable to get credit during this time.  In fact, it’s usually the opposite.  If your credit was in rough shape prior to filing, then a bankruptcy might put you on the path to better credit.  This is because the negative reporting from unsecured creditors stops.  This opens you to the ability to start rebuilding positive credit.  And, with some patience, discipline, and persistence, your overall credit situation can end up in a much better place than it was before.

Is There Any Way to Remove a Bankruptcy from My Credit Report?

Credit bureaus have to follow the Fair Credit Reporting Act Section 605. This means that they can only get your info by (1) investigating your bankruptcy on their own by going through your public records, (2) by having your report validated by The United States Courts of the Eastern Districts of Missouri, or (3) by simply requesting your information from previous creditors.

And, no, there is no way to take the bankruptcy off of your credit report. In order for the bankruptcy to go away, you will have to wait seven or ten years after the filing date, according to Experian. It will fall off automatically after that time. However, just bear in mind that the key to getting new credit is your credit score.  By actively rebuilding your credit after bankruptcy you will be able to improve your score and put yourself in a better situation moving forward.

Contact Your Local St. Louis Bankruptcy Lawyer

Don't allow fear, rumors, or common misconceptions about how bankruptcy works stop you from making the smart decision to give yourself a chance at a new beginning. And, if you're patient during the seven to ten-year period after filing Chapter 7 or 13, you can still meet your financial goals with the right legal assistance.

That being said, please don’t hesitate to call me today at AKS Law for your initial consultation.