How long does Bankruptcy stay on your credit?

[barbiedoll1973_tn]

My husband filed back in 1996 and its still on his credit to this day I have been told that it should come off this December is that true that it stays on there for 10 years and it that all that it will stay on there is 10 years?

[muslgrl]

Bankruptcies on a Credit Record
A Chapter 7 bankrutpcy may display on your credit for 10 years from the date of filing. Chapter 13 may stay for 10 yeas also, but it is customary for those to be removed after 7 years.

Here is more specific advice and input from various FAQ Farmers:


Seven to ten years from the date of discharge.

All discharged bankruptcies whether a state or federal filing remain on a CR for 10 years. A dismissed chapter 13 remains for 7 years, a dismissed chapter 7 remains for 10 years.

Chapt.7-11-12 will remain for ten years. A chapter 13 will remain for seven years if successfully completed, for 10 years if dismissed.

Ten (10) years for a discharged chapter 7 or 13. Seven (7) years for a dismissed chapter 13, ten (10) years for a dismissed chapter 7.

Although it is true that the federal Fair Credit Reporting Act does provide that bankruptcy entries will remain for 10 years, there are some creditors that will only leave a chapter 13 bankruptcy on your record for 7, rather than 10 years. They do this to encourage people to pay part of their debts rather than discharge it all under a chapter 7. More importantly, the effect of bankruptcy on one's ability to get credit is vastly overstated. The key to getting the credit you need has far more to do with the amount of present income you have rather than any negatives on your credit report. In short, if you have good present income, the creditors will look past your credit report to your wallet in the sense that it is possible, even with a bankruptcy on one's record, to get credit for cars and new credit cards as soon as you are discharged in a chapter 7 (about four months after you file), and after a year or so, you can even get a mortgage on a house. They may not give you the best rate, but if you have good present income, even a person with a bankruptcy on their record can get the credit they want in almost all cases.

You will not qualify for a FHA until a chapter 7 has be discharged for 2 years. A chapter 13, you will only have to wait a minimum of 1 year from filing date

[barbiedoll1973_tn]

Thanks for all the info I didn't know all this stuff about this thanks this has been a huege help/

[taylah]

You may have heard that bankruptcy “stays on your credit” for ten years.
That’s true, but it’s not the whole story.
The truth is that your credit score—the number that has the greatest impact on your ability to get new credit and secure favorable rates—is more influenced by recent activity.
Very soon after you’ve filed bankruptcy, you’ll begin to get credit offers.
You’ll want to exercise great caution in deciding which offers to accept, and when.
Many of the creditors who will solicit your business right after bankruptcy will attach outrageous fees and charges to these accounts—the kind of unexpected, mounting costs that will put you right back in financial trouble.
However, by judiciously accepting credit accounts you can handle and making payments that are timely and are more than the minimum required, you can begin to rebuild your credit.
Most debtors who are able to keep their bills current after bankruptcy are able to re-establish their credit in 2-4 years.
Sure, the bankruptcy will still appear on your credit report, but if your current credit is solid, that’s not likely to keep you from buying a home or a car or even obtaining some unsecured credit accounts.

[jose]

it seems like these big companies are sharks when you put it like that taylar. In my situation now, i still get offers for credit and i feel like i'm slowly going under in quick sand