BANKING AFFAIRS

Detailed explanation-1: -Your bankruptcy will appear on your credit report for up to ten years. It is difficult, but not impossible, to obtain credit following bankruptcy. If your Bureau report mentions bankruptcy, it indicates you’ll have to pay more to borrow more.

Detailed explanation-2: -Key Takeaways. Filing for bankruptcy can hurt an individual’s credit, and the impact can last for years. A Chapter 7 bankruptcy may stay on credit reports for 10 years from the filing date, while a Chapter 13 bankruptcy generally remains for seven years from the filing date.

Detailed explanation-3: -Since your credit score is based on the information listed on your credit reports, the bankruptcy will impact your score until it is removed. This means a Chapter 7 bankruptcy will impact your score for up to 10 years while a Chapter 13 bankruptcy will impact your score for up to seven years.

Detailed explanation-4: -A bankruptcy will drop off your credit after ten years under Chapter 7 or seven years under Chapter 13. If the bankruptcy stays on your credit report beyond that time, you can file a dispute with the credit bureaus, Experian, Equifax and TransUnion, to get it removed.

Detailed explanation-5: -Six years after bankruptcy Details of your bankruptcy will be removed from your credit file which is used to calculate your credit score. All your creditors should have updated your credit file to list the debts which will be defaulting on or before the date of your bankruptcy.