ECONOMICS (CBSE/UGC NET)

Detailed explanation-1: -For up to 10 years, your bankruptcy will reflect on your credit report.

Detailed explanation-2: -A Chapter 7 bankruptcy can stay on your credit report for up to 10 years from the date the bankruptcy was filed, while a Chapter 13 bankruptcy will fall off your report seven years after the filing date. After the allotted seven or 10 years, the bankruptcy will automatically fall off your credit report.

Detailed explanation-3: -Under federal law, a bankruptcy filing will remain on your credit report for up to ten years. Still, you can see a marked improvement in your credit score well before it falls off entirely if you diligently cultivate your overall financial health.

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: -The law states that credit reporting agencies may not report a bankruptcy case on a person’s credit report after ten (10) years from the date the bankruptcy case is filed. Generally, bad credit information is removed after seven (7) years.