How Long Will Bankruptcy Remain On My Credit Report?

People considering filing bankruptcy in Kansas City are often concerned about the consequences to their credit report and how long the bankruptcy will be reported on their credit report.  After filing bankruptcy your credit report will list the date filed, the chapter filed, the case number, case status and closing date.  The Federal Fair Credit Reporting Act (FCRA) allows credit reporting agencies to keep this information on your credit report for up to ten years.  However, the FCRA does not mandate that the bankruptcy remain on your credit report for that long, only that it must be removed after ten years. 

Each credit reporting agency has its own policy regarding the length it reports a bankruptcy.  Generally, Chapter 7 bankruptcy cases are reported for ten years and Chapter 13 cases are reported for seven years.  However, either chapter may be reported for up to ten years.  The ten year period begins on the date the bankruptcy case is filed.  A credit reporting agency may also choose to report your bankruptcy for a shorter period of time.

Many individuals may be scared to file bankruptcy because of it being reported on your credit report for up to ten years and the effect it will have on your credit report and score.  However, most individuals filing bankruptcy already have a lower credit score because of the debts they have incurred and possibly missed or late payments and/or judgments against them.  In return for having your bankruptcy posted on your credit report for up to ten years, individuals filing bankruptcy are often relieved of the overwhelming debts that have been burdening them.  Bankruptcy in Kansas City can provide the opportunity for a fresh start free of most debts and a second chance at a better future.  For more information on bankruptcy please visit my website at http://www.thesmalleylawfirm.com or contact me at (913) 601-3549 for a free consultation.