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How Long Does a Foreclosure or Bankruptcy Stay on my Credit Report?

Posted By admin || 22-Jun-2009

Many homeowners facing foreclosure and considering bankruptcy are worried about how long their credit reports will show a foreclosure or bankruptcy filing. Well, first of all, it's important to know that many debtors are able to begin rebuilding their credit immediately following a bankruptcy and can even purchase a home or car within a couple of years. But to answer the question, a foreclosure can remain on a debtor's credit report for seven years after the date the foreclosure was filed with the court. In the case of a Chapter 7 bankruptcy, it will remain on the debtor's credit report for 10 years while a Chapter 13 bankruptcy filing will remain on the debtor's credit report for 7 years from the date of filing.

For example, if you filed a Chapter 13, bankruptcy on February 15, 2009, it would be reported on your credit report until February 15, 2016. If you filed a Chapter 7 bankruptcy instead of a Chapter 13 bankruptcy on February 15, 2009, that information would remain on your credit report until February 15, 2019.

It's important to note that the information may not automatically "fall off" your credit report after the time period lapses, so you may need to check your credit report and request that outdated debts and information such as an old bankruptcy be removed after the 7 or 10 years have passed. To find out more about bankruptcy, please contact a Dallas- Fort Worth bankruptcy attorney today.

Categories: Bankruptcy
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