How long does it take to clear a Bankrupcy?

Question

Hey there, I declared bankrupcy in 2004 how long will it clear ..meaning out of your credit history ?? I heard 7 years and also 10 years ..does anyone know? THANKS

OOPS sorry I am in California

Answer 1

I love all these people who guess at the answers, and just can't take a few moments to research.

Check out the Fair Credit Reporting Act....it says Chapter 7's remain for 10 years, starting on the filing date. Chapter 13's are on for 7 years.

Answer 2

Unbelievably, Studly is wrong.

According to the Fair Credit Reporting Act, Section 605(a)(1) permits a consumer reporting agency to report the following information for up to ten years:

"Cases under Title 11 [United States Code] or under the Bankruptcy Act that, from the date of entry of the order for relief or the date of adjudication, as the case may be, antedate the report by more than 10 years."

Now, in order to show why Studly is wrong,

Title 11 comes under "The Code of the Laws of the United States of America" and specifically refers to Bankruptcy.

Housed under Title 11--Bankruptcy are sections referring to

Chapter 7 -- Liquidation;
Chapter 11 -- Reorganization; and
Chapter 13 -- Adjustments of Debts of an Individual with Regular Income.

As such, any of these bankruptcy filings may be reported for up to 10 years in accordance with Section 605(a)(1) of the Fair Credit Reporting Act!

Answer 3

10 years but after 3-4 years you can start applying for a sub-prime credit card with people like Orchard...to rebuild credit.

As a mortgage broker...i can tell you that with a clear plan and a little luck you can start rebuilding your credit while you wait the 10years for your bankrupcy to dissapear out of your credit report. Remember bankrupcy only makes it hard to get credit cards which in turn helps you get credit FICO increases over time if managed correctly

NOW---I've seen someone who filed for bankrupcy 5 years ago and manage to get their FICOs up to the high 600s---it is possible to get a A-paper interest rate.....YES IT IS POSSIBLE BUT NEVER FAIL TO MAKE A PAYMENT WHILE THOSE TEN YEARS YOU WAIT FOR THE BANKRUPCY TO GO AWAY

Answer 4

I declared Ch. 7 in 2001 in Maryland - it's still on my credit report - I'm told it's 10 years. But that didn't stop me from being able to get a couple credit cards to start building my credit back up, and just this year, I was finally approved for a car loan.

Answer 5

Chapter 13 stays on for 7 years from the date filed; Chapter 7 stay on for 10 years from the date filed.

They have to abide by federal rules.

Answer 6

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Answer 7

i have been advised by using human beings that've filed it that it consequences you for 7 years after that's "wiped" off your list. Requardless of how lengthy it remains on your list, that's as a lot as you to fix/strengthen your credit. the in simple terms thanks to get good credit is to pay issues on time and in no way be previous due. you ought to construct your credit lower back, because bankrupcy is like initiating over with a sparkling slate.you'll probably ought to quite slightly initiate over by using having a small amout of credit like a small personal loan or mastercard and pay it off. in basic terms remeber now to not make a similar blunders as before!

Answer 8

We also heard 7 years and yet when we went to buy a house they used it against us. I think it is 10 even though if you ask banks and creditors they will say 7.

Answer 9

7 yrs but in the mean time u can u get a credit card and use it for small amounts to work ur credit back up thats what my friend did when he went bankrupt he got a lawyer and thats what he said

Answer 10

It will take 10 years no matter where you live in the United States