Bankruptcy filers who would like to rebuild their credit are justifiably concerned about how long a bankruptcy can appear on their credit report.
The answer is that bankruptcy information can stay on your report for 10 years. Most other types of negative information can be reported for 7 years.
Usually, a Chapter 7 stays on a credit report for 10 years while a Chapter 13 stays on a report for 7 years.
The Federal Trade Commission has a website explaining how to get free copies of your credit reports from the 3 major credit reporting companies. You should check your reports on a regular basis to make sure they do not contain any false information.
It is still possible to build a positive credit report even with a bankruptcy on your record, so long as you act carefully and methodically. If you’ve ever received credit card offers before, you are likely to receive them again after your bankruptcy.
If your goal is to build good credit, it’s worth your while to consider the post-bankruptcy card offers that you receive with an eye toward building a record of consistently and fully repaying an open line of credit.
If you are in New Jersey and considering Chapter 7 bankruptcy, please call me for a free telephone consultation at 201-676-0722.