Island Lake Bankruptcy Lawyer On How Long A Bankruptcy Case Shows Up...

A bankruptcy case will typically last on a credit report for ten years.  Whether it be a Chapter 7 fresh start bankruptcy or a Chapter 13 bill consolidation through the court, ten years is the standard duration that the bankruptcy filing will last on a credit report.  This does not mean that you as a debtor will not get credit again for ten years, in fact, quite the contrary.  The mere fact that something stays on your credit report for ten years does not mean that you will not be able to buy a car, which you can do after 120 days, or purchase a house with a mortgage, which takes about 24 months after filing a Chapter 7 bankruptcy. 

Somebody pulling your credit report such as a lender or a finance company or an employer will able to see the date that you filed your bankruptcy and will be able to look at all the other different items that have occurred after you filed your bankruptcy.  Thus if you haven’t incurred any negative credit since you filed your bankruptcy, you can explain that to a lender that, “Hey, I’ve been a good credit risk ever since my bankruptcy filing.  I have paid my bills on time.”  

That is exactly what you want to do after you file your Chapter 7, and that’s make perfect payments to all of your creditors.  I’m talking about making perfect payments to your mortgage company, to your landlord, to your auto finance company and to your utilities.  If you can make perfect payments after your bankruptcy is filed, the mere fact that the proof of the filing is on your credit report for ten years will not negatively affect your ability to get credit in the future.  It might not be the best interest rate, but you will be able to get credit provided you maintain good payments after your bankruptcy case is filed.