How long does bankruptcy stay on your record?

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Bankruptcy can be a difficult and overwhelming experience for individuals and businesses alike. It is a legal process that helps people who are unable to repay their debts to get a fresh financial start. However, one common concern for those considering bankruptcy is how long it will stay on their record. In this article, we will explore the duration of bankruptcy on a person’s record and provide a comprehensive understanding of this important aspect.

Understanding Bankruptcy

Before delving into the duration of bankruptcy on a record, it is essential to understand the different types of bankruptcy. The two most common types are Chapter 7 and Chapter 13 bankruptcy. Chapter 7 bankruptcy, also known as liquidation bankruptcy, involves the sale of non-exempt assets to repay creditors. Chapter 13 bankruptcy, on the other hand, allows individuals with a regular income to create a repayment plan to settle their debts over a period of three to five years.

How Long Does Bankruptcy Stay on Your Record?

The length of time bankruptcy stays on a person’s record depends on the type of bankruptcy filed. In the case of Chapter 7 bankruptcy, it typically remains on an individual’s credit report for ten years from the date of filing. This means that during this period, the bankruptcy will be visible to lenders and can impact a person’s ability to obtain credit or loans.

For Chapter 13 bankruptcy, the duration is slightly shorter. It typically stays on a credit report for seven years from the date of filing. This is because Chapter 13 bankruptcy involves a repayment plan, and creditors may view it as a more responsible approach to managing debts.

Impact on Credit Score

Bankruptcy has a significant impact on an individual’s credit score. It is important to note that the initial impact of bankruptcy on a credit score can be severe, resulting in a significant drop. However, as time passes and the bankruptcy ages, its impact on the credit score gradually diminishes. Over time, with responsible financial management and a positive credit history, individuals can rebuild their credit score.

Obtaining Credit after Bankruptcy

While bankruptcy may have a negative impact on credit, it is still possible to obtain credit after the process. However, it may be more challenging, and individuals may need to explore alternative options such as secured credit cards or loans with higher interest rates. It is crucial to demonstrate responsible financial behavior and make timely payments to rebuild creditworthiness.


In conclusion, the duration of bankruptcy on a person’s record depends on the type of bankruptcy filed. Chapter 7 bankruptcy typically stays on a credit report for ten years, while Chapter 13 bankruptcy remains for seven years. It is important to note that bankruptcy has a significant impact on credit scores, but with time and responsible financial management, individuals can rebuild their creditworthiness. It is advisable to consult with a financial professional or credit counselor to navigate the process effectively.


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