While bankruptcy may free you of your past credit obligations, you also will find it very difficult to obtain new credit for a long time.
- A chapter 7 bankruptcy filing remains on your credit report for 10 years.
- Chapter 13 bankruptcy remains for seven years. Under chapter 13 bankruptcy you repay at least a portion of the debt, so it is removed a little sooner.
If you filed for bankruptcy protection under Chapters 7, 11, or 12 of the Bankruptcy Code, that information will remain in your credit report up to 10 years from the date of entry of the order for relief or the date of adjudication. In certain instances, it can be reported beyond 10 years.