Negative Credit Report Information - BANKRUPTCY
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BANKRUPTCY: Negative credit report information
| Type of negative information | Maximum time on credit report |
| General civil judgments | 7 years from the date filed |
| Tax liens | 7 years from the date paid (If tax lien is not paid, it will remain on the file indefinitely.) |
| Chapter 13 bankruptcies that have been dismissed or discharged | 7 years |
| All other bankruptcies (such as Chapter 7) | 10 years |
In Chapter 13 bankruptcy, the debtor keeps all of his or her property and makes regular payments on the debts, even after filing for bankruptcy. To qualify for Chapter 13, the debtor needs to have a regular income.
In Chapter 7 bankruptcy, the debtor gives up all nonexempt property. The debtor keeps exempt property. Exempt property is property that state law determines is needed for the support of the debtor and his or her dependents.
It’s important to understand that bankruptcy has a negative impact on your credit. Depending on the type of bankruptcy, it will stay on your credit report from 7 to 10 years. Having a bankruptcy on your credit report will make it hard to get credit in the future.
ADDITIONAL BANKRUPTCY RELATED FACTS
When Is A Chapter 13 A Better Alternative Than A Chapter 7?What Debts Are Not Erased By A Bankruptcy?Freezing Debtor AccountsCan I Keep Any Credit Cards?Will My Creditors Stop Harassing Me?Personal Bankruptcy...what Is It?What Are The Key Or Major Events In The Bankruptcy Process And When Will The Bankruptcy Be Over?| Find Credit Facts |
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