WHAT ARE THE DIFFERENT TYPES OF BANKRUPTCY AND HOW IS EACH CONSIDERED BY MY CREDIT SCORE?
A bankruptcy is considered a very negative
event by your Credit score regardless of the type.
As long as the bankruptcy is listed on your
credit report, it will be factored into your score.
However, as time passes, the negative impact
of the bankruptcy will lessen. Typically, here is
how long you can expect bankruptcies to remain
on your credit report (from the date filed):
Chapter 7 and 11 bankruptcies up to 10 years.
Completed Chapter 13 bankruptcies up to 7 years.
Keep in mind that these dates refer to the
public record item associated with filing for
bankruptcy. All of the individual accounts
included in the bankruptcy should be removed
from your credit report after 7 years.
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