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Q: Having maxed out credit cards, but on-time payments my credit score prior to filing for Ch 7 was 530, post discharge it was 632 and now six months later is 692! There is life after Bankruptcy! GWNorris3rd's response was: Bankruptcy will ruin your credit for some time to come. A Chapter 7 bankruptcy can remain on your credit report for up to 10 years. Although a bankruptcy stays on your record for years, the time to complete the bankruptcy process under Chapter 7, from filing to relief from debt, takes only about 3-6 months. If you decide against Chapter 7 when it may be the right decision for you, your missed debt payments, defaults, repossessions, and lawsuits will also hurt your credit, and may be more complicated to explain to a future lender than bankruptcy. The impact to your credit score is largely based on where your credit stands now and what information is on your credit report.​. In 2010, FICO released information about how bankruptcy and other credit mistakes affect your credit score. Using a mock scenario with two different credit profiles, FICO showed a bankruptcy could cost up to 240 points for someone with a 780 credit score and 150 points for someone with a 680 credit score. And, while a bankruptcy can severely damage your credit score, that doesn’t mean that bankruptcy has to be the end of a good credit rating forever. How Long Does Bankruptcy Stay On The Record. There are two types of bankruptcy – Chapter 13 bankruptcy and Chapter 7 Bankruptcy: Plus, as long as your report is filled with nothing but A+ grades, you should have a decent credit score within a few years, and even a good score by the time the bankruptcy drops off your report. 4. Keep Your Oldest Accounts Active Chapter 13 Bankruptcy. The bankruptcy itself and the debts associated with the bankruptcy will be displayed differently on your credit report. A completed Chapter 13 bankruptcy will stay on your report for up to seven years, and discharged debts will also stay on the report up to seven years after they are discharged. How Long Does Chapter 7 Bankruptcy Last? In most cases, it takes approximately three to four months to complete a Chapter 7 bankruptcy and obtain a discharge. However, if you have a complex case or creditors object to your discharge, it can take longer. This means that you can complete your case quickly and begin rebuilding your credit right away. How Long Does Chapter 7 Bankruptcy Remain on Your Credit Report? A Chapter 7 bankruptcy will usually stay on your credit report for ten years. But in general, this does not prohibit you from obtaining new credit and moving on with your life. In fact, most debtors start receiving new credit card offers shortly after they receive their discharge. To do this we’ll need to set the record straight on some of the most commonly held misconceptions about how bankruptcy impacts credit scores. Myth #1: Having no negative information on your credit report prior to bankruptcy leads to a higher post-bankruptcy credit score than if your report contained derogatory information prior to the filing. Myth #3: You will have a low credit score for as long as the bankruptcy information remains on your credit report. Fact #3: While it’s true that you should not expect a high score following bankruptcy, if you manage your credit optimally in its aftermath you can be looking at a 700 score or higher after only about 4-5 years. You cannot file for Chapter 7 bankruptcy if you previously went through bankruptcy proceedings under Chapter 7 or Chapter 13 within the last six years. If you obtained a Chapter 13 discharge in good faith after paying at least 70% of your unsecured debts, the six-year bar does not apply. Query: how long bankruptcy affect credit
A: 
A Chapter 7 bankruptcy can remain on your credit report for up to 10 years.