If by then, the consumer has establised a good payment history it may. Bankruptcy is forever. Regardless of the removal from a CR, there will always be record of it, and it can continue to cause a consumer financial problems.
The previous answer is actually quite misleading. In terms of credit and credit reporting, the bankruptcy coming off will immediately improve your score, usually in the neighborhood of 75-150 points. Of course a lot entails what you did with your credit since the bankruptcy was discharged. As far as "bankruptcy being forever," yes, there is a public record out there. And yes, it could hurt you in terms of gaining employment at a high salary or taking out a high-end mortgage on a house. In terms of car loans, credit cards, low-end house mortgages, etc., the bankruptcy will have absolutely no bearing on your situation. Good luck.
Sometimes credit card charges are not included in bankruptcy. If they are then you will no longer be able to use them.
10 years for a chapter 7.
Credit scores are based on the consumer's overall credit history. Needless to say bankruptcy has a very negative impact upon one's score and will continue to do so for the ten years it remains on a CR, and perhaps much longer.
It means that you can no longer purchase goods on credit. You will have to make payment for the items you get immediately.
Bankruptcy should be removed after 6-7 years from discharge, if you have another bankruptcy within 6-7 years, it will take longer to remove or could be permanently on your file
Sometimes credit card charges are not included in bankruptcy. If they are then you will no longer be able to use them.
Do things that will improve your credit score. Pay off your credit cards as much as you can, contributing most to the one with the highest interest rate. If you have declared bankruptcy in the past, you should wait until after 10 years before the bankruptcy is no longer listed on your credit report. Look into whether you qualify for the $8000 federal first-time home buyer tax credit.
10 years for a chapter 7.
Credit scores are based on the consumer's overall credit history. Needless to say bankruptcy has a very negative impact upon one's score and will continue to do so for the ten years it remains on a CR, and perhaps much longer.
It means that you can no longer purchase goods on credit. You will have to make payment for the items you get immediately.
Bankruptcy should be removed after 6-7 years from discharge, if you have another bankruptcy within 6-7 years, it will take longer to remove or could be permanently on your file
Bankruptcy would be more credit damaging than just having large credit card debt, mainly because it stays on your credit report for longer. One of the biggest disadvantages of filing for bankruptcy is the lasting effect it has on your credit report- typically staying on your report for 7-10 years. With credit card debt there are more flexible options and obviously when you pay the debt and does not stay on your report for as long.
Yes, however, bankruptcy can remain on the report longer.
10 years at least. Other records (like court) may be much longer.
Bankruptcy. Defaulted federal student loans.
For your credit report, discharge date is normally used...although it is, as a matter of federal court, on your record for much longer and availbale if any credit report user asks for a report for a longer time . And yes your federal record will stay with you for the rest of your life.
They are probably about the same. A tax lien stays on your credit report for 7 years from the date it was PAID, not from the date it was filed. I'll let someone else chime in on how long a bankruptcy stays on. I think 10 years(?).