The "seven year" thing is somewhat obsolete for a few reasons.
1. Chapter 7 stays TEN years, not 7. Chapter 13 stays seven.
2. Many, many lenders will offer credit before that time frame is up. In under a year from discharge, some subprime credit card companies might offer you a small card. After about 3 - 4 years about 50% of "prime" lenders will do at least something for you if you have re-established some credit. Do this right and the "gap" will be nonexistent.
Filing bankruptcy does not remove a charge off report from a credit card on your credit report. It just adds bankruptcy to your credit report.
Yes, however, bankruptcy can remain on the report longer.
10 years for a chapter 7.
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.
It should be removed from the credit report in 2009. A bankruptcy remains on a credit report for ten years from date of discharge.
A bankruptcy will remain on a credit report for the required ten years, it cannot be removed arbitrarily.
No, the information remains on your credit report.
Bankruptcy may remain on your credit report for up to ten years. However, what is probably more important to you is the impact that bankruptcy will have on your credit options. That depends heavily on how you handle your finances and credit accounts after bankruptcy. Many bankruptcy petitioners who manage their credit carefully and make an effort to rebuild credit are able to qualify for traditional mortgages and car loans within about two years.UPDATE: Actually, you can force Equifax, Experian and TransUnion to remove a Bankruptcy from your credit report and you can do it legally using a federal law that is in place. Credit Bureaus MUST have "verifiable proof" of the "bankruptcy" in their files if they are going to report the negative item on your report. The dirty little secret the credit bureaus don't want you to know is that they do not have any "verifiable proof" in their files for any of the negative items on your credit report. The Federal Court that the bankruptcy was filed in may have this information on file but the credit bureaus don't. If you request the credit bureau to provide you with the "verifiable proof" that they have in their files they will remove the negative from your file.
The amount of time a bankruptcy stays on your credit report after discharge differs between Chapter 7 and Chapter 13 Bankruptcy. With Chapter 7 bankruptcy, the Chapter 7 stays on your credit report for 10 years. Chapter 13 bankruptcy, after discharge, it shows for 7 years on your credit report.
Debts included in the bankruptcy should be noted as such in the credit report. The bankruptcy will remain on the credit report for ten years.
Chapter 7 will stay on your credit report for 10 years from the date bankruptcy was filed. Chapter 13 typically stays on your credit report for 7 years from the date the bankruptcy was filed, however, can remain on your credit report for 10 years.
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.