chapter 7 bankruptcy lawyer

When is a Chapter 7 bankruptcy deleted?

If you are filing or have filed a Chapter 7 bankruptcy, referred to as liquidation bankruptcy, it remains on your credit report for ten years. However, accounts included in the filing are removed from the credit report earlier. Those individual accounts in Chapter 7 and Chapter 13 bankruptcies may remain on your credit report for seven years.

Chapter 7 bankruptcies are considered the most serious in terms of how they affect a credit rating because all the debts are wiped clean, and there are no repayments. Bankruptcies are deleted from credit reports based on the filing date.

If an account you were falling behind on payments on is included in the Chapter 7 bankruptcy, it is deleted seven years from the original date of delinquency. That means the date the account was first late and not brought up-to-date. Declaring a Chapter 7 bankruptcy does not change the original account delinquency date or prolong the account's time on the credit report.

In most instances, you do not have to do anything to have your Chapter 7 bankruptcy removed from your credit report, as it is automatically deleted. It is important to note that the bankruptcy's discharge date has zero to do with when your bankruptcy information is deleted.

If you are having difficulty paying your bills and keeping them current, it may be a good idea to check your credit report to see where you stand in terms of your rating and what accounts show that you are delinquent and by how much. It gives you a clear picture of where you are and may help you plan for the future by considering filing a Chapter 7 or Chapter 13 bankruptcy. You can order a free report from all three major credit reporting companies once every 12 months.

Filing for a Chapter 7 bankruptcy is complicated and can be confusing and frightening. At Melaragno, Placidi & Parini, we have significant experience helping debtors file for bankruptcy. You get the benefits of our experience and are fully informed of all the available options, based on your circumstances. Learn more at