Legal Question in Bankruptcy in New York

How long does a bankruptcy appear on your credit report????

Asked on 9/20/12, 5:56 am

1 Answer from Attorneys

Michael Fakhoury Law Offices Michael Fakhoury

Filing a Bankruptcy Petition/a Discharge in Bankruptcy can and usually does remain on your credit report profile for up to 10 years. That fact, however, does not necessarily mean that the debtor (bankruptcy filer) will have a poor credit rating for up to 10 years. Generally, if after receiving a discharge in bankruptcy - usually within 5 months of filing a chapter 7 - the debtor starts using unsecured debt again in a reasonable and affordable manner and pays his/her debts on time, the credit rating improves significantly within 1 to 2 years. Many of my own clients have indicated to me that they were able to get a home mortgage and an auto loan approval within 2 years of their bankruptcy discharge.

Michael Fakhoury, Esq.

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Answered on 9/20/12, 6:06 am

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