Bankruptcy FAQ – How many years will a bankruptcy filing show on my credit report? How long will it take me to obtain new credit after I file for bankruptcy?
Under the provisions of the Fair Credit Reporting Act, the filing of a bankruptcy petition shall remain on an individual’s credit report for 10 years, but only 7 years if a debtor is successfully in completing his or her Chapter 13 plan. With respect to obtaining new credit after the filing of a bankruptcy petition, the decision to grant credit in the future is strictly up to an individual creditor and varies from creditor to creditor and state to state depending on the type of credit requested. While there is no law that prevents an individual from extending credit to you immediately after obtaining a discharge in bankruptcy, you should anticipate a period of time in which you would have to establish credit. In most cases, the easiest manner in which to reestablish credit is to obtain a secured credit card from a major grantor of credit after you obtain your discharge.
