Credit Advice » Debt » Bankruptcy


For many people in financial trouble, bankruptcy is a last resort. To determine whether filing bankruptcy is the right move, it’s important to understand just what bankruptcy is, what accounts will remain visible after filing, and how filing for bankruptcy may affect future credit pursuits.

What is Bankruptcy?

There are two main forms of bankruptcy:

  • Chapter 7 Bankruptcy: The person filing the bankruptcy does not repay any debts included in the filing. A Chapter 7 bankruptcy remains on your credit report for 10 years after the date filed.
  • Chapter 13 Bankruptcy: The person filing repays a portion of his or her debts through a debt repayment program. A Chapter 13 bankruptcy remains on your credit report for seven years after the date filed.

Bankruptcy Showing in Credit Report Even Though Dismissed

May 23, 2013

Dear Experian, We filed for Chapter 13 Bankruptcy in June 2009. The Bankruptcy was never approved or discharged, but was dismissed a few months later. We dealt with all of...

Chapter 13 Bankruptcy vs. Chapter 7 Bankruptcy

November 7, 2012

Dear Experian, What is the main difference between a Chapter 13 bankruptcy and a Chapter 7 bankruptcy? Also, how do the two types affect your credit rating differently? - SRD

Accounts Included in Bankruptcy Status

May 9, 2012

Dear Experian, My bankruptcy was removed from my credit report late last year. Is there any way to update closed accounts to remove the wording "included in bankruptcy"? I had...

Chapter 7 vs. Chapter 13 Bankruptcy

February 1, 2012

Dear Experian, What is the difference between chapter 7 and chapter 13 bankruptcies? - RYN

Updating an Account Included in Bankruptcy

January 18, 2012

Dear Experian, I have a company reporting “charge off” on my credit report when it should be a bankruptcy that was done in August 2010. Can you help me understand...

Reaffirming Debts Will Not Remove Bankruptcy

January 4, 2012

Dear Experian, Can a Chapter 7 bankruptcy get deleted earlier than the 10 years if your lawyer had you agree to pay off some of the debt owed to the...

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