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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.

Should I File for Bankruptcy?

April 6, 2017

Dear Experian, I have multiple charged off accounts and want to know if I should file bankruptcy or try to pay off the debt? I owe quite a bit....

Can I Apply for Credit Cards After Declaring Bankruptcy?

March 8, 2017

Dear Experian, Can I apply for credit cards after declaring bankruptcy? What kind of credit card might I qualify for? I am trying to rebuild my credit. – GSP...

Score Didn’t Improve After Bankruptcy Removed

July 17, 2016

Dear Experian, I recently had a bankruptcy removed from my credit report, but it didn't change my score. When or how do you update the credit score? - PLM

Removing Bankruptcy From Your Credit Report

July 14, 2016

Dear Experian, It's been just about 10 years since my bankruptcy was been discharged. How do I go about getting it removed from my credit report? - ENZ

When Chapter 7 Bankruptcy is Deleted

July 14, 2016

Dear Experian, Does a Chap 7 bankruptcy drop off the report 10 years after filing date or the discharge date? - DGM

Bankruptcy May Prevent Qualifying for a Credit Card

August 7, 2014

Dear Experian, How can I get a credit card after a bankruptcy so I can rebuild my credit? - MBD

You Might Owe on Your Mortgage after Bankruptcy

February 26, 2014

Dear Experian, I want to know if I still owe my mortgage company after filing Chapter 13 bankruptcy. When I filed I was in foreclosure, and they said I owed...

Chapter 13 Bankruptcy Accounts and Your Credit Report

January 15, 2014

Dear Experian, How long do accounts included in chapter 13 bankruptcy remain on your report? - RCH

Mortgage Loan Not Reported after Declaring Bankruptcy

November 20, 2013

Dear Experian, We filed bankruptcy two years ago and want to either refinance our home or possibly buy a new home. When the bank pulled our credit they said that...

The Difference Between Default and Bankruptcy

September 10, 2013

Dear Experian, Which is the lesser of two evils, bankruptcy or default? - DBU

Accounts Not Removed Immediately After Bankruptcy

September 10, 2013

Dear Experian, I have completed my chapter 13 bankruptcy plan. How do I have the creditors names removed from my credit report? - HNS

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

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