Isn't it true that a bankruptcy takes 7 years to come off your record?

I think it depends on what type of bankruptcy you file.  I think it may be on your credit reports even longer than that.

I just went and looked it up.  This is what I found:
"Your credit report can show your bankruptcy filing for up to 10 years, but many credit reporting agencies will remove it after seven."

Last edited by WannaBeDebtFree (2007-07-10 05:48:11)

I filed for bankruptcy on the advice of a lawyer after an expensive divorce and accumulating about $25k worth of debt, the bulk of which came from a cross country move and caring for my terminally ill mother for three years and I truly regret it.  I've been wanting to buy a condo for years but the bankruptcy has prevented that.  It's an embarrassment that I can seem to get past.  I truly wish I would have spoken with a financial advisor before speaking with a lawyer.

Ted
    I sounds like you have learned on this one. Well It will get better. My advice to you is to start doing what you can by cleaning up your credit file. Start disputing what you can, that will raise your score. Confidence will come with results. If you need any tips  or sample letters let me know. I would be glad to assist. I had foreclosure started and got it off all files.

Good luck with everything.

Once you file for bankruptcy you end up having a stigma on your record for many years and it can lead to a number of credit problems that are hard to overcome

So what is the point in filing for bankruptcy if it's going to by on your credit report for that long? It's still the same as you having debt right. I thought that filing would allow you to be able to start over?

I think that even though you file, you are able to conduct your business just the same as if it wasn't their and you were in debt. My father filed for bankruptcy and he was able to get a brand new car financed in his nme a few months after.

Tomtastic25 wrote:

Ted
    I sounds like you have learned on this one. Well It will get better. My advice to you is to start doing what you can by cleaning up your credit file. Start disputing what you can, that will raise your score. Confidence will come with results. If you need any tips  or sample letters let me know. I would be glad to assist. I had foreclosure started and got it off all files.

I thought the point of a bankruptcy was to clear your debt and help you to start over. I don' t understand. I know a few people who have filed and have moved on to bigger and better things due to being able to purchase things because their credit has been cleaned up.

Filing Bankruptcy does not clean up your credit.  In fact as credit scores go it is a really bad negative on your record.  Depending on the type of bankruptcy it eliminates all or some of your bills.