When you file bankruptcy in Florida, your immediate concerns are all about getting rid of your debt, stopping collections and ensuring the process goes smoothly. However, once the court discharges your case, you are on the other side of bankruptcy and your concerns may be about what happens now. One of the most common questions that people have is about how long the bankruptcy will impact their credit.
Nerdwallet explains that a Chapter 7 bankruptcy stays on your credit report for 10 years. The time begins when you file. It should come off automatically when you hit ten years. It may even come off at seven years.
If you notice it is still showing up after 10 years, you can file a dispute with the credit bureaus. They should be able to remove it quickly once you provide proof of the date you filed your case.
In the meantime, having a bankruptcy on your credit report may not be as bad as you think. In fact, it can be a good thing. It is at least much better than showing accounts in collections or past due balances. It also is a sign to creditors that you cannot file bankruptcy again for at least seven years, so they may be more likely to extend you credit than before your bankruptcy.
Having a bankruptcy on your credit report will not keep your score down. Your credit score should actually begin climbing shortly after the court discharges your bankruptcy. This information is for education and is not legal advice.