Bankruptcy and Your Credit Reports
Bankruptcy is a public record that credit reporting agencies can list on your reports. As long as it shows up on them, it can cause your credit score to fall. There are two types of bankruptcy. The Fair Credit Reporting Act states that a chapter 7 filing can remain on your report for as long as 10 years. A discharged chapter 13 filing usually stays for seven years. However, if you fail to meet specific criteria, it could remain for as long as 10 years.
How Bankruptcy Changes the Appearance of Accounts on Your Report
The creditors you owe will still show up on your credit report. If they are part of your bankruptcy filing, they may have a note saying so or may be listed as "discharged." The good news is that these accounts will never report as past due or unpaid again, which will eventually help your score rise.
If you are unsure of the bankruptcy process and how it changes your credit score, consider hiring a professional Thousand Oaks bankruptcy lawyer to help you through the process.