Skip to Content
Flexer Law Flexer Law
Call Us Today! 615-805-6374

How Long Does Bankruptcy Stay On Your Credit Report?


It’s understandable to be concerned about the long-term financial effects of filing for bankruptcy. After all, there’s a lot of disinformation surrounding bankruptcy. Filers often worry that it will permanently stain their credit report and prohibit lenders from ever loaning them money. 

This is false.

In reality, the decision to file for bankruptcy can be the best shot at regaining control of your financial future. It provides immediate relief from creditors (in the form of an automatic stay) while offering an opportunity for a fresh start. In some cases, it can even improve your credit score.

How Long Do Bankruptcies Stay On Your Credit Report?

This entirely depends on the type of bankruptcy you file:

Chapter 7 bankruptcy stays on your credit report for 10 years from the filing date.

Chapter 13 bankruptcy stays on your credit report for 7 years from the filing date.

A span of 7-10 years may seem daunting, but being free from debt will give you far more options in the long-run. To learn which type of bankruptcy is right for you, contact Flexer Law for a free consultation. One of our experienced bankruptcy attorneys will help you understand which route is the most appropriate for you.


Will a Bankruptcy Prevent Me from Getting a Loan?

While having a bankruptcy on your credit report will factor into lenders decisions, its impact on your credit score diminishes with each passing year. It’s not uncommon to see a dramatic drop in your credit score in the first month after filing, but it will significantly recover by the end of the first year, as well as with each subsequent year.

The impact a bankruptcy has on your credit report correlates with your credit score before the bankruptcy. A higher score will experience a more dramatic drop than a lower score. However, it is important to note that this after effect is temporary. If it is in your best interest to wipe the financial slate clean, it is more productive to focus on how you can best move forward after filing bankruptcy. 

How To Rebuild Your Credit After Bankruptcy?

After the bankruptcy process is complete, it is important to start looking for ways to rebuild your credit. As mentioned before, your credit score will significantly rebound within 6-12 months of your case being closed.

First, it’s a good idea to monitor your credit score at the three major credit bureaus. Keep an eye out for actions that may be lowering your score. Also, make sure that negative information falls off when it’s supposed to.

Second, look into improving your score with the use of a secured credit card or a secured personal loan. These products are backed by money that you already have. They have the double benefit of improving your credit score while limiting your risk factor.

Over time, you’ll start qualifying for better financing options and will be in far better financial shape than you were in before the decision to file for bankruptcy.

Learn more about rebuilding your credit after bankruptcy.

Middle Tennessee’s Top Bankruptcy Attorneys

When navigating the bankruptcy process, it is invaluable to enlist the help of an attorney you can trust. Flexer Law has been serving the legal needs of Middle Tennessee residents since 1981. Our experienced bankruptcy attorneys will work diligently on your behalf to provide the best financial outcome for you.

Regardless of your financial situation or employment status, we will guide you through the bankruptcy filing process with confidence. If you are worried about the cost of hiring an attorney, know that we offer payment plans to ease the burden, and in most cases, no money down on Chapter 13 plans.

We have three office locations throughout Middle Tennessee to accommodate your legal needs. Contact us for a free consultation, either in person or virtually, and we will get to work on finding the best solution for getting your financial life back on track.

Flexer Law Office Locations

  • Nashville, TN
  • Murfreesboro, TN
  • Columbia, TN
Share To: