How long does a Chapter 13 bankruptcy stay on your credit report?
Question Details:
7 years ago I was told that a Chapter 13 bankruptcy stays on your credit report for 7 years. Now, I am seeing 10 years on the internet. Did the law change? If so, is it retroactive? Also, if it is not retroactive, doesn't that mean that the credit agency would still have to remove a Chapter 13 if it was filed before the change went into effect?
The laws changed, but it was a lot more than 7 years ago. It was changed back in the Clinton administration (in the early to mid-1990s). A bankruptcy can be reported for up to 10 years regardless of whether the case was filed before or after the change in the law.
Mark J. Markus, Attorney at Law
Handling exclusively bankruptcy law cases in California since 1991.
http://www.bklaw.com/
Follow Me on Twitter: @bklawr
