24 Apr How long will bankruptcy stay on my credit?

Q. I have a bankruptcy on my credit. It is now one year old. How long do I have to wait to have it removed?
— Trying to rebuild

A. How long a bankruptcy remains on your credit report will depend upon the type of bankruptcy you file.

The two types of bankruptcies an individual can file are a Chapter 7 or a Chapter 13, said Michael Maye, a certified financial planner and certified public accountant with MJM Financial in Gillette.

He said a Chapter 7 bankruptcy is a liquidation bankruptcy designed to wipe clean unsecured debts like credit cards and medical debt.

“For an individual to qualify, an individual needs to have little or no disposable income and the individual needs to meet Chapter 7 means test,” Maye said.

A Chapter 13 bankruptcy is a reorganization where the debtor pays back a portion of their debts through a repayment plan and the debtor gets to keep their property, Maye said.

“A completed Chapter 13 bankruptcy remains on your credit report for 7 years while a Chapter 7 bankruptcy remains on your credit report for 10 years,” he said.

See here for ways you can start to rebuild your credit.

Email your questions to .