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How long will a personal bankruptcy haunt my credit?

Many Connecticut consumers can achieve lasting financial relief by seeking bankruptcy protection. However, concerns over the damage that a personal bankruptcy might do to their credit keeps some from filing. It can be helpful to understand the ins and outs of personal bankruptcy, including just how long the action will remain on file, and how damaging that information might be. 

For those who file for Chapter 13 bankruptcy, the action will remain on credit reports for a period of seven years. Those who seek Chapter 7 bankruptcy will see their records adjusted for a period of 10 years. There is no denying that the initial hit to a credit score will be significant. 

However, in the months and years that follow a personal bankruptcy case, consumers have a great deal of control over the weight that their bankruptcy has in calculating credit scores and impacting other financial matters. With the right degree of effort, it's possible to quickly begin rebuilding credit scores by making responsible use of credit. In fact, many people build healthier credit scores in the years after a bankruptcy than they had before their money problems began. 

In terms of finding a new job or leasing a new home, consumers can offer documentation of their current financial standing when applying. That can show a prospective employer or landlord that the individual has made a serious effort to turn his or her financial life around. Concerns over the impact that a bankruptcy will have on a credit report should not be a deciding factor in taking steps to regain financial stability. 

For those in Connecticut who are considering personal bankruptcy, understanding how credit scores are affected by that process is important. It helps to know that the actions taken after a bankruptcy will also come into play when seeking new lines of credit, new employment, or any other changes that require a credit check. Personal bankruptcy can change lives for the better, and it is never too soon to begin researching options for starting down a new financial road. 

Source:, "How Long Will a Bankruptcy Stay on My Credit Report?", Maurie Backman, Dec. 20, 2017

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