Declaring bankruptcy can be a very stressful experience. Most people with severe financial problems have many questions about the bankruptcy process. One very common question is “how long will a bankruptcy stay on my credit report?”

A bankruptcy can stay on your credit report for 7 to 10 years. Just how long a bankruptcy stays on your credit report depends upon a variety of factors. These factors include the policies of your creditors and the type of bankruptcy you have filed. The reality is that most credit agencies will remove your bankruptcy status about 7 years after you have filed for the bankruptcy.

This rule only applies to bankruptcies that have been approved. If you have applied for bankruptcy and not completed the process, or if your bankruptcy was not accepted by the court, then the 7 year rule is not applicable.

In some cases, Chapter 7 and Chapter 11 bankruptcies will stay on your credit report for the full 10 years. Usually, these types of bankruptcies are for business owners. A Chapter 13 bankruptcy in contrast is geared towards restructuring the finances of an individual.

Of course, it is a good idea to monitor your credit report regularly whether you are having financial trouble or not. When you regularly monitor your credit report, you will quickly notice if your bankruptcy is removed from the report. If the bankruptcy is not removed 7 years after your filing date, you may want to contact the credit reporting agency for more information.

For specific answers to questions about your personal financial issues, it is best to contact a bankruptcy attorney in your area. In many cases, bankrputcy attorneys provide free consultations for new clients. Scheduling a free consultation is one way to get the answers that you need at a price you can readily afford.

Bankruptcy laws vary from state to state. For this reason, you will need to see a Hawaii bankruptcy attorney if you live in Hawaii. If you live in Honolulu, you may want to find a Honolulu bankruptcy attorney.