How long will Bankruptcy Stay on My Credit Report?

The results of your bankruptcy case will be part of your credit record for ten (10) years.  The ten years are counted from the date you filed your bankruptcy. This does not mean you can’t get a house, a car, a loan, or a credit card for ten years.

Do I Still Owe Secured Debts (Mortgages, Car Loans) after Bankruptcy?

Yes and No.  The term “secured debt” applies when you give the lender a mortgage, deed of trust or lien on property as collateral for a loan.  The most common types of secured debts are home mortgages and car loans.  The treatment of secured debts after bankruptcy can be confusing.

Bankruptcy cancels your personal legal obligation to pay a debt, even a secured debt.  This means the secured creditor can’t sue you after a bankruptcy to collect the money you owe.

But, and this is a big “but,” the creditor can still take back their collateral if you don’t pay the debt.  For example, if you are behind on a car loan or home mortgage, the creditor can ask the bankruptcy court for permission to repossess your car or foreclose on your home.  Or the creditor can just wait until your bankruptcy is over and then repossess or foreclose.  Although a secured creditor can’t sue you if you don’t pay, that creditor can usually take back the collateral.

For this reason, if you want to keep property that is collateral for a secured debt, you will need to catch up on the payments and continue to make them during and after bankruptcy, keep any required insurance, and you may want to reaffirm the debt if you file a chapter 7.

What is the process for filing bankruptcy?

Click here to view the timeline for filing bankruptcy.

Which Debts do I still owe after Bankruptcy?

Alimony, maintenance or support for a spouse or children.

Student Loans: Almost no student loans are canceled by bankruptcy.  But you can ask the court to discharge the loans if you can prove paying them is an “undue hardship.”  Occasionally, student loans can be canceled for reasons not related to your bankruptcy when, for example, the school closed before you completed the program or if you have become disabled.  There are also options for reducing your monthly payments on student loans, even if you can’t discharge them.  You would have to contact your student loan company and ask for an IBR (Income Based Repayment Plan).

Money borrowed by fraud or false pretenses:  A creditor may try to prove in court during your bankruptcy case that you lied or defrauded them, so that your debt cannot be discharged.

Most Taxes:  The vast majority of tax debts cannot be discharged.  However, this can be a complicated issue.  If you have tax debt you must discuss them with your lawyer.

Most criminal fines, penalties and restitution orders: This exception includes even minor fines, including traffic tickets. 

When is the Chapter 13 Payment due?

Do I have to pay my plan payment to the Trustee before my meeting of creditors? Yes, in most cases you do.  When you sign your bankruptcy paperwork you will receive a copy of your Plan: 

   1. The Plan will tell you when the Plan payment is due.  Which is 30 calendar days

       from the date your case is filed.

   2. All future payments are due on the same day each month.

   3. The Plan will tell you the amount to be paid.

Make sure to place you case number on each payment you submit to help ensure it gets applied to the correct case.

Missouri                                            Kansas

Richard V. Fink - Trustee                 William H. Griffin - Trustee

PO Box 1839                                    P.O. BOX 613106

Memphis, TN 38101-1839                Memphis, TN 38101

Click here to use Epay                     Click here to use Epay

How long does bankruptcy stay on my credit report?

Legally the credit bureaus may report a bankruptcy for 10 years from the date that you file your case.  This is regardless of a 13 or 7.

Click here to see page 22 of the Fair Credit Reporting Act

The bankruptcy filing will still be reported if you dismiss your case.

BE AWARE - converting your case from one case to another my result in several bankruptcy reportings.  However this double reporting may be updated as technically you have only filed one case.

Frequently Asked Questions