Declaring bankruptcy is a never-to-be-forgotten lesson. The hustle involved when filling the bankruptcy petition and the long period it takes to clear the negative information from your credit history could make you think twice. The hard choice could result from the termination of employment, medical conditions, or your financial situation drops beyond your control.
How long does chapter 7 last on the credit report?
In Chapter 7 bankruptcy, The creditors will remove the accounts the bankruptcy tag ten years from the date you made the big decision. The good thing is that you can fasten this process. You do not have to wait for seven years for the automatic procedures necessarily. It gives you enough time and space to restructure financially and free your credit score. It is also known as liquidation bankruptcy.
