How Long Are Bankruptcies Public Record?

Dealing with a bankruptcy is stressful, and no individual wants to have to deal with the consequences of a bankruptcy on their public record. While bankruptcy can sometimes be necessary, it’s important to understand how a bankruptcy might affect you, including how long a bankruptcy will be public record. In this article, we give you an overview of bankruptcy and details on how long you can expect to deal with a bankruptcy’s effect on your records.

What Is a Bankruptcy?

Bankruptcy is a specific legal process that allows individuals to escape their debts when there is no chance of paying their debts back, or if their debts have become too large to handle. Bankruptcy offers legal protections from creditors, though it may result in severe negative effects on someone’s credit report and assets.

There are two different types of bankruptcy – Chapter 13 and Chapter 7. These bankruptcy types are used in different situations, and you will need a financial advisor or an attorney who specializes in bankruptcies to help you with this process.

How Public Is Public Record?

Public record is just that – accessible by the public. Your public record typically contains your background check report with items such as your criminal record and your credit score. When it comes to a bankruptcy and your public record, the most important item to be concerned about is your credit report and credit score.

Any member of the public can access public record documents about you through the proper channels or an online search tool. However, more in-depth public record checks, such as an official background check, require consent and signatures before they can be conducted.

How Long Are Bankruptcies Public Record?

Bankruptcies will land on your public record, and the amount of time a bankruptcy stays on your public record depends on the type of bankruptcy – Chapter 13 bankruptcy stays on your public record for seven years, while Chapter 7 bankruptcy stays on your public record for up to ten years.

These time limits start the moment you file for bankruptcy, and they are typically not able to be removed early, though there are steps you can take to counteract the negative impact a bankruptcy will have on your record.

Can a Bankruptcy on My Record Ruin My Credit?

Bankruptcies on your record can severely affect your credit, but this doesn’t mean it will be ruined forever. In general, when a bankruptcy first hits your credit report, your credit score will drop between 100 and 200 points; this can be significant for most people, and it can make securing loans and other credit-based financial resources difficult.

However, it is possible to recover your credit once a bankruptcy has been on your record for a few years and you take actions to build good credit back up.

Can I Hide a Bankruptcy from My Public Record?

It is typically not possible to hide a bankruptcy from your public record. Once you file for bankruptcy and complete this process, the bankruptcy will be a part of your credit report and public record information. Unless you are able to dispute an incorrect report, such as the bankruptcy staying on your record for much longer than ten years, a bankruptcy will stay on your records until the seven to ten year time limit is up.

How Long Is a Bankruptcy Public Record? Dealing with a Bankruptcy

Bankruptcies are something that no one wants to deal with, but they can happen from time to time. If you are going through a bankruptcy, you are likely wondering when this mark will drop off your record and you can move on with your life. In general, it will be between seven and ten years before a bankruptcy stops affecting your record directly, but this information may be visible on old records from much longer than this time period.

If you have concerns about your finances or bankruptcy, you may want to consult a financial advisor to learn about your next steps and how to move forward after bankruptcy.