How long do unpaid debts remain on record after filing for bankruptcy?
How long do unpaid debts remain on record after filing for bankruptcy? Tim Cella used to work at several law firms This is a good question for me to answer. I’ve been involved in so many bankruptcies over the years working as a paralegal and I’ve also seen them as a real estate agent and via short sales. So, in the United States, when you file for bankruptcy, it has an impact on your credit report and can affect the reporting of unpaid debts. The length of time that unpaid debts remain on your credit report after filing for bankruptcy can depend on the type of bankruptcy you file for and the specific credit reporting agency's policies. Here's a general guideline: Chapter 7 Bankruptcy : In a Chapter 7 bankruptcy, which is a liquidation bankruptcy, most unsecured debts are discharged, meaning you are no longer legally obligated to pay them. These discharged debts will typically remain on your credit report for 7 to 10 years from the date of filing for bankruptcy. Chapter 13 Ban...