Bankruptcy and Credit Reports

Bankruptcy and Credit Reports

Question: I am considering filing bankruptcy but am afraid as to how it will affect my credit report. One day I would like to buy a home and do not know how long the bankruptcy would stay on my report.

Answer: Bankruptcy will appear on your credit report for ten years. However, you can submit a 100 word statement explaining why you filed bankruptcy. The statement will help future lenders in understanding your situation.

To re-establish your credit history, you should pay bills in a timely manner. Make sure your lenders are reporting credit information to the credit bureaus. Loans and credit card payment made regularly will assist you in rebuilding your credit report. A small loan from your local bank or a secure credit card may be your best bet in terms of securing credit from a lender.

Source: Dollar, P. (1999). Talking Dollars Make $ense. The Independent Journal.


	Web site coordinators: Jamie Thompson Sandra McKinnon Site evaluation: Cynthia Crawford Last updated: March 09, 2005	Web site established by: Kate Akers Mark Belwood Cynthia Crawford Sandra McKinnon Diana Hammond

University of Missouri Extension does not discriminate on the basis of race, color, national
origin, sex, religion, age, disability or status as a Vietnam-era veteran in employment or programs.