Legal Question in Bankruptcy in Illinois

Bankruptcy and Credit Reports

Our Bankruptcy is over 7 years old. I understand it stays on our credit report for 10 years. But, can a financial instution hold that against you for all of the 10 years. I was under the impression that they can only hold it against you for 7 years.


Asked on 2/11/98, 3:18 pm

1 Answer from Attorneys
Jonathan Shimberg SHIMBERG and CROHN

Bankruoptcies on your report

You are correct that Federal law allows the credit agency to have your bankruptcy on your report for ten years - as long as it is on your report it obviously can be a basis for a financial institution holding it against you, Unless are discriminating for an illegal reason, theoretically they could deny you an account because you have purple eyes.

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Answered on 2/14/98, 4:46 pm


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