Legal Question in Bankruptcy in New York

Re: how long does a bankruptcy stay on a credit report?

The fact that you filed for bankruptcy can be reported by the credit bureaus for up to 10 years. That being said, however, the impact of the bankruptcy on your credit score is typically minimal after about two years. The important thing to remember is that after your case is completed all creditors must update their reporting to indicate that the debt was discharged in bankruptcy and that $0 is currently due. A failure to do so is a violation of the bankruptcy laws as well as of the Fair Credit Reporting Act; in addition, such failure will severely lower your credit score going forward and will limit your ability to begin re-building your credit post-discharge.

---------------------------------------------------------------------

Jay S. Fleischman, Esq.

DEBT RELIEF LAW CENTER OF NEW YORK

FleischmanLaw, P.C.

15 Maiden Lane, Suite 2000

New York NY 10038

T: 212.785.1136 x704

F: 646.435.0634

E: [email protected]

www.drlcny.com