How long will bankruptcy stay on your credit report and how long will it hurt your credit report?

So how long will bankruptcy stay on your credit report and how long will it hurt your credit report? It will stay on there for about 7-10 years, it will hurt your credit for about 2 years. That's the big misconception everybody has with bankruptcy. They think it's going to hurt your credit report for 7-10 years. The way the credit report looks once you file is it shows you have zero debt and that really helps your credit. Even though you have a bankruptcy on there, you still have zero debt. Creditors look at it and say you're probably going to pay any new bills you get so you're a decent credit risk. Also, you stop all the late payments that you have right now since once you file, you don't have to pay anymore, so you don't have any late payments. So, yes it does stay on your credit report for 7-10 years, but it only hurts you for about 2 years.

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