General Credit Reporting Time Frame

• Just how long bankruptcy in itself will impact your credit depends upon what type you filed, according to Experian. Those who pursued Chapter 7 will have “public record” notations on their credit reports for 10 years from the date of filing. Chapter 13 cases report for 10 years from the date of filing.
  
  

Effects On Account Balances

• When you file bankruptcy, certain debts are permanently discharged, according to the book “How to File for Chapter 7 Bankruptcy.” But that doesn’t remove the associated credit card and collections accounts from your credit reports. The notations should update to read a zero balance and that they were included in bankruptcy in the case of Chapter 7; Chapter 13 accounts will read the balance that the court and creditor agreed was an acceptable resolution to the debt.
  
  

Effects On Judgments And Wage Garnishments

• Bankruptcy permanently absolves you of the legal need to pay most judgments and protects you against wage garnishments, according to “How to File for Chapter 7 Bankruptcy.” But if your civil judgments were related to illegal activities like drunken driving, bankruptcy won’t change your legal obligation to pay them and thus will not alter any existing credit reporting. Other types of judgments, such as lawsuits against you for unpaid credit card debt, will also update to reflect a zero balance and that it was included in bankruptcy. If you filed Chapter 13 and are required to partially repay judgments, then the balance reported will reflect the amount you have agreed to repay.
  
  

Effects On Tax Liens

• If you owed taxes from less than three years ago, no type of bankruptcy can protect you against resulting tax liens, according to “How to File for Chapter 7 Bankruptcy.” Older state, local and federal tax bills can be discharged through bankruptcy; any liens that resulted from your failure to pay tax bills on time will also update to reflect a zero balance due to bankruptcy.
  
  

Effects On Past Inquiries

• Every time a creditor or collection agency reviews your credit report, an inquiry is placed on your credit report. Bankruptcy does not eliminate these marks; all inquiries last for two years, according to Experian. Having too many inquiries can make it a lot more difficult to get credit even if you didn’t file bankruptcy, so be careful not to rack up too many credit card or loan applications.