Glossary

Bankruptcy

A federal court process for discharging debts. Stays on credit reports 7-10 years.

Bankruptcy is a federal court process for discharging or restructuring consumer debts. Two main consumer chapters: Chapter 7 (full discharge, stays 10 years from filing) and Chapter 13 (court-supervised repayment plan, stays 7 years).

Hard to remove from a credit report when accurately reported, but disputable when bureau reporting doesn't match court records: wrong filing dates, miscategorized chapters, accounts shown as still-owed when they were discharged.

Also called

Chapter 7Chapter 13

Related terms

FCRA §605

FCRA §605(a) limits how long negative items can stay on a credit report — 7 years from date of first delinquency.

FCRA §611

FCRA §611(a)(1) requires bureaus to investigate disputed items within 30 days. The bedrock dispute provision.

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