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Can you have a bankruptcy removed from your credit report?
Times were tough a few years ago. I started a coffee shop that the world just wasn’t ready for and had to declare bankruptcy. Now, I’m trying to start a new business, but it’s challenging applying for loans with a bankruptcy on my record. How can I remove a bankruptcy from my credit report?
Melanie Johnson · Updated on
Reviewed by Shannon Martin, Licensed Insurance Agent.
Aw, man. I’m sorry to hear your business went under. You don’t have to do anything to remove a bankruptcy from your credit report—it just takes time. The bankruptcy will be automatically removed from your credit report after seven to 10 years, depending on the chapter you filed:
- Chapter 13 bankruptcy is deleted seven years after the filing date. It requires a partial repayment of the debt you owe.
- Chapter 7 bankruptcy is deleted 10 years after the filing date and requires none of the debt to be repaid.
The bankruptcy cannot be removed from your credit report early, even if partial repayment is made. Depending on when you filed for bankruptcy and what chapter you filed, you’ll just have to wait it out, I’m afraid. Rest assured it will be removed eventually—and then you’ll be able to start your next business venture.
One way to save money for your new business is with a low-cost
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