How long chapter 7 lasts on credit report?

Chapter 7 bankruptcy lasts on credit report for 10 years from the date filed. Accounts included in bankruptcy last on credit report for 7 years from the date they were reported as included in the bankruptcy.

Do not confuse the credit reporting time limit (10 years for chapter 7) with the Statute of Limitations
The Statute of Limitations is the time frame to bring lawsuit and has nothing to do with credit reports. It is governed by state laws, and is therefore varies between states. The SOL clock restarts to zero every time you take an action with an account, no matter how much time had elapsed before the activity.

The credit reporting time frame is governed by the Fair Credit Reporting Act (FCRA). Unlike the SOL clock, the credit reporting clock cannot be started. As a result, chapter 7 lasts on credit report for 10 years from the date filed. After that it is erased from the report no matter what.

Chapter 7 bankruptcy is the worst thing that can happen to your credit. Luckily, newer items impact your credit score more than older ones, so as times passes older item effect on credit score diminishes. In fact, up to 70% of your FICO score is determined by information from the previous two years. This means that after 2 years have passed from filing chapter 7 you can start re-building your credit and see real improvement.

Keep in mind however that your credit score doesn’t solely determine your credit. Creditors DO look at your actual credit reports when considering your application for new credit, so even if a bankruptcy that occurred 6 years ago has a small effect on your score, it may still keep you from being approved.

See ../how-long-do-negative-items-stay-on-my-credit-report/ for more information.