Persons may expect to rebuild their credit over a period of time after a bankruptcy filing depending on their particular circumstances.  In reviewing a credit application, creditors look for steady employment, a history of making and paying for purchases on credit, and the maintenance of a checking and savings account.

Pursuant to federal law (the Fair Credit Reporting Act), accounts placed for collection or charged off, law suits, tax liens, and other adverse information may be reported on your credit report for 7 years for most purposes. For certain purposes (such as a credit transaction or life insurance policy involving $150,000.00 or more or for employment purpoes in a job paying $75,000.00 a year or more), it may be reported on your credit report for longer than 7 years.

Also pursuant to the Fair Credit Reporting Act, the fact of a bankruptcy filing may be reported on your credit record for 10 years for most purposes. Any note of bankruptcy on a credit report must specify the type of bankruptcy that was filed, ie. chapter 7 or chapter 13. It may be reported on your credit report for more than 10 years if the credit report is to be used for certain purposes (such as a credit transaction or life insurance policy involving $150,000.00 or more or for employment purposes in a job paying $75,000.00 or more.