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How long does a bankruptcy stay on my credit report?

You're not going to like the answer and neither do we. Your bankruptcy discharge will stay on your credit record for 7 to 10 years and we recommend that you count on the 10 years. That's a long time and here are some considerations:

• Most people who file bankruptcy don't have a choice. Most filers are in overwhelming debt with no other way out.In fact, we've found that many filers have waited way too long to file. They impractically hope for a miracle, while spending down assets they could have protected.

• Many people who file bankruptcy already have severely damaged their credit ratings with late payments, missed payments, and a heavy debt load.

• Credit can be rebuilt, albeit very slowly (but surely). Think, "Slow and steady wins the race."

• With the current economy, about 1.4 million bankruptcies are filed each year. Bankruptcy is commonplace and no longer has the stigma it once had.

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