For how many years does Chapter 13 bankruptcy stay on a credit report?

Chapter 13 bankruptcy can remain on a credit report for a duration of seven years from the date it is filed. This type of bankruptcy allows individuals with a regular income to develop a plan to repay all or part of their debts over a specified period, typically lasting three to five years. After successfully completing the repayment plan, the Chapter 13 bankruptcy will be noted on the credit report, affecting the individual’s creditworthiness. The seven-year period is aligned with the reporting guidelines established by credit reporting agencies, which aim to balance the need for creditors to have information about potential borrowers' credit histories while providing individuals a reasonable opportunity to rebuild their credit after bankruptcy.