Chapter 7 After 10 Years
The Bankruptcy is off your record after 10 years. Then what? Are there instances that you have to mention it? Will a potential employer, doing a credit check be able to find something older than 10 years?
Answer:
It is unlikely that an employer, without a detailed search, would be able to find it. However, it is likely that you would be asked whether you ever filed on numerous applications. The 10 year factor is used to scare people by CCCS, MyVesta, etc. The reality is that effects fade much more quickly. Think of a radioactive isotope with a half-life, the period of time in which the current amount is reduced by half. A BK probably has a 1-2 year "half life" in which the effects are 1/2 of what they were 1-2 years ago. 1 yr = 100% 2 yr = 50% 3 yr = 25% 4 yr = 12.5% etc.
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