Many hapless borrowers are talked into ill-fated debt management repayment plans including Chapter 13 bankruptcy. They are told that bankruptcy (Chapter 7 liquidation) will ruin their credit. It stays in the credit file for 10 years. In response, these troubled debtors quake with the fear of stigma and the thought of becoming a credit leper.
While it is true that both Chapter 13 (debt repayment) and Chapter 7 (liquidation) show up in your credit report for 10 years, it does not follow that Chapter 7 bankruptcy ruins your credit for 10 years, or even 2 years.
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