How long does a bankruptcy stay on a credit report?

Typically, a bankruptcy filing and the proof thereof will last on a credit report for 10 years.  However, don’t let the fact that it’s going to sit on your credit report for 10 years influence whether or not you need to file a bankruptcy.  You should determine whether or not you need to file a bankruptcy based upon your personal situation.  If you are someone who is struggling financially, and you don’t think you’re getting anywhere, then you may be best filing a Chapter 7 fresh start.  I have had clients who have made minimum payments for years and years and years only to realize that they are not seeing their debt limit could down.  I have also had clients who have borrowed from their 401(k), borrowed from family and friends, borrowed from other credit cards and equity lines of credit only to see that they’ve just transferred the debt from one party to another.
If you are struggling financially, Chapter 7 might be your best that to get a fresh start.  The fact that the filing sits on your credit report should not dissuade you from filing.  Please keep in mind that the fact that a bankruptcy is reported to the credit bureau for 10 years does not mean that you don’t get credit for 10 years.  In fact, you can get credit almost immediately after a Chapter 7 bankruptcy.  You can purchase a vehicle immediately after filing which is called open bankruptcy financing and you can qualify for other types of credit within six months to a year.  Most importantly, you can qualify for a decent mortgage two years after the filing of a Chapter 7 bankruptcy.
So yes, bankruptcy will stay on a credit report for 10 years; however, you will get credit again much sooner than that.  You’ll be able to reestablish credit within six months to a year and qualify for a decent mortgage after two years.