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Roger
Roger, Attorney
Category: Bankruptcy Law
Satisfied Customers: 31028
Experience:  BV Rated by Martindale-Hubbell; SuperLawyer rating by Thompson-Reuters
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We were recently turned down for a business line of credit,

Customer Question

We were recently turned down for a business line of credit, despite stellar profitability and significant assets based upon a bankruptcy filed in 2003. I thought there was a 7 year limit. Can banks legally make this decision?
Submitted: 4 years ago.
Category: Bankruptcy Law
Expert:  Roger replied 4 years ago.

Hi - my name is XXXXX XXXXX I'm a Bankruptcy litigation attorney here to assist you.

 

Bankruptcy stay on your credit report for 7 years. However, it can still be a basis for denying a loan at any time so long as the lender can prove the filing puts you at a higher risk to default.

Roger and other Bankruptcy Law Specialists are ready to help you
Expert:  Roger replied 4 years ago.

Let me make one clarification.

 

A bankruptcy can remain on your credit report for up to 10 years, but it is customary for it to be removed after 7.