Chapter 7 Bankruptcies Remain in Your Credit File for 7

question 62

True/False

Chapter 7 bankruptcies remain in your credit file for 7 years.

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Definitions:

Current Liability

Obligations or debts that a company needs to settle within one year or one business cycle, whichever is longer.

Financial Liability

An obligation to pay money to another party, recorded on a company's balance sheet.

Contractual Obligation

A duty or responsibility one party owes to another under the terms of a contract.

Short-term Notes

Financial obligations or debts that are due to be paid within a year.