The bad news for bankruptcy debtors is that bankruptcy will still be on your credit report for up to 10 years; however, there is some good news with regard to bankruptcy and credit reports. Because of class action lawsuits filed by debtors who alleged that credit reporting agencies were incorrectly reflecting debts on their credit reports that were discharged through bankruptcy, credit reporting agencies now have instituted new measures to correctly reflect discharged debts. While this may not have a great impact on credit scores in the first two years after bankruptcy, it can help with improving credit scores thereafter.

For more read, “Credit Reports More Accurately Reflect Debts Discharged in Bankruptcy.”