Final answer:
A Chapter 13 bankruptcy can remain on a credit report for up to seven years from the date of filing. The impact on the credit score decreases over time with positive credit behavior, whereas Chapter 7 bankruptcies can stay for up to 10 years.
Step-by-step explanation:
When a person files for Chapter 13 bankruptcy, it creates a public record that can affect their credit report. According to credit reporting guidelines, a Chapter 13 bankruptcy can stay on your credit report for up to seven years from the date you file. However, the impact of Chapter 13 on your credit score may decrease over time, provided that you engage in positive credit behavior following the filing. In contrast, Chapter 7 bankruptcy, another type of personal bankruptcy, remains on your credit report for up to 10 years. Although bankruptcies can remain on your report for many years, their effect on your credit diminishes as time passes, and as positive information is added to your credit report.