Question

Marcus racked up over $30,000 worth of debt, which was no longer manageable for him because he kept missing payments. after seeking advice from a professional, he filed for bankruptcy because he had several assets he could sell to repay a portion of the debt. however, the bankruptcy record would stay on his credit report for____

Answer 1

The bankruptcy record would stay on Marcus' credit report for 7 to 10 years, depending on the type of bankruptcy filed.

Step-by-step explanation:

The bankruptcy record would stay on Marcus' credit report for a certain period of time, which is typically 7 to 10 years, depending on the type of bankruptcy filed. In the case of Chapter 7 bankruptcy, which is the most common form of bankruptcy for individuals, it stays on the credit report for 10 years. On the other hand, Chapter 13 bankruptcy, which involves a repayment plan, stays on the credit report for 7 years. During this time, the bankruptcy record can have a significant negative impact on Marcus' credit score and ability to obtain credit or loans.