When does it fall off..

[Anonymous]

I know this question has probably been asked hundreds of times but please answer it again for me.  I had a chapter 7 bankruptcy reported 5/03 discharged 8/03.  How long does this stay on my reports?  I live in Michigan if that makes a difference.  I had worked really hard to restore my credit since then.  I guess kind of a related ?..I let my house go with the bankruptcy and that still showsas a foreclosure on my reports (in various words.)  Should it be shown as included in bankruptcy or would that even make a difference? 

[granny031350]

For chapter 7 it will be on your reports for 10 years from the file date.  The accounts included will only be on your report for 7.  If your home was already in foreclosure and then you filed, then it is reporting correctly.  If you filed first and then let it go into foreclosure, then it should say IIB.  Either way it should show zero balance and IIB, even with the foreclosure on the credit report.