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after 7 years

If it is past the seven year mark and your bankruptcy is off of your credit, when a bank asks if you have ever been bankrupt, do you have to say yes? Aren’t they only allowed to ask “have you been bankrupt in the last seven years?”

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One Response to “after 7 years”

Barton Goth, GCO Inc. Bankruptcy Trustees said...

You are correct that a first-time bankruptcy is cleared from the credit bureau 6 years from the date of discharge (i.e. 7 years). However, the bank and the credit bureau are 2 distinct and separate entities, both guided by their own policies, practices, procedures and their powers and responsibilities are derived from different legislation. As a result the bank is well within it’s rights to ask this question and you are bound to be truthful.