If a Florida resident files for Chapter 7 bankruptcy, it will likely stay on his or her credit report for 10 years after the filing date. If a person files for Chapter 13 bankruptcy, it will remain on the report for seven years. Unfortunately, there are very few instances in which a person can get the fact that he or she filed for bankruptcy taken off his or her credit report once it shows up on it.
This may be true even if a person chooses not to follow through with the filing or backs out at some point in the process. However, if a debtor explains to a lender that he or she tried to have the bankruptcy canceled, it may be a point in his or her favor when applying for a loan. Even if someone is able to get his or her bankruptcy canceled, it could be extremely costly to do so and may require legal counsel.