Bankruptcy stays on someone's record for a period from seven years to ten years, as a result, it is considered a last resort for a bankrupted party.
Option C is the correct answer.
Bankruptcy is a kind of legal proceeding where the individuals or entities who are unable to pay their debts can seek relief for a proportionate amount of debts or for entire debts.
The bankruptcy will remain on an individual or company's credit report for a period of seven to ten years depending on the type of bankruptcy. There are two bankruptcies namely, the Chapter 7 bankruptcy where the credit report is deleted within a period of seven years and if it is a Chapter 13 bankruptcy, then the credit report is deleted within a period of ten years.
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