Once debts are discharged in a bankruptcy what replaces the debt in my credit report?

When you declare bankruptcy by filing Chapter 7 Process, at the end of the bankruptcy, your debts are discharged. Essentially, this means that after some of your assets have been sold by the court and the money from that sale given to your creditors, the remaining money you owe is no longer owed. The creditors can't collect and the debt is no longer your obligation. So, what happens to it and to your credit report?

• The debts that were discharged in the bankruptcy will be listed on your credit report as discharged by bankruptcy. The history of late payments that pre-dated the bankruptcy is also going to remain on your report in the 'payment history' section of the report. Your payment history accounts for approximately 35 percent of the scoring formula used by FICO to determine your credit score, so seeing these late payments and the bankruptcy discharge is going to cause you to have a low credit score for quite a while. 
• The bankruptcy itself will also show up as a judgment against you on your credit report. This can remain on your credit report for as long as 10 years.

Bankruptcy is a serious decision that will do serious damage to your credit and that will make it quite difficult to borrow money or get a credit card... difficult, but not impossible. If bankruptcy is your only option to deal with your debt, you should make an appointment with a bankruptcy lawyer to discuss how the process will work and to get help throughout the legal process.