No credit card required
Browse credit cards from a variety of issuers to see if there's a better card for you.
I originally filed for Chapter 13 in July 2008. 3 Days Before Thanksgiving of that same year my company downsized and I was laidoff. I was not able to make payments and I eventually defaulted. By January 2009, I refiled my case and paid for another year and then I finally withdrew and my case was dismissed. My credit report shows both these cases on my public records which obviously are affecting my credit scores abit. However I see that my credit reports are saying that the first filing will report until 7/2015 and the second until 1/2016. Can this be accurate? I am going to verify by running my three bureau reports next month, but I dont kow when I should run it if at the begining of the month or the end. Can anyone guide me on this?
According to the Fair Credit Reporting Act, a bankruptcy can only remain on your credit for up to ten years after your filing date. However, a Chapter 13 bankruptcy will typically be removed from your credit report after seven years.
One of the great myths about bankruptcy is that it erases bad credit history. It doesn’t. Declaring bankruptcy frees you from paying all or part of the debt you owe. Accounts will be updated in your credit report to show “included in bankruptcy.” However, the accounts will not be deleted from your credit report. Chapter 13 bankruptcy remains on your credit history for seven years. Chapters 7 and 11 are reported for 10 years.
Taken from "Ask Experian"
In my experience you still have to watch your reports. Although my Chapter 13 fell off in May at seven years, I have one account on Experian and two on Equifax that remain and should be removed. I have disputed these with both credit bureaus. I sent a copy of my Chapter 13 creditors to all three bureaus. What kind of documentation do you have? The credit bureaus respond to those very well, in my opinion. Good luck!
In my wallet: Quicksilver 5000; Venture 15,000; Barclay Apple Rewards 2000; CareCredit 3300; Bank of America Platinum Visa 2000; Bank of America Travel Rewards 3500; Bank of America Travel Rewards 3500; Amazon Store Card 5000; Discover 10,000; Barclay Ring Platinum MasterCard. 12,500. Total Credit: 61,800.
6/27-FICO: EQ - 789; TU - 776; EX - 681; GOAL: 780 across the board then 800 across the board. Chapter 13 seven years May, 2015. Reset my garden date to 6/27. Gardening until further notice.
I believe a dismissed 13 stays on for 10 years. I could be wrong though.
@Anonymous wrote:I originally filed for Chapter 13 in July 2008. 3 Days Before Thanksgiving of that same year my company downsized and I was laidoff. I was not able to make payments and I eventually defaulted. By January 2009, I refiled my case and paid for another year and then I finally withdrew and my case was dismissed. My credit report shows both these cases on my public records which obviously are affecting my credit scores abit. However I see that my credit reports are saying that the first filing will report until 7/2015 and the second until 1/2016. Can this be accurate? I am going to verify by running my three bureau reports next month, but I dont kow when I should run it if at the begining of the month or the end. Can anyone guide me on this?
@mynameainttracy wrote:I believe a dismissed 13 stays on for 10 years. I could be wrong though.
That's correct. Both pubic records report.
A discharged 13 stays for 7 years. A dismissal stays for 10 years. There have been reports of TU and EX removing dismissals after 7 years if they were voluntary. A dismissal by the court for not following the plan can lead to 10 years. EQ has been known to leave the dismissal for 10 years no matter the reason.
OP could get lucky and have them both gone at 7 years... but I doubt it.