Credit Report Status

[midnite_7]

Hello!!  New member here and I must say this is the best site for credit info that I have ever seen!!  With that said, my wife and I just had our Chapter 11 BK closed (filed 7/29/13- closed 5/28/15). I decided to finally take a look at the damage that was done to my/our credit.  I signed up for the one time credit pull form all three agencies.  Not really sure what to make of the FICO 8 scores and the "other" scores.  Anyway, I noticed that on one of my BOA accounts it does not show it as IIBK in the status.  It still shows as being 120 past due.  My question is this, is that something that should be disputed to show IIBK or does it matter as far as scores are concerned if it is showing 120 days past due?  Thanks in advance!!

EQ-512 FICO 8/  621 FICO 4 (mortgage)

TU-513 FICO 8/  642 FICO 4 (mortgae

EX- Could not give a score due to lack of reporting

[TRC_WA]

Was it a Ch 13? 

Was it closed as in dismissed or closed as in discharged?

[midnite_7]

No, it was a Chapter 11, I was injured in a car accident and was out of work for a year, our income was to high to file Chapter 13, with out going into toomany details we were able to avoid the first mortgage on our home in Chapter 11 becuase Wells Fargo recorded the deed of trust for our home in the wrong county (filed in King county but the home is in Pierce county)...with Chapter 11 cases they close the case once the plan has been "substantially consumated" meaning there has been enough paid into the plan that it can now be closed.  In a Chapter 11 case there are quarterly fees that must be made to the US trustee ($650 minimum) while the case is open.  Therfore the attorney closes the case during the remainder of the payment plan in order to aviod paying the trustee fees.  Once we are done paying off the plan it is then re-opened for discharge.  

[Scupra]

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@midnite_7 wrote:

No, it was a Chapter 11, I was injured in a car accident and was out of work for a year, our income was to high to file Chapter 13, with out going into toomany details we were able to avoid the first mortgage on our home in Chapter 11 becuase Wells Fargo recorded the deed of trust for our home in the wrong county (filed in King county but the home is in Pierce county)...with Chapter 11 cases they close the case once the plan has been "substantially consumated" meaning there has been enough paid into the plan that it can now be closed.  In a Chapter 11 case there are quarterly fees that must be made to the US trustee ($650 minimum) while the case is open.  Therfore the attorney closes the case during the remainder of the payment plan in order to aviod paying the trustee fees.  Once we are done paying off the plan it is then re-opened for discharge.  

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Was there a business involved?

By the way, welcome to myFICO!

[TRC_WA]

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@midnite_7 wrote:

No, it was a Chapter 11, I was injured in a car accident and was out of work for a year, our income was to high to file Chapter 13, with out going into toomany details we were able to avoid the first mortgage on our home in Chapter 11 becuase Wells Fargo recorded the deed of trust for our home in the wrong county (filed in King county but the home is in Pierce county)...with Chapter 11 cases they close the case once the plan has been "substantially consumated" meaning there has been enough paid into the plan that it can now be closed.  In a Chapter 11 case there are quarterly fees that must be made to the US trustee ($650 minimum) while the case is open.  Therfore the attorney closes the case during the remainder of the payment plan in order to aviod paying the trustee fees.  Once we are done paying off the plan it is then re-opened for discharge.  

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Interesting... and all this time I thought Ch 11 was for businesses with Ch 7/13 for individuals.

I'm a little confused now...  was there a business involved?

King/Pierce county eh?  I live in Renton... work in Seattle... and avoid I-5 headed to Tacoma. 

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@midnite_7 wrote:

  Anyway, I noticed that on one of my BOA accounts it does not show it as IIBK in the status.  It still shows as being 120 past due.  My question is this, is that something that should be disputed to show IIBK or does it matter as far as scores are concerned if it is showing 120 days past due?  Thanks in advance!!

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Was your BK discharged?  If so everything should be IIB.  An account showing 120 days late would be an issue.

If dismissed however I believe the reporting would be valid... because creditors are free to resume collections and that would include default CR reporting.

[midnite_7]

I noticed the Mariner logo!!!  There was no business involved.  The only way for us to be able to avoid the mortgage and keep the home was through Chapter 11.  It is similar to a Chapter 13.  In a Chapter 11 the debtor (us) acts as the trustee for the bankruptcy estate, it is refred to as a Debtor In Possession.  As of today the case is just closed.  Not dismissed or discharged.  Once we complete the repayment plan the case will be reopened so that the court can discharge the BK.

[TRC_WA]

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@midnite_7 wrote:

I noticed the Mariner logo!!!  There was no business involved.  The only way for us to be able to avoid the mortgage and keep the home was through Chapter 11.  It is similar to a Chapter 13.  In a Chapter 11 the debtor (us) acts as the trustee for the bankruptcy estate, it is refred to as a Debtor In Possession.  As of today the case is just closed.  Not dismissed or discharged.  Once we complete the repayment plan the case will be reopened so that the court can discharge the BK.

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Ok then...  if you are "discharged' your accounts should be reporting IIB.

Having one reporting 120 days late should be disputed.