My Chapter 13 is Paid in Full

[Anonymous]

I paid my Chapter 13 BK in  May 2005 @ 100%. The creditors that were included in the bankruptcy say wage earner plan. Should these say paid now, or should they continue to say wage earner plan even though we paid in full? I don't want to dispute them if I don't need to, but if it will help my score to say PAID instead of wage earner plan, then I would do it.

[Anonymous]

Hi liltwister,

Welcome!

First off, congrats on completing a CH 13 BK - that is a tough plan and most (way over half) of those who file 13 do not complete the plan!  So, great work!

Your IIB accounts can correctly report as IIB (or "wage earner plan" - same thing) with a zero balance showing.

If they do show a balance, that would be incorrect and the balance should be disputed.

And - start the countdown clock - your BK should age off your reports in about a year!  They report for 7 years from the filing date, so you're almost there.

ETA - wait just a darn second!  If you paid off your BK in Jun 05, then the BK is already off your reports?  And your accounts are still reporting IIB?  If that's the case, I misread your post - or at least didn't think it through all the way.....sorry. 

btw, you can have pretty decent FICO scores even with a BK on your reports - and of course folks often see a nice score jump when that BK falls off (depending on what else is on your reports).