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Valued Member
Posts: 47
Registered: ‎04-04-2008
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Re: Bankruptcy FAQs

When you file bankruptcy the negative report remains on your file for 10 years. That's sad  ...but that is how it goes.  Usually after a year you can rebuild your credit again.

Moderator Emeritus
Posts: 4,469
Registered: ‎12-31-2008
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Re: Bankruptcy FAQs


maggie88 wrote:

When you file bankruptcy the negative report remains on your file for 10 years. That's sad  ...but that is how it goes.  Usually after a year you can rebuild your credit again.



Just a quickie clarification.

 

A Ch 7 will remain on your credit report for 10 years.

A Discharged CH 13 will remain on your credit report for 7 years.

A Dismissed CH 13 will remain on your credit report for 7 years on Ex and TU; for 10 years on EQ.

 

And you can begin rebuilding immediately.  No need to wait.

Hope that's helpful!

Just puttin' syrup on something, don't make it pancakes.
Valued Member
Posts: 47
Registered: ‎04-04-2008
0

Re: Bankruptcy FAQs

Thanks Beamme up

 

That's good information to know. Presently after 2 years of my own, I am more choosey and think before I obtain any credit. Less to me is a whole lot better.  Smiley Happy

New Member
Posts: 7
Registered: ‎06-23-2011
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Re: Bankruptcy FAQs

Thank you for info-- always wanted to know this.  What is the date in which the time clock begins?  Date of filing BK or discharge date?

Moderator Emeritus
Posts: 4,469
Registered: ‎12-31-2008
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Re: Bankruptcy FAQs

[ Edited ]

Hi sabrel,

Welcome!  Glad you're here - and posting! - on the forums!

 

Clock starts clicking on filing date to determine when it will age off your CR.

Just puttin' syrup on something, don't make it pancakes.
New Member
Posts: 7
Registered: ‎06-23-2011
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Re: Bankruptcy FAQs

Many thanks for the quick response!  I'm feeling better with that answer. 

Valued Member
Posts: 38
Registered: ‎10-05-2007
0

Re: Bankruptcy FAQs

what about when lenders look at the date of your bankruptcy for loans purposes?  Filing or discharge.  I understand that it is filing for the 10 years counting to drop.


Starting Score (1/26/10): EQ:620 TU:659 (2/17/10) Exp: 700 (2/18/10)
Current Score(6/02/10): EQ:658
Goal Score(12/31/10): EQ:670


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Moderator Emeritus
Posts: 4,469
Registered: ‎12-31-2008
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Re: Bankruptcy FAQs

Trying_to_climb,

 

IMO and IME, it's universally the filing date that's looked at. 

It definitely is the filing date when it comes to the BK aging off the CR's.

Just puttin' syrup on something, don't make it pancakes.
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Valued Member
Posts: 44
Registered: ‎04-04-2007
0

Re: Bankruptcy FAQs

[ Edited ]

Hello Everyone! 2012 I hope is going to be a good year for me! I filed for Ch 7 BK in October of 2005 just before the new BK Laws so it's going to be that "magical" 7 year anniversary date this fall! Yay!!

 

However, I am now wondering how "magical" this 7 year date actually is ... I know the question has been posed here but I'm still a little confused on the answers so wondering if I can get absolute confirmation. I am aware a Ch 7 BK stays on record for 10 years ... way too long IMO. Anyways, I know a negative (derogatory description) stays on for only 7 years. So there were 8 negatives accounts that occurred due to the BK. So will the negatives on the accounts come off at least this year (7 years) while the BK stays on the "Public Records" for 3 more or do the 8 negative accounts stay on too?

 

Thanks in advance.

 

UPDATE: Looks like this was answered very directly in another thread ... http://ficoforums.myfico.com/t5/Bankruptcy/Bankruptcy-Accounts/td-p/1139223   ... based on that, this October is going to be a good one!!!


Current Score: EQUIFAX 706
Current Score: EXPERIAN 712
Current Score: TRANS UNION 722
BK in 10/2005


Moderator Emeritus
Posts: 4,469
Registered: ‎12-31-2008
0

Re: Bankruptcy FAQs


tamgelikah wrote:

Hello Everyone! 2012 I hope is going to be a good year for me! I filed for Ch 7 BK in October of 2005 just before the new BK Laws so it's going to be that "magical" 7 year anniversary date this fall! Yay!!

 

However, I am now wondering how "magical" this 7 year date actually is ... I know the question has been posed here but I'm still a little confused on the answers so wondering if I can get absolute confirmation. I am aware a Ch 7 BK stays on record for 10 years ... way too long IMO. Anyways, I know a negative (derogatory description) stays on for only 7 years.  Right.   So there were 8 negatives accounts that occurred due to the BK. I'm assuming you mean Eight accounts that already existed that became negative due to being Included In Bankruptcy? Just wanted to clarify!   So will the negatives on the accounts come off at least this year (7 years) Yes - IIB and lates report for 7 years.  while the BK stays on the "Public Records" for 3 more or do the 8 negative accounts stay on too?  Yes - accounts can report for about ten years.  That means when the IIB ages off after 7 years, and the account remains for ten years, you have three years of the account reporting as a good account.  BOnus!!!

 

Thanks in advance.


Congrats!  Yep - it looks like this will be a very good year for you!

Just puttin' syrup on something, don't make it pancakes.

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