When Does Chap 13 drop off credit report?

[tropknight808]

I filed a Chapter 13 a few years ago and had it discharged in June 2003.  How long does this stay on my credit report?

I thought it was 7 years from the discharge date.  However, I pulled my TransUnion credit report today, and it has a notation that the "Estimated date that this item will be removed" is March 2013.

[MarineVietVet]

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@tropknight808 wrote:

I filed a Chapter 13 a few years ago and had it discharged in June 2003.  How long does this stay on my credit report?

I thought it was 7 years from the discharge date.  However, I pulled my TransUnion credit report today, and it has a notation that the "Estimated date that this item will be removed" is March 2013.

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Welcome to the forums.

It's my understanding that Chapter 13 remains for 7 years from the filing date. Accounts included in bankruptcy will remain 7 years from the date they were reported as included in the bankruptcy. Chapter 7 remains for 10 years from the filing date.

From a BK years ago to:
7/09 TU-742 EQ- 779
8/09 TU-765 EQ- 783
9/09 EX pulled by lender 802

You can do the same thing with hard work

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[Anonymous]

My wife and I filed Chapter 13 in April 03. The Bk is off all three of my reports as of today. First was Experian in Jan, then Equifax in Feb. and finally today TU. I would dispute this with TU and make sure that they are not mistakenly showing it as a Chapter 7 which stays reported for the 10 years as opposed to 13 which is 7 years from filing. Exactly when did you file the Bk?

[tropknight808]

It was filed on Apr 3, 2003.  We were able to get it discharged in June of the same year.

I looked at an earlier Experian credit report I pulled in January 2008, at that report correctly says that the bankruptcy is "scheduled to be on record until Apr 2010."  Does it automatically drop off?  If yes, is the drop-off date a precise thing, i.e. exactly 7 years to the day?  Or is it like anytime in April 2010?  As for the TU notation, should I contact them now or wait until a few weeks after April 3 to see if they'll take it off?

[hnharris86]

If it was disharged the same year then you filed a chapter 7 and not a 13 and 10 years is the correct amount of time for the BK to remain on your reports.

[tropknight808]

hnharris,

It was definitely a Chapter 13 and not a Chapter 7.  Not long after it was filed, we were able to work with a debt settlement company.  So our attorney had the Chapter 13 discharged so that we could settle the debts with our creditors outside of bankruptcy.

On a side note, we were able to settle some debts as low as 40 cents on the dollar.  Of course the credit score was low then, but it was not devastating, i.e., our family was still able to live a normal, comfortable life.  By being responsible and with the passage of time, I've been able to bring the credit score up to over 710.  I'm just waiting to see what happens when the bankruptcy falls off?

Can any tell me how much of a difference it will make?

[Anonymous]

If you filed a Ch 13, it appears that your BK was dismissed rather than discharged.  Ch 13 has a minimum time frame, generally 3 years, to be eligible for discharge.

I understand from some sources that a dismissed Ch 13 will stay on for 10 years; a discharged Ch 13 will stay on for 7 years.  That may be the case for you, hopefully someone can give a more definitive answer.

Congrats on your excellent work rebuilding - I wish you the very best.

[tropknight808]

True that.  I did check and the status is indeed Dismissed, not Discharged.  Until now, I was not aware of the differences between the two.  So now, back to the original question with the following situation:

Chapter 13 filed:    April 2003

DISMISSED:           June 2003

With a Chap 13 Dismissal, does the 7 year time frame still apply?

[krielly]

Unfortunately no. You are looking at a 10 year timeline for reporting with a "dismissed" Chapter 13.

[Anonymous]

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@krielly wrote:

Unfortunately no. You are looking at a 10 year timeline for reporting with a "dismissed" Chapter 13.

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Thanks kreilly.  I was afraid of that.

This is from http://www.equifax.com/credit-information/credit-glossary and supports your comment.

Chapter 13 Bankruptcy

A type of consumer bankruptcy under which the debtor doesn't forfeit personal property but agrees to a three- to five-year wage-earner plan to repay all or part of their debt. A Discharged Chapter 13 bankruptcy remains on a credit report for seven years from the date filed. An Open or Dismissed Chapter 13 bankruptcy remains on a credit report for ten years from the date filed.

So, EQ reports dismissed Ch 13's for the full ten years.  However, some report that TU and EXP stop reporting even dismissed CH 13 at 7 years - anyone have experience with this?