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How to start rebuilding.

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Anonymous
Not applicable

How to start rebuilding.

My wife and I filed for a Chapter 13 bankrupcty on June 8. We have (and are paying into) a payment plan and are waiting for our final Confirmation Hearing.

 

In the meantime, our credit scores immediately plummeted, of course, but we want to act as quickly as we can to rebuild them. To that end, I have a couple of questions:

 

  1. Prior to the filing, none of our accounts were past due, but now several are reported as such. It's my understanding that the automatic stay prohibits creditors from reporting accounts as past due after the filing date. True?
  2. Is there any way to get the accounts that are closed by the bankruptcy off the reports? I know the bankruptcy itself stays there, but what about the accounts?

Thanks for any tips you can give me!

Message 1 of 3
2 REPLIES 2
hoang817
Regular Contributor

Re: How to start rebuilding.

hello,

 

to my knowledge those accounts will be on there until discharged . and to start rebuild your credit  is by paying to your trustee on time.

 

are you file chap13 just to keep the house? have you try to modify? i didnt know about the modification untill this year so i went ahead and dismissed the case. 

Message 2 of 3
Anonymous
Not applicable

Re: How to start rebuilding.


@Anonymous wrote:

My wife and I filed for a Chapter 13 bankrupcty on June 8. We have (and are paying into) a payment plan and are waiting for our final Confirmation Hearing.

 

In the meantime, our credit scores immediately plummeted, of course, but we want to act as quickly as we can to rebuild them. To that end, I have a couple of questions:

 

  1. Prior to the filing, none of our accounts were past due, but now several are reported as such. It's my understanding that the automatic stay prohibits creditors from reporting accounts as past due after the filing date. True?  I believe thats true for Ch 7, not certain bout Ch 13.
  2. Is there any way to get the accounts that are closed by the bankruptcy off the reports? I know the bankruptcy itself stays there, but what about the accounts? Let them stay on there. They will boost your AAoA as you progress forward. The BK trumps any derogs on those accounts if they are IIB.

Thanks for any tips you can give me!


I would not apply for any new credit accounts without approval of the Trustee. At this point I would only request approval for a small secured credit card, simply to start building history on going forward.

How long is your anticipated payment schedule?

Message 3 of 3
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