Re: Bankruptcy FAQs
01-10-2012 07:26 PM
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!