topic Re: Question about accounts in BK in Bankruptcy

Question about accounts in BK

Officer737 — Tue, 14 Jan 2014 21:32:30 GMT

I filed my Chapter 7 yesterday and have my 341 meeting 2/10/14. I had to list all of my debt in my BK. about half of them were to age off within the next 24 months. Does the BK reset their fall off dates to match the date with the BK or do they stay with their original fall off dates?

I have aver some trade lines that are in good standings. My car I have had for 15 months with no late pays. I have 2 secured cards with no balances andno late pays and was told it would be up the card company to decide if I get to keep them and my student loans are current. Anything else I can do to help myself improve my score?

Re: Question about accounts in BK

ezdriver — Tue, 14 Jan 2014 21:38:57 GMT

You are jumping the gun. Wait until your discharge is issued then wait a week or two before you pull all three credit reports. We'll talk then.

Re: Question about accounts in BK

Officer737 — Tue, 14 Jan 2014 21:44:50 GMT

Thanks for the reply. Yea I plan to do that, was just trying to get an idea of what a good game plan might be. My big question is the aged accounts and if the BK resets their aged date

Re: Question about accounts in BK

ezdriver — Wed, 15 Jan 2014 03:56:26 GMT

I had my ch7 discharge in 04/13 and my credit is fully recovered and now I'm gardening. While waiting for your dicharge, there are several threads on this forum that lay out in detail how to establish new credit and how to manage that new credit to maximize fico scores.

Re: Question about accounts in BK

Officer737 — Wed, 15 Jan 2014 05:53:21 GMT

Great advice! I have been combing the board for the past couple of weeks and found an abundance of information to help along with the away.

Re: Question about accounts in BK

Scupra — Thu, 16 Jan 2014 02:30:58 GMT

http://ficoforums.myfico.com/t5/Bankruptcy/HOW-TO-From-BK7-discharge-to-700-in-24-months-or-less/td-p/1384075

Alllllll the answers and information you need haha

Re: Question about accounts in BK

grassfeeder — Thu, 16 Jan 2014 06:04:57 GMT

@Scupra wrote:
http://ficoforums.myfico.com/t5/Bankruptcy/HOW-TO-From-BK7-discharge-to-700-in-24-months-or-less/td-p/1384075

Alllllll the answers and information you need haha

Can we just get that thread as a sticky and mandatory reading already?

Re: Question about accounts in BK

Officer737 — Thu, 16 Jan 2014 09:05:48 GMT

Funny you should mention that thread, it's one of the first ones I read when I started looking at this forum LOL. Still trying to figure the answer to my first question though.

Re: Question about accounts in BK

0REDSOX7 — Thu, 16 Jan 2014 12:33:33 GMT

Officer737,

With regards to your first question, I just went and checked my credit reports and for the accounds listed as IIB, the clock did not "reset" for them. It appears to be based off of either DoLA or DoFD, but the filing definately did not reset the 10 year mark...

Hope that helps!

Re: Question about accounts in BK

Scupra — Thu, 16 Jan 2014 16:17:42 GMT

@0REDSOX7 wrote:
Officer737,

With regards to your first question, I just went and checked my credit reports and for the accounds listed as IIB, the clock did not "reset" for them. It appears to be based off of either DoLA or DoFD, but the filing definately did not reset the 10 year mark...

Hope that helps!

Just like REDSOX said, filing does not start the 7yrs over. It will still age off your reports based of DoFD

Re: Question about accounts in BK

Officer737 — Thu, 16 Jan 2014 18:40:02 GMT

Redsox and Scupra,

Thanks for checking and answering! I was wondering about that. The biggest chunk of what I had filed against is due to age off over the next 18 months or less so that helps. I also believe my discharge date will be 4-10-14.

Re: Question about accounts in BK

Scupra — Thu, 16 Jan 2014 21:42:51 GMT

@Officer737 wrote:
Redsox and Scupra,
Thanks for checking and answering! I was wondering about that. The biggest chunk of what I had filed against is due to age off over the next 18 months or less so that helps. I also believe my discharge date will be 4-10-14.

Awesome! All of my IIBK accounts will be gone by 6/2015 and I can't wait.

Re: Question about accounts in BK

Officer737 — Thu, 16 Jan 2014 22:00:17 GMT

Good there as well! Be nice to have all of this crap behind me.