topic Re: Chapter 7 Bankruptcy Early Removal, etc in Bankruptcy

Chapter 7 Bankruptcy Early Removal, etc

Anonymous — Fri, 24 Jan 2014 00:02:25 GMT

Hey Ya'll,

First let me say I am thankful this forum is available so I can openly discuss my questions and concerns about my credit isses with others who have experienced the same.

My deceased husband owned a company and due to some terrible decisions he made, ended up in debt. At the time, I was admittedly naive about...well, life in general but finances, specifically. I understand now we didn't have to file for chapter 7 bankruptcy jointly, but it happened and now here I am 9 years and a couple months later.

My credit report doesn't reflect any of the items included in the bankruptcy, but all three major credit bureaus are reporting the bankruptcy itself. According to all three, it is scheduled to come off of my report at the end of this year.

My question is, has anyone had experience with having a Chapter 7 bankruptcy being removed a little early?

If so, how did you go about it? I have plans to buy a home this year and I'd imagine this bankruptcy is truly tarnishing my credit score across the board.

I wonder if I contact the appropriate people and t ellthem my story and explain that the sweet date is right around the corner, they will be so gracious as to go ahead and remove it now?

I just don't want to focus my time and energy on something I can't do anything about, so any information that can point me in the right direction is greatly appreciated!

Re: Chapter 7 Bankruptcy Early Removal, etc

pokerpro — Fri, 24 Jan 2014 13:17:53 GMT

I am in the same boat

But it was my ex-wife that ran up the debit, like an idiot I played along and we filed joint BK

mine is scheduled to come off november of this year I believe

I wonder if we can get it removed earlier being so close to the date

Re: Chapter 7 Bankruptcy Early Removal, etc

starry1 — Fri, 24 Jan 2014 13:54:12 GMT

Theres nothing ethical that can be done about it. Just finish waiting out your time. It may naturall fall off a couple months early but theres no way to predict that.

Re: Chapter 7 Bankruptcy Early Removal, etc

Anonymous — Fri, 24 Jan 2014 14:21:48 GMT

Once a backruptcy does fall off your credit report, is there a way of knowing how many points your credit score will increase with the bureaus? Is it based on how many points you lost due to the bankruptcy? If so , how can a one determine how many points that was? In a perfect world, that would be the fair way to do it, but I doubt that's the case.

Re: Chapter 7 Bankruptcy Early Removal, etc

Scupra — Fri, 24 Jan 2014 16:10:11 GMT

@Anonymous wrote:
Once a backruptcy does fall off your credit report, is there a way of knowing how many points your credit score will increase with the bureaus? Is it based on how many points you lost due to the bankruptcy? If so , how can a one determine how many points that was? In a perfect world, that would be the fair way to do it, but I doubt that's the case.

There is no way of telling. It even has the possibility of going down after you are rebucketed. In most cases we have seen it go up a little though. Expect little and you will be happy with what you do get

Re: Chapter 7 Bankruptcy Early Removal, etc

Anonymous — Fri, 24 Jan 2014 16:25:12 GMT

For the love of ...*something or another* ... I'll keep my fingers crossed that I'm one of the lucky ones!

Re: Chapter 7 Bankruptcy Early Removal, etc

Scupra — Fri, 24 Jan 2014 17:36:49 GMT

@Anonymous wrote:
For the love of ...*something or another* ... I'll keep my fingers crossed that I'm one of the lucky ones!

Haha! Just be glad the BK itself will be gone!

Re: Chapter 7 Bankruptcy Early Removal, etc

pokerpro — Fri, 24 Jan 2014 17:53:46 GMT

sbelle

it will be interesting to see what happens to both of us

my plan to keep utilization as low as possible before it drops, and no inquiries this year

Re: Chapter 7 Bankruptcy Early Removal, etc

Anonymous — Fri, 24 Jan 2014 18:14:04 GMT

This is all just pretty overwhelming at first, huh?

I am trying to figure out the best way to go about building credit with poor credit. I don't believe I can get an unsecured CC.

I am considering getting a secured loan and secured CC to get the ball rolling and hopefully start to build some positive things by the time the BK falls off towards the end of the year. The funds would be in savings anyway, so I may as well put them to use. Anyone have any advice on this topic?

I believe 10 years is a little absurd. Surely I made a few stupid mistakes, but do these creditors and bureaus believe old habits die that hard? I would think as people get a little older they start to make better decisions. It's not like I have tons of other terrible activity as my student loan was finally paid off last year and I have a couple of medical bills under $100 each.

I think new laws should be enacted to the effect of paid debts being deleted from your credit report. I mean, what does a creditor or CA have to gain by leaving it on there once it's PIF? Supposedly to warn other creditors that you are a risk? What about all the credit reporting errors such as inacurrate dates, debt amounts, etc. If we have to be held accountable for our actions for 7-10 years, someone needs to breathe down their necks to ensure what they are reporting is correct. I don't believe it should be our sole repsonsibility, especially when we have to jump through hoops to get it ironed out.

Sorry for the vent, but like I said, this is a little frustrating. >:I

I will continue to educate myself about all of this and remain patient. Just glad I have been able to find and receive great advice on most topics related to my needs.

Re: Chapter 7 Bankruptcy Early Removal, etc

Scupra — Fri, 24 Jan 2014 18:23:35 GMT

@Anonymous wrote:
This is all just pretty overwhelming at first, huh?

I am trying to figure out the best way to go about building credit with poor credit. I don't believe I can get an unsecured CC.

I am considering getting a secured loan and secured CC to get the ball rolling and hopefully start to build some positive things by the time the BK falls off towards the end of the year. The funds would be in savings anyway, so I may as well put them to use. Anyone have any advice on this topic?

I believe 10 years is a little absurd. Surely I made a few stupid mistakes, but do these creditors and bureaus believe old habits die that hard? I would think as people get a little older they start to make better decisions. It's not like I have tons of other terrible activity as my student loan was finally paid off last year and I have a couple of medical bills under $100 each.

I think new laws should be enacted to the effect of paid debts being deleted from your credit report. I mean, what does a creditor or CA have to gain by leaving it on there once it's PIF? Supposedly to warn other creditors that you are a risk? What about all the credit reporting errors such as inacurrate dates, debt amounts, etc. If we have to be held accountable for our actions for 7-10 years, someone needs to breathe down their necks to ensure what they are reporting is correct. I don't believe it should be our sole repsonsibility, especially when we have to jump through hoops to get it ironed out.

Sorry for the vent, but like I said, this is a little frustrating. >:I
I will continue to educate myself about all of this and remain patient. Just glad I have been able to find and receive great advice on most topics related to my needs.

You waited 10 years to start rebuilding? There are plenty of creditors who would have given you credit after discharge. Here are some good threads to get you started on the rebuild process.

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

http://ficoforums.myfico.com/t5/Bankruptcy/Bankruptcy-friendly-credit-cards/td-p/963456

Hope this helps you! Welcome to the forums by the way, time to get that credit in shape! No more waiting

Re: Chapter 7 Bankruptcy Early Removal, etc

Anonymous — Fri, 24 Jan 2014 19:47:14 GMT

Well, yeah. I've never been a person who finances anything unless it's absolutely necessary and now it's come back to bite me in the behind.

You would think that is a good thing..unless you need financing, that is.

Re: Chapter 7 Bankruptcy Early Removal, etc

Scupra — Fri, 24 Jan 2014 21:00:00 GMT

@Anonymous wrote:
Well, yeah. I've never been a person who finances anything unless it's absolutely necessary and now it's come back to bite me in the behind.

You would think that is a good thing..unless you need financing, that is.

Yeah, you would think so right? Credit is all just a game. Remember though, just because you have credit (credit cards) doesn't mean you have to finance your purchases. What I put on my NFCU Flagship I pay off at the end of every day to avoid getting into trouble. Unfortunately for things like a new car, or new house you need to show proof that you can handle credit responsibly, which means credit cards.. Take a look through those two threads and feel free to ask all the questions you have! You def found the right place for help! Good luck