topic Re: Bankruptcy Dismissal in Bankruptcy

Bankruptcy Dismissal

Anonymous — Mon, 05 Mar 2018 16:39:26 GMT

I have a dismissed Chap 13. despite my efforts in researching, I cant figure out what the blueprint is to over coming this dissmissal as it realtes to creditors, I know it will likely be long and detailed but can anyone tell me what that process is to being able to get around the flat credit denials based on the dismissed banckruptcy?

Thx

Re: Bankruptcy Dismissal

Anonymous — Mon, 05 Mar 2018 17:05:57 GMT

If you have a dismissed (not discharged) Chapter 13 bankruptcy, and still have debt that you owe, you may find it difficult to get additional credit. This is because you no longer have the protection under bankruptcy, and remain liable for debts. Depending on how long ago the case was dismissed, your accounts may be reporting a $0 balance errenously.

I'm not aware of anything "special" you can do, besides dispute the dismissal (though this sounds like it is accurate). It is up to each lender if they are willing to extend credit. Is/was converting to a Chapter 7 case an option?

Re: Bankruptcy Dismissal

Anonymous — Mon, 05 Mar 2018 17:17:23 GMT

I basically blew it I didn't understand at the time what the dismissal meant completely 2 years ago I'm now trying to rebuild but now sure how best to do it

Re: Bankruptcy Dismissal

tooleman694 — Mon, 05 Mar 2018 22:35:34 GMT

I went thru this years ago, it was very hard to overcome.

But after a couple years I was finally able to get a cap 1 secured card, and then an autoloan. After that point I was able to grow into more things.

Also had to do a lot of credit repair.

Re: Bankruptcy Dismissal

Anonymous — Tue, 06 Mar 2018 00:04:43 GMT

A dismissed bankruptcy is treated as any other BK when it comes to credit. It will stay on your report for 7 years and affect your credit for 7 years.

Re: Bankruptcy Dismissal

tooleman694 — Tue, 06 Mar 2018 01:13:30 GMT

Maybe times have changed, but when I had mine is was the kiss of death. No one would touch me and it stayed on my reports for 10 years.

It was like 4 to 5 years before anyone would touch me.

Re: Bankruptcy Dismissal

Anonymous — Tue, 06 Mar 2018 01:35:34 GMT

@tooleman694wrote:
Maybe times have changed, but when I had mine is was the kiss of death. No one would touch me and it stayed on my reports for 10 years.

It was like 4 to 5 years before anyone would touch me.

It's not the kiss of death, I have a dismissed BK from 2015 and I've been able to rebuild. Most of my BK accts have dropped off my report. I just have the BK and student loans that are negative. BK has always been 7 years for EX and TU, EQ used to keep it for 10 years but they only keep it for 7 years now.

Re: Bankruptcy Dismissal

pizza1 — Wed, 07 Mar 2018 01:56:52 GMT

@Anonymouswrote:
@tooleman694wrote:
Maybe times have changed, but when I had mine is was the kiss of death. No one would touch me and it stayed on my reports for 10 years.

It was like 4 to 5 years before anyone would touch me.
It's not the kiss of death, I have a dismissed BK from 2015 and I've been able to rebuild. Most of my BK accts have dropped off my report. I just have the BK and student loans that are negative. BK has always been 7 years for EX and TU, EQ used to keep it for 10 years but they only keep it for 7 years now.

Wherre in the world are you getting that information from? Its a known fact that a BK 7 stays on your reports for 10 yrs from file date. Its states it on your actual CR under the PR section.

Re: Bankruptcy Dismissal

Anonymous — Wed, 07 Mar 2018 02:01:23 GMT

@pizza1wrote:
@Anonymouswrote:
@tooleman694wrote:
Maybe times have changed, but when I had mine is was the kiss of death. No one would touch me and it stayed on my reports for 10 years.

It was like 4 to 5 years before anyone would touch me.
It's not the kiss of death, I have a dismissed BK from 2015 and I've been able to rebuild. Most of my BK accts have dropped off my report. I just have the BK and student loans that are negative. BK has always been 7 years for EX and TU, EQ used to keep it for 10 years but they only keep it for 7 years now.
Wherre in the world are you getting that information from? Its a known fact that a BK 7 stays on your reports for 10 yrs from file date. Its states it on your actual CR under the PR section.

I'm referring to a dismissed BK13. The OP had a BK13.

Re: Bankruptcy Dismissal

Anonymous — Wed, 07 Mar 2018 02:17:05 GMT

Were u dismissed in 2015 or did u file in 2015?

Re: Bankruptcy Dismissal

Anonymous — Wed, 07 Mar 2018 02:37:59 GMT

@Anonymouswrote:
Were u dismissed in 2015 or did u file in 2015?

I filed in 2015.

Re: Bankruptcy Dismissal

Anonymous — Wed, 07 Mar 2018 19:54:17 GMT

@Anonymouswrote:
I have a dismissed Chap 13. despite my efforts in researching, I cant figure out what the blueprint is to over coming this dissmissal as it realtes to creditors, I know it will likely be long and detailed but can anyone tell me what that process is to being able to get around the flat credit denials based on the dismissed banckruptcy?

Thx

I just posted this link in the "rebuild" section the other day. It goes through my personal rebuild. I put a lot of information in the post about my process but if you have any questions feel free to ask.

http://ficoforums.myfico.com/t5/Rebuilding-Your-Credit/Bankruptcy-removal-Data-Points-for-Days/td-p/5181742

Re: Bankruptcy Dismissal

tooleman694 — Fri, 09 Mar 2018 15:47:36 GMT

BK 13 the rules were 7 years for discharged and 10 for dismissed, mine stayed the full 10 years.

Re: Bankruptcy Dismissal

Anonymous — Sat, 10 Mar 2018 01:06:24 GMT

@tooleman694wrote:
BK 13 the rules were 7 years for discharged and 10 for dismissed, mine stayed the full 10 years.

https://www.propublica.org/article/equifax-makes-bankruptcy-change-that-affects-hundreds-of-thousands

Re: Bankruptcy Dismissal

Anonymous — Sun, 18 Mar 2018 12:22:27 GMT

A BK Chapter 7 or 13 Dismissal are different as it relates for qualifying for a home loan. Once you file a Chapter 7 you're out of the game as far as any cookie cutter FHA or VA Loan for at least 2 years, longer with a USDA or Conventional. Portfolio Loans are available 1 day after Dismissal or Discharge. Whereas a Chapter 13 is different. There is "NO Waiting Period" after a Dismissal or Discharge of a Chapter 13 bankrucpty. Hope this helps. Let me know if you have any questions.