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After bankruptcy


After bankruptcy

I was discharged and just pulled my credit reports. I have 2 questions first one is a loan I had which was included in the bankruptcy is still showing a balance do I dispute with cra or oc? second is after bankruptcy I should have no collections showing or is it that they will still show but should have a 0 balance ? I have a few showing a balance and a few with 0 owed. I have no idea what I need to do with these. Thanks for your time..
Message 1 of 3
New Contributor

Re: After bankruptcy

Simply dispute it with the credit bureaus, all three, and make sure you certify mail it, since if they don't reply within 30 days, by law they have to remove it from your record.

send them a copy of your discharge papers, and tell them which accounts are violating the law...all discharged debts should have $0 balance and they CANNOT report anything more other than that on your credit report. After discharge, my lawyer told me that they can only put one more report to your credit reports, and that one should be $0 balance and IIB.

make sure you include a copy of your discharge papers, ID, and your social. they will validate your claim and adjust accordingly. make sure that everything in your schedule F has a zero balance. this will help your utilization scores.

dispute collections, saying that the original debt was discharged. most of the time, collection agencies don't even bother putting the effort of fighting since there is nothing left to is against the law for them to collect discharged debt.

if any of them violate any of these, including putting more derogatory items on your report, tell your lawyers, because you might have cause to counter sue if these are violated, something like $1000 per violation, from what my lawyer's after discharge advise told me.

hope that helps.
Message 2 of 3
New Contributor

Re: After bankruptcy

also, don't forget to rebuild.

start with a secured card for now since discharge is so new.

wait a few months until you get a response regarding your disputes, if any of them fell off, and then try one re-builder credit card in addition. if some things fell off, chances are the $0 balance and less negatives will boost your scores a bit, giving you a fighting chance for beginner cards.

look around the forum for these bk friendly cards, a couple should help. too many inquiries WILL hurt your scores, so be selective and sparing.
Message 3 of 3
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