@md_rn03 wrote:
I have multiple accounts (credit cards and loans) that are currently charged off on my credit report. I am considering filing for a Chapter 7 and assuming I qualify what exactly would happen to those accounts? Would they still show as CO with a balance of zero? I am set to meet with a lawyer this week but I was just wondering what everyone else's experience was.
Charge off, zero balance.
You'll also have a bankruptcy.
The two are separate issues. The charge offs will drop off 7 years after the date the account became delinquent (so in effect less than 7 years from now) and the bankruptcy will fall off 10 years after you filed.
I suggest looking over your credit report after the discharge is reflected and disputing all innacuracies with TransUnion, Experian, Equifax, and Innovis.
They don't always report the facts and you want to clear anything up that might be harming you and making this look worse than it actually is.
One big thing to look out for is that nothing is reporting lates for months after which you filed, because this is not allowed.
