Collection Accounts After Bankruptcy

[Anonymous]

Can anyone tell me what happens to any collection accounts you may have, i.e. Cell Phone Company, Power Company, etc. if you include them in a bankruptcy?

Are they wiped off your credit report after the bankruptcy is granted or do they stay on your CR for 7 or 10 years?  If they stay on, does it wipe out the balance and indicate it was claimed in a bankruptcy?

Thanks!

[MzDandylion0527]

Good Question. I am interested in knowing the answer to this as well. Does anyone know what happens to charge offs on your credit? Do they stay on there until they fall off or does the bankrupcty make them fall off?

[AndySoCal]

All the accounts that were included and discharged in the bnkruptcy should show a zero balance and comment included in a Bbankruptcy. They wil stay on your credit report.

[Anonymous]

Do they remain on the account for 7 yrs, like they typically would or do they stay on the CR for 10 since they are part of the bankruptcy?

[jennordy]

They should fall off reports 7 years from DOFD.  Only the actual BK public record will remain for 10 yrs.  A lot of my collection accounts dropped off my report automatically after I filed.  You can also try disputing them as "no longer liable" or "multiple inaccuracies-verify all data" and they may be deleted.  I have had great success getting items deleted from my credit reports after my discharge.  Check out my progress.  My BK was discharged 3/09.

My FICO® Scores
TU -- EQ -- EX
07/07: * -- * -- 486
11/07: 531 -- 457 -- 464
12/08: 532 -- * -- *
01/09: * -- 521 -- *
03/09: 470 -- * -- *
05/09: * -- 592 -- *
06/09: 518 -- 591 -- *

FAKOS:
Vantage: * -- * -- 607
TC (6/09): 569 -- 662 -- 552
TC (6/09): 590 -- * -- *
TC (6/09): 620 -- * -- *

EQ: 17 to 11 baddies; 3 to 2 public records
EX: 24 to 13 baddies; 2 public records
TU: 28 to 14 baddies; 3 to 2 public records

Good luck!

[anca21bi]

I filed bankruptcy in March of this year and I was wanting to know how did you make the progress you did...?

[jennordy]

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@anca21bi wrote:

I filed bankruptcy in March of this year and I was wanting to know how did you make the progress you did...?

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I'm not sure if you were asking me, but if so, this is what I've done so far:

I pulled my reports in December, after I filed.  I pulled them again in March after my discharge.  A lot of collection items fell off by themselves.  I started disputing any items that did not list as a zero balance and IIB.  There were only a few.  I also disputed other items so that they would be verified.  I'd say about 1/3 of them didn't verify with the CRAs so the accounts were deleted.  I also disputed some of my student loans that were reporting as IIB but which weren't discharged so they moved from the "derogatory" category to the "good" category.

I have also established 3 new credit accounts because I need to establish a good payment history and low utilization. 

[glamchick]

That is true... I filed bankruptcy all the collections calls stopped immediately and they stayed on my credit report but listed as under bankruptcy.  They were gone as of the DOFD date  maybe even a months before the DOFD date on some of them.  You will have nice credit again in 2 years from filing date.