Removing a BK.

[hotpoint]

Hello,

I have a general question regarding Bankruptcy.  First of all, please disregard my lack of knowledge regarding the slogans.  I filed for a BK in 2003, but at the last minute desided not to proceed. 

The Bk was dismissed, but remains on my report (I'm told for a number of years).  For the last 10 mos.  I have been paying off old acct.'s, which were charged off or given to a collection agency.  My debt totals no more than  7k.  Here is the question --- is it possible to have the bk. removed or should I concentrate on paying dowing those old accounts?

Thanks,

Hotpoint

[joejroe]

Hello,

I hope your not paying off items that fall under BK7 protection.  If you filed BK7, all the bad debt you had before the filing is included in the BK.  Paying them off does not help your credit.  The bad debt items will fall off your credit 7 years from the last activity on the account.  BK will drop off your report in 10 from the filing date.  BK7 in 2003, you should be on your way to having good credit again. 

Read this information and follow:

http://ficoforums.myfico.com/fico/board/message?board.id=bankruptcy&thread.id=268

I tried to make it easy to understand, even if you are not aware of the credit lingo.  If you have any questions about the process, feel free to post it.

Hope this helps.

[reset]

OP's BK was dismissed so there is no BK protection. OP should check SOL on the debts he/she still owes. If they are out of the SOL I would say dispute any of them that are on the CR. Paying the old debts will not improve the credit score; if they are still within SOL OP may want to negotiate pay for delete if possible.

OP you can dispute the dismissed BK, look for any incorrect info in the way it is reporting

Message Edited by reset on 12-02-2007 11:05 PM

[hotpoint]

Thanks for the reply and for your suggestions.  I thought I would be notifed by email with postings.  Anyway, I have been paying these debts since Feb. 07'  --- unaware that they would not improve my scores. 

Most of the debt paid now shows "Paid after collection, Bad Debt, Collections, Skip".  After this posting, my score increased 6 pts. from 604 to 610 w/Equifax --- they haven't made the posting w/Transunion or Experian to track any results.

By the way, is there a list of slogan on this site, such as "OP and SOL".  

[My_dog_FICO]

Here is the link to Common Abbreviations. You will need to cut and paste the link.

http://ficoforums.myfico.com/fico/board/message?board.id=Welcome&thread.id=23&jump=true

Or click on FICO Forums at the top and then on Welcome To FICO Forums.

Welcome!