Timing Question after Discharge

t_fins · ‎01-05-2023

My wife and I filed BK7 last year and our 341 was held on 10/27/22. I called the court's recorded line today and it stated my case was closed and discharged on 1/3/23. I am eager to start to rebuild my credit. My question is when do i start the process? Do I need to wait for paperwork in the mail from court? Wait for credit reports to show discharge?

Just trying to figure out where to go next and when my journey can begin...

TIA

hoosier64 · ‎01-05-2023

Wait for your bk status to be updated to discharged on your credit reports. For me, it took a few days for them all to update.

For the debts that were discharged in bankruptcy, it may take some time for all of those to update too. I've read on these forums that can take up to a month. All but one of my accounts were reporting properly before my Chapter 13 was discharged.

BK13 Filed: 4/19
BK Discharged: 10/22

Discover It Chrome: $6,200, Capital One Savor: $5,500, Mercury: $4,050

Starting FICO 8 (10/22): 623 / 612 / 613
Current FICO 8: 695 / 677 / 690

t_fins · ‎01-05-2023

Thanks! I just pulled my 3 reports and it actually does say discharged.

Did notice a few issues though. On 1, my mortgage is showing as closed in bk which i wasnt, i am still paying. On another it says a installment loan was still being paid, though it shouldve been closed in BK.

I am wondering if i should dispiute now or give it a month to update.

hoosier64 · ‎01-05-2023

I would give it a month before disputing.

BK13 Filed: 4/19
BK Discharged: 10/22

Discover It Chrome: $6,200, Capital One Savor: $5,500, Mercury: $4,050

Starting FICO 8 (10/22): 623 / 612 / 613
Current FICO 8: 695 / 677 / 690

DogwoodLynx · ‎01-05-2023

@t_fins wrote:
My wife and I filed BK7 last year and our 341 was held on 10/27/22. I called the court's recorded line today and it stated my case was closed and discharged on 1/3/23. I am eager to start to rebuild my credit. My question is when do i start the process? Do I need to wait for paperwork in the mail from court? Wait for credit reports to show discharge?

Just trying to figure out where to go next and when my journey can begin...

TIA

Read this thread. It will be very helpful to you!

HOW TO: From BK7 DC to 700 in 24 Months or Less

Siggy updated Feb 16 2023
Chapter 7 BK discharge: 12/19/22
Inquiries: 6/6mo 7/12mo 7/24mo – Latest inquiry: NFCU - Approved 01/23
Financial Goals: Continue to build by wellness business (currently a DBA), heal my credit report with time and good payment history
“You’re never gonna make the shots you don’t take, so you might as well fire away!” – Little Big Town (music group)

FireMedic1 · ‎01-07-2023

It can take a while for all accounts to reflect a $0 balance and state IIB. 30-60 days. Once all of them are in line. You will see a small score rise. Then is the time to start. If you want guidance on which way to go. Need to know who got burned. Congrats.