What happens to negative items on CR after Bankruptcy?

[MRsolis]

Hey Guys,

I hope this is not a dumb question and I apologize if this has been asked before. 

I am in the process of filing Chapter 7 and on my credit report, I currently have about 30 accounts that were paid as agreed with no negative items, paid off, and closed then I have about 15 negative items with late payments and charge-offs which will be included in my Bankruptcy. So what happens to these items after I am discharged? Does all of the negative information disappear and I will just be left with the positive accounts and te bankruptcy? Or will the negative information remain and on top of that, I will also have a bankruptcy? 

Thank you for the help. 

[Jnbmom]

@MRsolis 

After discharge all your account should state zero balance and included in bankruptcy. However any negative history will remain along with the BK notation . 

Filing BK does not erase your payment history .

[MRsolis]

Thank you for the response! It will be some work to clean up but this is not my first rodeo.....first time (and hopefully last) filing BK but not my first time with PFD or disputes. Time to roll up my sleeves and see what I can do. 

[Jnbmom]

@MRsolis 

Yes read the forums and you can rebuild. There are very many success stories on here after BK.

Good luck 

[CreditMagic7]

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@Jnbmom wrote:

@MRsolis 

After discharge all your account should state zero balance and included in bankruptcy. However any negative history will remain along with the BK notation . 

Filing BK does not erase your payment history .

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^^^ True

Like so many others who needed resort to BK7 and it was suggested to NOT make anymore payments is hogwash.

Now when the filing becomes genuinely official THAT is when you back off and not make any payments whatsoever from that point on.

If you stopped payments pre-filing or simply had negatives of any sort they WILL ALSO BE ADDED to your Credit Reports Post-DC.

[jmw1]

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@CreditMagic7 wrote:

Like so many others who needed resort to BK7 and it was suggested to NOT make anymore payments is hogwash.

Now when the filing becomes genuinely official THAT is when you back off and not make any payments whatsoever from that point on.

If you stopped payments pre-filing or simply had negatives of any sort they WILL ALSO BE ADDED to your Credit Reports Post-DC.

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No it's not hogwash. Paying unsecured creditors when BK is inevitable is hogwash. The chapter 7 filing by itself ruins your credit report like a 120 late but worse since it stays for 10 years. You can't mitigate this huge hit by paying thousands of dollars in minimums to your unsecured creditors when you didn't have to. Sure, your payment history looks better but the credit report is still trash due to the CH7 filing and IIB notations on every single unsecured creditor.  In two years, you will be rocking with credit again but thousands of dollars richer by not paying minimums.

The only real exception is if ALL credit accounts will be zero balance with perfect payment due to no IIB notations anywhere. Basically, you have no credit issues but you are filing ch7 to get rid of a judgment, which itself doesn't show on a CR anymore.

[CreditMagic7]

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@jmw1 wrote:

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@CreditMagic7 wrote:

Like so many others who needed resort to BK7 and it was suggested to NOT make anymore payments is hogwash.

Now when the filing becomes genuinely official THAT is when you back off and not make any payments whatsoever from that point on.

If you stopped payments pre-filing or simply had negatives of any sort they WILL ALSO BE ADDED to your Credit Reports Post-DC.

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No it's not hogwash. Paying unsecured creditors when BK is inevitable is hogwash. The chapter 7 filing by itself ruins your credit report like a 120 late but worse since it stays for 10 years. You can't mitigate this huge hit by paying thousands of dollars in minimums to your unsecured creditors when you didn't have to. Sure, your payment history looks better but the credit report is still trash due to the CH7 filing and IIB notations on every single unsecured creditor.  In two years, you will be rocking with credit again but thousands of dollars richer by not paying minimums.

The only real exception is if ALL credit accounts will be zero balance with perfect payment due to no IIB notations anywhere. Basically, you have no credit issues but you are filing ch7 to get rid of a judgment, which itself doesn't show on a CR anymore.

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Some points are spot on.

The more On Topic response is also correct that any NEGS before filing will still follow those BK Filers after a Discharge regardless.

My point is and in my case i was still regularly making ALL payments AS AGREED and IN CONTRACT with my lenders up until the time the Legal Authority AKA: Attorney informed to immediately sever and end any & all payments. Which was followed to the letter.

The hogwash is throwing in the towel when the BK Filing is inevitable and drag all those NEGS along with the filing as well since as already mentioned, NO,  NEGS ARE NOT dismissed but will REMAIN along with the new DEROG of a BK.