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"Bankruptcy Dismissed" Remark

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Contributor

"Bankruptcy Dismissed" Remark

I have a few accounts I've paid since BK was dismissed. Should the remarks say "BK Dismissed"?, especially since they were paid, or am I fighting a losing battle with the remarks...Advice needed

Starting score 6/19 TR 567 Ex 589 EQ 540
7/19 TR 620 EX 595 EQ 577
8/19 TR 643 EQ 614 EX 612
Goal: 680 by 12/19
Message 1 of 16
15 REPLIES 15
Senior Contributor

Re: "Bankruptcy Dismissed" Remark

Why was your BK dismissed?





My posts are JMHO. I DO NOT claim to be a FICO expert. Just sharing my experiences from rebuild to recovery after BK DC. My siggy is not to brag at all. Just to show fellow members what can be accomplished when you do it right and play the FICO Credit Game.
Message 2 of 16
Moderator Emeritus

Re: "Bankruptcy Dismissed" Remark

This is normal and it will be that way until 7 years since you filed. Generally, as time passes, the score would improve and especially after 2 years. 

Message 3 of 16
Contributor

Re: "Bankruptcy Dismissed" Remark

it was dismissed because we decided not to go through with it. We figured out another way to get out  the trouble we were in that was better, so we thought than BK 13. One month after dismissal we pay off the car, which we had never missed a payment, and have slowly pay most of our debt off. That was 2.5 years ago, but we are still haunted by the BK13 on our credit reports. We have recently paid off everything except 3 accounts, and only because they have 1099-C those.

Starting score 6/19 TR 567 Ex 589 EQ 540
7/19 TR 620 EX 595 EQ 577
8/19 TR 643 EQ 614 EX 612
Goal: 680 by 12/19
Message 4 of 16
Contributor

Re: "Bankruptcy Dismissed" Remark


@Tuscani wrote:

This is normal and it will be that way until 7 years since you filed. Generally, as time passes, the score would improve and especially after 2 years

 

In the last few months we have started to see some improvement, and within the last month, have paid all debt to zer except 3


 

Starting score 6/19 TR 567 Ex 589 EQ 540
7/19 TR 620 EX 595 EQ 577
8/19 TR 643 EQ 614 EX 612
Goal: 680 by 12/19
Message 5 of 16
Valued Contributor

Re: "Bankruptcy Dismissed" Remark


@goodcreditforus wrote:

I have a few accounts I've paid since BK was dismissed. Should the remarks say "BK Dismissed"?, especially since they were paid, or am I fighting a losing battle with the remarks...Advice needed


It is normal, and often causes more trouble than the included in bankruptcy remarks unfortunately. Sometimes a bankruptcy that is dismissed is due to fraudulant claims or hiding assets. At the very least, you may need to explain the circumstances in a manual review. To the best of my knowledge there is not a way to back out of bankruptcy gracefully once filed. Filing a bankruptcy is a major decision that just can't be changed if you decide after filing not to complete the process. At least not as far as the bankruptcy being on your credit report. Wish I could offer a bit more optimism for you, but I think there is no means to undo the filing or dismissal.

TU fico08=823 08/20/19
EX fico08=813 08/10/19
EQ fico08=826 08/04/19
EX fico09=818 08/03/19
EQ fico bankcard08=849 07/23/19
Message 6 of 16
Valued Contributor

Re: "Bankruptcy Dismissed" Remark


@goodcreditforus wrote:

it was dismissed because we decided not to go through with it. We figured out another way to get out  the trouble we were in that was better, so we thought than BK 13. One month after dismissal we pay off the car, which we had never missed a payment, and have slowly pay most of our debt off. That was 2.5 years ago, but we are still haunted by the BK13 on our credit reports. We have recently paid off everything except 3 accounts, and only because they have 1099-C those.


It is too late now, but once filed it would have probably been better to have run this better way through the bankruptcy trustee. I could be wrong, but I have never heard of any means of the debtor voluntarily having a bankruptcy dismissed that is advantageous for the debtor. The filing is still on the report, and all protections for the debtor is eliminated. Most dismissals happen either due to the debtor having been deceitful, or financial situation having changed to prevent the debtor from making the trustee payments. Even if that happens, the payment schedule can usually be adjusted due to the change, or even converted to a chapter 7 that the debtor did not qualify for at the time of the filing. It is sometimes the case that better options exist to deal with debt prior to filing, but I have never known of any advantage to the debtor to have the bankruptcy dismissed after it has been filed. If anyone knows of one, I would love to hear it. If not, I hope anyone who is in the same situation will read this before they errantly think the filing can just go away if the debtor changes their mind. Back in the day, when I filed a chapter 13, every single creditor was payed 100% of the debt with some interest, even those who were unsecured. My problem then was more due to being unable to get a consolidation loan, and unable to make the monthly payments. The bulk of that debt was to finance companies on short term loans, but the total amount of debt was not too high to pay it all in the chapter 13. It did not matter at all, that all of them were fully re-paid, the damage to my credit remained.

TU fico08=823 08/20/19
EX fico08=813 08/10/19
EQ fico08=826 08/04/19
EX fico09=818 08/03/19
EQ fico bankcard08=849 07/23/19
Message 7 of 16
Contributor

Re: "Bankruptcy Dismissed" Remark

I assure you we did not nor were we trying to do anything deceitful or fraudulent. At the time we thought that was to option we needed. We also are the ones the will continue to take the hit for that mistake, but now debt free and our scores will recover more over time. We made the mistake, so we will live with the remark.
Starting score 6/19 TR 567 Ex 589 EQ 540
7/19 TR 620 EX 595 EQ 577
8/19 TR 643 EQ 614 EX 612
Goal: 680 by 12/19
Message 8 of 16
Community Leader
Super Contributor

Re: "Bankruptcy Dismissed" Remark

OP, I can understand your predicament, but unfortunately, a dismissed BK, regardless of the situation/circumstances, stays on your reports for 7 yrs from the date filed.

You can call the 3 CRA's and ask for EE as follows...

EQ- 1mo
EX- 3 mo
TU- 6 mo


Scores held down by umpteen INQ & New accounts
~~~BK7 d/c-08/2013......my rebuild worked for me, but won't necessarily work for you.~~
Message 9 of 16
Valued Member

Re: "Bankruptcy Dismissed" Remark

How in the world you filled bankruptcy and not go though with it?

Message 10 of 16
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