Bankruptcy Question.......

[Anonymous]

Hi all ~ I'm brand new to this forum.  My knowledge on a scale from 1-10 (10 being the highest) is about a 6 when it comes to FICO scores, credit reports, tradelines, revolving credit, etc.  However, I'm about a 2 when it comes down to filing for Bankruptcy.  How does Bankruptcy effect your scores and when does it come off your record.

I'm not in Bankruptcy but I like to know all my options.  And yes, paying all your bills early or on time, is the best way of life......however, life can come @ you fast and I want to be prepared when it does.

Feel free to contact me anytime.

Thanks All ~ Have a GREAT 4th of July!

Jeff

[Tuscani]

Welcome.. Check out the Scoring 101 thread.

Bankruptcy: Chapters 7, 11, and 12 remain for 10 years from the filing date. Chapter 13 remains seven years from the filing date. Accounts included in bankruptcy will remain seven years from the date they were reported as included in the bankruptcy.

[Anonymous]

Thanks Shark.......I own a Tib too.....2003.  I'll be sure to check out the site.

[Tuscani]

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New2This wrote:

Thanks Shark.......I own a Tib too.....2003.  I'll be sure to check out the site.

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Awesome! You are the first one to know what my user name means!

Mine is a 2004 GT:

[Anonymous]

Nice!  I like I like! 

[Anonymous]

What type of engine work is done....?

[Anonymous]

Check this ride out.......

http://www.youtube.com/watch?v=tgnCtkrmWUs

[Anonymous]

If you're considering BK, or just want some insights into what's involved and what the effects are, start here.

http://ficoforums.myfico.com/fico/board/message?board.id=generalcredit&message.id=17383

All BKs can by law remain for 10 years. BK7s tend to remain for the full 10 whereas BK13s tend to drop 7 years from filing.

http://caselaw.lp.findlaw.com/scripts/ts_search.pl?title=15&sec=1681c

15 USC 1681c

(a) Except as authorized under subsection (b) of this section, no consumer reporting agency may make any consumer report containing any of the following items of information
(1) Cases under title 11 or under the Bankruptcy Act that, from the date of entry of the order for relief or the date of adjudication, as the case may be, antedate the report by more than 10 years.

However, like Tuscani said, it does appear that the TLs themselves showing the discharged debts can only remain for 7.5 years.

[Anonymous]

Thanks Noah!  Great info!

[Anonymous]

Avoid bankruptcy at all costs.  I mean do whatever it takes to keep from filing.  We had a Chapter 7 in 2002 and it has devastated us.  It is even worse now since very few people will eliminate all their debt with a bankruptcy.  Make financial arrangements now instead of letting the bankruptcy court do it for you.  Repeat --- DO NOT FILE FOR BANKRUPTCY!