Does Two BK's back to back...............

[Anonymous]

weigh the same as one BK.  If a person has had two BK's within two years and they are about to age over 5 years, would the scoring model look at these the same as one BK.  This illustrates the position I am in.  I had to do a second BK almost 5 years ago because of a crummy lawyer messed up the first.  I read about several people who came back from BK's.  But I want to know if this will slow my process down.

[sl]

I am not sure on this one.  Any of the experts out there to help?

Bumping.

[Anonymous]

BUMP  again

[Anonymous]

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monro411 wrote:

weigh the same as one BK.  If a person has had two BK's within two years and they are about to age over 5 years, would the scoring model look at these the same as one BK.  This illustrates the position I am in.  I had to do a second BK almost 5 years ago because of a crummy lawyer messed up the first.  I read about several people who came back from BK's.  But I want to know if this will slow my process down.

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I'm not a expert on double bankruptcy but I did stay at a Holiday Inn I filed for chapter 13 7 years ago and now my scores are 769, 760, 740.  Looking at your scores it looks like your feeling the affects of just one.  My scores were similar to yours at the same pace and slowly went up as it aged. I didn't see a big score boost till it fell off.   The true test wont come till one is due to fall off and you'll see if you get a score bump

[Anonymous]

BUMP

[Anonymous]

BUMP

[cgmiller63]

Correct me if I am wrong, but I thought you were only able to file BK once every 10 years.  How did you pull off two bk's?

[Anonymous]

Hi monro411,

I think your "2 bankruptcies" are actually the same bankruptcy.   I don't know if this is what happened, but what I think your recent attorney did is had the courts convert your original bankruptcy from one chapter to another (usually a Chapter 13 to a Chapter 7).

Like steelfan said, as time passes, your scores are going to jump, as long as you continue to pay your existing bills on time and you keep your debt utilization low.   Once the bankruptcies fall off your credit report, you'll probably see a significant jump in your score.  

[Anonymous]

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cgmiller63 wrote:

Correct me if I am wrong, but I thought you were only able to file BK once every 10 years.  How did you pull off two bk's?

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That law did not come into affect till after the BK's.  No these are two different BK's "not the same".  Two different lawyers and two different courts.  The first was done to combat about 18 bad accounts and almost losing my home due to job loss.  The second was put in effect because I had a month out of work without pay due to an illness.  I wrote a letter to the Trustee via my incapable Lawyer to give to him stating I could not pay for that month.  The next thing I knew, I was getting a letter stating the BK dismissed. The letter never reached the trustee. If I knew what I know now I would have fought harder.  I had to file another BK (7)just to keep the creditors from taking me apart. 

The reason for this post was just seeing if I am going to get the same credit score improvement I see every one else getting after I removed 5 lates and lowered my Util from 78% to 14%.  Or will the 2 BK's instead of one have a greater impact on my overall picture improving.

[Anonymous]

I decided not to pull my scores till 9/15.  I plan to purchase a home within the next six months.  I need at least a 620 preferably a 650.

Message Edited by monro411 on 08-23-2007 02:49 PM