Does bankruptcy ever come off credit report?

Hey markie99 how did you get your BK removed so quickly if you filed it in 2005? I thought it was on credit 7-10 years depending on which BK you filed?

Markie is wrong. Read the FCRA

Markie may be wrong about the law, but perhaps he did get it removed by challenging it. If the CRA didn't respond within the 30 - 45 days, they may have removed it...it is possible they may repost it.

The bureaus all have access to PACER which makes it very easy to verify BK filings. MArkie got lucky this time

What is the truth when bankruptcy will be removed from your credit report I filed in 2003

If it was a Chapter 13, it will stay on your credit report for 7 years. If it was a Ch 7, it will remain for 10 years.

How long does a credit company stay on your credit report? Also, what about a time frame for a creditor you paid off using a consolidation company?

how did you remove yours i hve a chapter 7 on there frm 2001 and its been almost 10yrs how can i get it off

there is not any law that states that a bk has to be removed from your credit report in 7 or 10 years. It is all up to each credit bureau on when they want to remove it.

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Unfortunately, a ch-7 stays on the report for ten years, so there is no way you can remove it before the date.

:lol:I have 2 comments to make, I filed Chp 7 in Aug 2009, due to an old credit card selling the amount to an attorney that was going to obtain a judgement, meaning I could not buy anything down the road without paying that first. So I was discharged on 11/23/2009. I bought a car on 12/9/2009 a nice 2008 Impala, my interest is at 18% but because of the mileage the bank made the dealership sell it at $8900.00 I put $500 down and my payments are $310 per month, I am on my way to re-establishing my credit. Oh yeah and the loan is for 42 months. I don't care what any one says I got an awesome deal for the state of the chapter 7. Second, you can have negative items removed I had several removed a few years back, Just be sure to do the disputing yourself. Poohbear24 is absolutely correct!!! :sun:

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I filed chapter 7 BK in 1999, it was discharged in Feb. 2000, and just checked my updated report today and voila! The BK has been removed from all 3 bureau reports!! WOO HOO it really works!

There is some confusion on this board about how long a chapter 7/13 bk remains on your credit report. I read the FCRA and Bankruptcy Code. From this, I put together the following:

It doesnt matter whether you file a chapter 7 or chapter 13 bk. The bk will remain on your credit report for 10 years after the date of filing. It is not a requirement that the information remain on your credit report. It is a requirement that the information cannot remain on your credit report for longer than 10 years.

If anyone disputes this, I challenge you to read 15 U.S.C. 1681c(a)(1). Then go to the Bankruptcy Code, 11 USC 301(b).

My friend credit report was very bad he tolerated many problems. Because bad credit report can create some problem. You can buy new car and house but with high interest rates & loan companies will give you loan at high interest. Now my friend have been trying to get a home loan, but her bad credit report, create problems. Federal law that it has to stay on the report for ten years. The post above by twokidtwocat also states the 10 year reporting of chapter 7 bankrutpcy. But thanks to the government its now 10 years.

:confused:All I want to know if it's true that chapter 13 bankruptcy only stays on ur credit report for 7 years! Or is it 10 years? Someone please help!:confused:

As an attorney, I can tell you that this is not true. A debt consolidation is actually worse than a bankruptcy. The debt consolidators negotiate down your debt, so that they can make a hefty commission. This negatively impacts your credit anyway. You're better off to get out from under all the debt at once, than to spend years paying back only to find out that your credit was ruined anyway. I am not a bankruptcy attorney, so this is not a pitch for why people should use my business. I've just seen how both of these have affected my clients, and the bankruptcy is the way to go.

Hi

You will normally get your discharge automatically.Discharge usually occurs after 12 months.The discharge is done according to the date the notice was filed by the court and a copy of that will be sent to you so that you are aware of the discharge.

Chapter 13 bankrupcy stays on your credit report for 7 years...

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i was wondering will bankruptcy take everything off my credit.i lost everything and its on my credit

imkimssister
I filed Bankruptcy in 03. I bought a brand new car in 05 with a interest rate of 6.9%. I just bought two motorcycles one last year and one this year, and financed them through a credit union i was not a member of. They told me I was tier A. The top tier so i got the best rate. 6.9 had there been a better rate I would have qualified. This bankruptcy was my ex wife and I. We two were both dead set against bankruptcy and in the end the debt was crushing, I had just retired from the military two years before the BK, 9-11 screwed my chance for a good job and made it impossible to get a decent paying job for a fewe years. The credit card companies had no problem hiking our rates and slahing our available credit, so in the end, I had no problem filing bankruptcy (Chap 7) against these VULTURES. Once we were discharged I started paying cash for most everything. I managed to get a couple of cards that I used sparingly and always paid them off in full whenever I could. And with no paymjents you just set up a budget for NEEDS not WANTS. and in time things improved. Like I said its now been 7 years, my BK is still on my credit record but I still get good credit. DONT absolutely DO NOT apply for multiple credit cards and store cards. Inquiries kill your credit score more than you would think, and I didnt realize that soon enough. They also can lead to a hike in rates from other cards since they see you as trying to find cash.
My current wife filed a chapter 13, two years ago and disputed the debt and she wound up paying only paid only 10% of the total debt because even against her lawyers advice she disputed some of the debt. And then the remain two collection companies that took her to court failed to appear and she won those two cases. She did this again against the advice of the lawyers because she scoured the internet and found the information. Again, I know it sucks to file and you say you never will. My advice is get out from the crushing debt and take a look at creditors. if they fail to work with you, then don't work with them FILE. It's their own fault not yours. I was dead set against it. it takes time to rebuild but I'm better off and the family is better off. Just get a good lawyer, chapter 7s are much harder to do now but a good lawyer will get you a 13 and set up reasonable payments and not screw you like debt consolidation companies. Best of luck

In my wifes situation, yes a 13 was much better than a consoilidation. The process is monitored by a federal judge who appoints a trustee to handle the payments once BR is approved. The consolidation agencies have a bad reputation for screwing customers.

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Yes chp 13 is 7 years; chp 7 is 10 years. You can rebuild your credit in time. and you can get out from the crushing weight of debt that may not have been your fault. or it may have been your fault but that is for your conscience to decide. I know the credit card companies were screwing me and wouldnt work with me, they made the situation worse and worse till finally I said, if these vultures are going to prey on me for something that happened as a result of 9-11 SCREW Them. I filed a ch7 7 years agon, my credit is top tier and my family is better off. CH& is hard to get now, but ch 13 in my opinion is better than consolidation. I have heard too many horror stories about these agencies.


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Yes, when you file for bankruptcy than after that when you become bankrupt this act effect your credit history.But there is lots of alternative solution to handle these problem you can concern with the legal counsel.

I'm broke, We will be 10 years left on your credit report, I got the impression that until 2010. We are entirely of medical bankruptcy over $ 40,000 we raised the first totally how huge medical bills. As I mentioned above, in our own in November 2010. I work 10 years, feel free to correct me.

My husband filed bankruptcy a little under 3 years ago (Chapter 7) due to mounting bills while he was in college. After the bankruptcy was discharged, he started to receive applications for credit cards and cars almost right away. Most of them did have high interest rates, but they were reported on your credit monthly. He took a few small amount credit cards just to help boost his credit a bit. Two years after his bankruptcy, we bought a 2010 Toyota Highlander with his credit and had no problems.

We have begun working with a credit restoration service in the state of Texas a few months ago. They have been able to remove quite a bit of degragatory information from both of our credit reports. They were even able to get my husbands bankruptcy to drop off of one of the credit bureaus. I am not sure how they did it, but it isn't on there anymore. They file all the paperwork for us and deal with all the legalities involved. Since Feb 2011, my husbands credit report has jumped over 100 pts and mine has jumped over 200 pts thanks to this companies help! It will be great to see those pretty credit scores when we apply for our mortgage this fall!! Best of luck to you in dealing with your bankruptcy!

Thanks for sharing your experience in the forums! :-) I'm sure it'll help a lot of people who participate here and seek advice regarding restoration of credit after bankruptcy filing.

Hello,
We filed Chapter 13 in Colorado just last month due to me losing my job. We hung on from July of 2010 and burned through savings, etc to keep our home. We finally hit the wall in January and filed then in March.
I know its all very new (we haven't even had our confirmation meeting yet), but wanted to tuck away this "credit repair" agency notion for down the line when we're settled into our payment plan. We've re-affirmed our home and a car, so we are making on time payments, and had excellent credit up until the day we filed.
How do you find these agencies that help to repair credit, what do they charge, approximately, and how can you check that they are legit? Does anyone have a national recommendation for agencies that can help, or are agencies only licensed to operate in certain states? It they are state-driven, does anyone have a Colorado recommendation?
Thanks so much for the info,
Mile High

I will have to agree with some of you. I filled in 2006 and bought a house, car, and got credit cards.

To Mile High - in Debt,

I'll suggest you to check out the page: "ftc.gov/bcp/edu/pubs/consumer/credit/cre13.shtm" in order to know all about credit repair. I hope this will help you.