0
Is a bankruptcy removed from credit files based on when filed or when discharged?
Wiki User
∙ 14y ago
It takes 7 years from when a bankruptcy is discharged for it to drop off of a credit report. Yes this question has been asked and answered, in many forms, specifying which State, thousands of times here. First, it makes no difference which State your in...credit reporting is universal. IT IS COMMONLY SAID THAT BK REMAINS ON A CREDIT REPORT FOR 10 YEARS, FROM DISCHARGE. WHILE IN SIMPLE TERMS THAT IS ESSENTIALLY TRUE, the below hopefully explains it better. Credit reports are really simply a private information service using many sources, including participating members...they simply report the historical actions of record. If you were late on a payment, and it was reported, the fact that you paid it later, or had reason, whatever, makes no difference...they report history of what happened. They do not determine your credit ability, that is determined by the lender using (hopefully accurate) information. Many lenders don't really care much about a BK from say over 7 years at all, especially if those 7 years have pristinecredit... but credit lates/etc. AFTER a BK can be even more detrimental. And in fact, it is fair to say the BK begins to mean nothing compared to more recent financial activities the older it gets....and your recent late pay, lack of income, or whatever, simply gives you bad credit without a BK in the past. Credit reports are purchased by someone/thing for a fee and the request is generally made for certain standard formats...for certain things for certain periods. Standard reports cost less than custom ones..but custom ones are also available if the lender/reviewer wants to see them. (They can include things like criminal records, education or employment info, if wanted...it is just whatever research and information you want to pay for getting). Generally, the shorter the term and less information requested in the reports costs less. Standardly, a credit report will include Bankrutpcy filings for the last 10 years (from discharge date). If a lender only cares about 5 years history, which costs less, then that is all they would order and all it would show. Bankruptcy, as a matter of a Federal Court records/process is a matter of public record, and available to anyone or service that cares to look, for much longer than the 10 year standard.
Wiki User
∙ 14y ago
Add your answer:
Earn +20 pts
If your credit score is 535 after filing a chapter 7 bankruptcy that is not discharged will it lower more when the discharge becomes official?
Your credit rating after bankruptcy is based on a number of factors. Many people are consider a good credit risk after bankruptcy if they have no debt and a job. Visit my web site for an article on rebuilding credit after bankruptcy: http://www.chs-law.com/2005/05/rebuilding-credit-after-bankruptcy.HTML.AnswerMy score raised from 530 to 572 when I received my chapter 7 dicharge.
Can a creditor like Citibank keep records of a discharged bankruptcy from twelve years ago in their files and deny you credit based upon that information?
Yes. Any financial institution can deny credit for any reasons that meet their lending criteria. The fact that the BK is removed (or should be) from a credit report after the required amount of time does not impose a legal obligation upon any lender to issue credit to any person.
Can you file bankrupcty against a judement?
If the judgment was based upon a debt that would be discharged under a Chapter 7 bankruptcy, yes.
Can a judgment that was discharged be reinstated 2 and a half years after the chapter 7 bk judgment was included in the bankruptcy?
It depends on the specific circumstances and laws governing bankruptcy in your jurisdiction. Generally, once a judgment is discharged in a Chapter 7 bankruptcy, it cannot be reinstated. However, if there were any exceptions to discharge or if the judgment was based on fraud, it could potentially be reinstated. It is best to consult with a bankruptcy attorney for guidance specific to your situation.
Ex husband is filing for bankruptcy do you still have to pay child support for your 19 year old son?
In general, child support is based on net income - child support obligations are not discharged in bankruptcy.
What is your credit score after filing for bankruptcy?
Credit scores are based on the consumer's overall credit history. Needless to say bankruptcy has a very negative impact upon one's score and will continue to do so for the ten years it remains on a CR, and perhaps much longer.
When answering a deficiency judgment complaint can you also ask for dismissal of the case based on personal insolvency?
Insolvency is not a defense to a complaint for a foreclosure deficiency. If you have filed bankruptcy and the debt was discharged, that would be a defense.
What If There Is A Bankruptcy Or Bad Credit In My Companys Or My History?
Normally this is no problem. The invoice factoring company focuses on the credit-worthiness of your clients, not to your credit score. If you have good customers, invoice factoring firm can offer capital based on their credit-worthiness rather than yours.
Resolving Debt With A Personal Bankruptcy Lawyer?
Consumer debt, such as credit card or medical debt, plagues many consumers. This debt can leave many struggling to make ends meet and not being able to pay off the debt. This can leave many consumers wondering how to resolve their debts and reclaim their lives. A personal bankruptcy lawyer can help consumers who have accumulated debt to reduce or remove their debts by filing bankruptcy. They can help to determine which type of bankruptcy must be filed. The two types that are most commonly used for personal debt are Chapter 7 and Chapter 13 bankruptcy. Chapter 7 is often chosen if the debtor has income, or future income that may be used to help to repay the creditors. During Chapter 7, debts are generally not discharged, but may be reduced in an attempt to repay them. Chapter 13 bankruptcies often grant full discharge of debts that are owed to a creditor or to a number of creditors. There are often some fees that occur when filing for bankruptcy, such as the fees that must be paid to a personal bankruptcy lawyer. These fees may be based on a sliding scale or part of a flat fee that will include attorney costs and court filing costs. During the bankruptcy process, a lawyer will ask for all financial information such as income, assets and other credit related information. This can help them to determine what to include in the bankruptcy and what should be excluded. Once the bankruptcy has been filed, many states require that a course be taken to help consumers better learn to manage their finances and plan a budget. This is often taken online for a fee, and proof of completion may be required in order for the bankruptcy to be granted. Laws for bankruptcy may vary between states, so it is important to consult an attorney who is versed in state bankruptcy laws. Not all debts may be discharged under bankruptcy so those seeking to resolve their debts in this manner may need legal advice on which debts cannot be removed. Bankruptcy may have negative consequences such as a lower credit score or difficulty in obtaining credit or loans for a period of time after the bankruptcy. It is important after resolving debt with a personal bankruptcy lawyer to begin to build credit in a responsible manner to avoid further debt.
If you have already filed for bankruptcy will your credit go up if your parents add you to their credit card account?
A consumers' credit scores are calculated based on ALL the information showing in their credit report. It would be impossible to guess the impact of one account on the whole without extensive information.
Can bankruptcy affect getting approved for a student loan?
almost all loans are based upon credit history. bankruptcy negatively affects credit history, therefore, it may make it more difficult to get a loan. Look for more info here: http://www.salliemae.com/
Filed for bankruptcy 8yrs ago and not credit card since should I get credit card now to esatablish credit score and how long will it take to build this up to be able to remove bankruptcy from credit?
Normally the bankruptcy will remain on your report for 10yrs. The longer it is on your report the less impact it has on your score, although still an eye soar to potential creditors. I would recommend establishing one or two cards to build up your credit. Orchard Bank and First Premier are two of the easiest approval cards. Also, I would recommend establishing a secured loan with a small credit union that report to the 3 credit agencies. On the credit card(s) try to keep the balances below 35% if the credit line. A good credit score is also based on various types of credit, not just revolving credit (Credit Cards).
