Actually, It never was 7 years. Chapter 13 is 7 years, and Chapter 7 is 10 years (sometimes longer). That regulation is at least 50 years old. Keep in mind however you may only be granted a Chapter 7 Discharge ONCE EVERY 8 YEARS FROM PREVIOUS BANKRUPTCY DISCHARGE DATE (law changed in 10/2005).
Chapter 7 bankruptcy has always been displayed for 10 years. There have been no changes in the Fair Credit Reporting Act which affect that reporting period. But, perhaps further clarification will help. There are four separate sections of a credit report: The personal information section, The "tradelines" (where account information is reported), The inquiry section, and the "public records" portion. Derogatory information in the tradelines is shielded from view after 7 years. It is not uncommon for positive information to remain for 10-12 years. Legal items in the public records portion show for differing time periods established by the FCRA. For Chapter 7 bankruptcy, that time period is 10 years from the date of filing. So, while any accounts included in bankruptcy would no longer show in the tradeline section of your credit report after 7 years, the legal item itself would remain for 10 years. Most current credit reports list when an items will no longer appear on your credit report.
The most significant change to the 1978 statute concerns consumer bankruptcy under the Chapter 7 liquidation provisions.
The length of time a discharged 7 or 13 bankruptcy can remain on a credit report has always been 10 years. A dismissed chapter 13 remains for 7 years a dismissed chapter 7 remains for 10 years. Therefore, no type of clause applies because the requirement has never changed. Bankruptcy laws and credit reporting laws are two entirely different issues.
chapter 7 you can file every 8 years. chapter 7 lasts 10 years starting with the new laws in 2005. since you filed before 2005 your chapter 7 stays on your credit report 7 years as opposed to 10 years.
8 years from the date of discharge of the previous chapter 7.
The chapter 11 of the bankruptcy law permits reorganization under the bankruptcy laws of the United States of America. Chapter 11 is available to every business and to individuals, although it is mostly used by businesses.
Under the bankruptcy laws effective on October 17, 2005, Chapter 7 cannot be filed unless the debtor was discharged from the previous Chapter 7 or bankruptcy more than eight years ago. The debtor cannot file a Chapter 13 unless: (1) the debtor received a discharge under Chapter 7, 11 or 12 more than four years ago; or (2) the debtor received a discharge under Chapter 13 more than two years ago.
10 years. Under the bankruptcy laws effective on October 17, 2005, Chapter 7 cannot be filed unless the debtor was discharged from the previous Chapter 7 or bankruptcy more than eight years ago. The debtor cannot file a Chapter 13 unless: (1) the debtor received a discharge under Chapter 7, 11 or 12 more than four years ago; or (2) the debtor received a discharge under Chapter 13 more than two years ago.
if your still in chapter 7 you have to get out first but you can file again check the laws in you state on chapter 7. laws has chang.
Under the new Bankruptcy laws you must now wait 8 years before filing another Chapter & or Total Bankruptcy as it is better know. You may be eligible to file if eligible a Chapter 13 to structure repayment to those creditors.
Accounts stay on your credit history for seven years. Bankruptcies stay on for ten. * New bankruptcy reform laws have no bearing on credit reportage. A discharged chapter 7 or 13 remain on the report for 10 years from discharge date. A dismissed chapter 7 remains for 10 years and a dismissed chapter 13 remains for 7 years.
Bankruptcy is not part of financial planning. Under the bankruptcy laws effective on October 17, 2005, Chapter 7 cannot be filed unless the debtor was discharged from the previous Chapter 7 or bankruptcy more than eight years ago. The debtor cannot file a Chapter 13 unless: (1) the debtor received a discharge under Chapter 7, 11 or 12 more than four years ago; or (2) the debtor received a discharge under Chapter 13 more than two years ago.
Under the bankruptcy laws effective on October 17, 2005, Chapter 7 cannot be filed unless the debtor was discharged from the previous Chapter 7 or bankruptcy more than eight years ago. The debtor cannot file a Chapter 13 unless: (1) the debtor received a discharge under Chapter 7, 11 or 12 more than four years ago; or (2) the debtor received a discharge under Chapter 13 more than two years ago.