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how long before a bankruptcy is removed from my credit report?

Oct 07, 2016
Helpful to 49 out of 51 people

Not quite 10 years... if it's Chapter 7, it's ten years from being granted. If it's Chapter 13, it's only seven years from filing date.

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how long before a bankruptcy is removed from my credit report?

Oct 07, 2016
Helpful to 49 out of 51 people

Not quite 10 years... if it's Chapter 7, it's ten years from being granted. If it's Chapter 13, it's only seven years from filing date.

how long before a bankruptcy is removed from my credit report?

Oct 07, 2016
Helpful to 22 out of 22 people

I actually went and looked it up - depends on which type of bankruptcy you got. For Chapter 13, it's seven years (since you partially repaid debts). For Chapter 7, it's ten years from date granted (since you didn't repay anything).

Why does my Equifax score on CK and the # a Creditor saw on my report differ by 100+ points?!

May 18, 2017
Helpful to 13 out of 13 people

1) CK uses the Vantage 3.0 scoring model, whereas most folks use FICO. The Vantage model is (usually) good enough to show improvements (or detriments) over time.
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2) CK contacts two of the three bureaus - Equifax and Transunion. The third bureau, Experian, doesn't share with anyone, and demands that you pay them a monthly fee to see their stuff. Experian may have your score so low that it dragged down the average, so you may want to get a copy of their report on you (just don;t get suckered into their introductory offer thingy and end up paying a $30/mo fee...)

1st time auto insurance buyer

Aug 19, 2016
Helpful to 7 out of 7 people

Depends on where you live, how old you are, your marital status, the vehicle (not its price, but type, age, etc) and your traffic record. If you're a 19-year-old single guy in New York City who had an accident and three tickets in the past two years and want to insure a shiny new Mercedes Benz, you will pay through the nose. If you're a 50-year-old empty-nester in BFE Wyoming with a perfect record and driving a beat-up old 2002 minivan, you'll pay next to nothing. When I was a punk kid in uniform stationed in Las Vegas, single, and driving a brand-new Jeep Wrangler fresh off the lot? My insurance payment was practically as big as the loan payment. Now I live in rural Oregon and drive one of two used vehicles that my wife and I own free and clear... and I pay more for cigarettes each month than I do for full-coverage insurance on both vehicles (that is, practically nothing). Long story short, you're probably going to have to ask an insurance agent (or two, preferably 3-4 different ones so that you can get some quotes and find the best price/coverage/etc.)

Filed chapter 13 because of identity theft but just bankruptcy shows

Aug 17, 2016
Helpful to 10 out of 11 people

Note that sometimes you cannot convert a Chapter 13 to a Chapter 7. It all depends on your income and (to a smaller extent) the debt totals. 

Why do my credit scores go down when I make all payments on time and for more than the amount due

May 18, 2019
Helpful to 5 out of 5 people

Something to keep in mind... Credit Karma uses the Vantage scoring model, while nearly everyone who lends money uses the FICO scoring model, so I wouldn't sweat it too much.

How long does it take for a bankruptcy chapter 7 to come off your credit

Sep 18, 2017
Helpful to 9 out of 10 people

It should have went away for certain in 2014 (for Chapter 7 bankruptcy). Contact the credit bureau and ask what's going on.

Filed chapter 13 because of identity theft but just bankruptcy shows

Aug 18, 2016
Helpful to 9 out of 10 people

FYI - a Chapter 13 is not a consolidation of debts. Instead it reduces overall debt down to a certain fraction of what you owe overall. It does this by telling creditors of secured loans to (unless negotiated otherwise by the debtor) take their security and go away (e.g. a mortgage company who foreclosed on your home has to remain satisfied with only the money they got from auctioning off the house, and can no longer come after you for any shortfall.) Certain other unsecured loans may be written off as well, though I forgot what factors into that but of it. 

The rest does go into a repayment plan, but it often does not repay the entire debt (even after you discount secured-loan creditors who got told to bugger off).

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Now - that said, there are instances where a Chapter 13 can at least cut down the bleeding, and in some rare cases actually help your credit score. If you have a mortgage and auto loan which you and the court exempt from the bankruptcy proceedings (you're allowed to do this if the loan(s) are current), you still get good credit for continuing to pay those loans off faithfully, while the bad debts are halted and no further bad-reporting damage is done. You'll still get the hit of a bankruptcy entry on your credit report, but sometimes it's a lesser evil when compared to numerous creditors who continue to insert derogatory entries month after month. 

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Either way, always talk to a lawyer and make your decision based on your circumstances before using/avoiding bankruptcy.

Trends by Age

Oct 10, 2016
Helpful to 38 out of 48 people

Simplysue2u - FYI: Not always 10 years. A Chapter 7 bankruptcy stays on for 10 years, but a Chapter 13 stays on for only 7 (seven), due to the fact that you partially paid off the outstanding debts.

How to build credit during Ch 13?

Apr 27, 2018
Helpful to 4 out of 4 people

Actually, there are a couple of instances where your credit improves during a Chapter 13...

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* If you have any negative marks that are/were two years old (or older) when you filed, they'll be gone by the time the bankruptcy is discharged.

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* If you kept the house and car (as long as there's no foreclosure or repo, this is doable), and continue to faithfully make payments on both, these will improve your credit score. 

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* If you need a car, and can justify it to the trustee, you can shoot to get an exemption and get a car loan (just note that the interest rate will suck, and don't expect to buy something shiny and new, but if you do it right, it can add to your good credit. 

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Note that these are not silver bullets, and are not panaceas, but they can and will help. By way of example, my FICO score was in the low 500s when I was forced to file in 2010. Upon successful discharge in 2015, it was 611. The moment I got the discharge (late 2015), I was able to get a $500 limit Capital One card. Three months later, my score was 694 - plenty high enough to close on a VA loan. Now, my FICO score hovers around 800, and the card limit is $6500. I have no other cards (don't need any). 

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Mind, this is not bragging at all - I'm telling you this because there is light at the end of the tunnel. :)

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