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Posted in Bankruptcy
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Question By
2003linclon

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filed bankrupcy 10 years ago, when does it come off

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Bankruptcy, when it comes off CR

Helpful to 53 out of 54 people

10 years, but allow a month or two for the paperwork to catch up.

[Taxes, student loans, federal or state grants and child support are NEVER included in a bankruptcy.]

Remember, just because it is off your report, any debts you didn't include, (agreed to pay off anyway), are still due. Any debts you didn't list in bankruptcy court will remain for seven years unless you actually paid them.

I say that because many people believe that after the 7 years for a deliquency / collection account, just because it is off your credit report that does not mean the company forgave the debt. Such as utilities, even with the bankruptcy, they may not want to allow you credit ever again.

No fret, even a bankruptcy can be overcome. But if you have since got behind and have collections and past due bills it's still not too bad, just get down to business.

Remember, your allowed one free credit report every year, (all three reporting agencies), Wait a couple months after the anniversary date, and get it - study it - and fix one item at a time, starting with collections, if any.

Even if you need to wait for some cash, (tax return, etc), sit down, call each original debter first and ask if you can pay through them, (if not call the collections agency), ask for a settlement or a payment plan you can afford AND ask them to remove your name from the Credit Report, (rarily, but ask), be kind, calm and a low voice - these people get yelled at daily, their fortay, that is is normal to them, being kind will throw them off their game.

Keep good records of who, when, why you called, the person you talked to, and your agreement. THEN follow through with the payment or payment plan. Otherwise it was a complete waste of time.

I say all this because I too had to file for bankruptcy once, got over it, then divorced and almost needed to do it again. I still only have a 'fair' credit score if that, but my major problem is income, (disabled and living on SSDI). But I've done the above for friends and all but fixed all their credit problems.

Best of luck, and sorry about the long answer.

Reply by
Kell5355

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Helpful to 5 out of 6 people

I, too, am living off of SSDI (disability). I do want to mention that I had student loans that were forgiven when I sent a copy of my Disability Judgement to the lender. I have filed for permanent total disability (will come from Worker's Compensation and add an additional $400/month to my income). Are you saying I can recover from bankruptcy at my current income or that I will need the higher income in order to recover?

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Long time

Helpful to 2 out of 3 people

We filed 8 years ago, and its still on our reports, it's hard to get any credit ! Credit Karma has help me be more aware of whats going on! 

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Bankruptcy

After filing, will I be able to purchase a home?

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Helpful to 4 out of 4 people

Yes, but not right away. From what I've been able to find out, you will not qualify for any mortgages until you've been out of bankruptcy for 24 months. That's the minimum.  Other lenders require 5 years post bankruptcy to qualify. So use the time to rebuild your credit and save money.  

Reply by
hkreizinger

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Helpful to 2 out of 3 people

Just be prepared to not have a house.  You may even have trouble renting an apartment.  These days most everybody, even new employees, check your credit report.  It will take you I'd say maybe 7 to 10 years to get if off.  Good luck.

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