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liatleder

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How can I reduce the effect of bankrupcy
I have a 3 year old bankruptcy on my file, and I wanted to ask if there is anything I can do to remove it? If not, what can I do to reduce the effect of it? I noticed many accounts that were included in the bankruptcy are still reporting, I don't know if perhaps there is something I can do about those...

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Bankruptcy does not immediately remove debts from your credit reports. Those debts will still be reported as part of your credit history for seven years and the bankruptcy will show as a derogatory remark for ten years (Chapter 7) or 7 years (Chapter 13). Bankruptcy is a legal action governed by federal laws so there is no removing it sooner than allowed.

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There is nothing you can do to remove the bankruptcy from your credit report until the time limits have expired (7-10 years).  When you indicate that accounts included in the bankruptcy is still reporting; this needs clarification.   If you are making payments for whatever reason, they they should be reporting.    If you are not making payments and they continue to reflect past due, then you need to discuss with your bankruptcy attorney to cease the additional reporting.   If by reporting, you mean you can still see them, this is correct as they were accounts which were not timely paid and would reflect the date of collection, date of last payment or date of discharge(closed account), whichever is later.   Only time and better credit management will assist you as you move forward.   There are firms who will indeed start to consider you for credit after your discharge has passed by 2 to 3 years.   Then, your payment history on this new credit plays an important factor for other creditors to see your recovery.   You may have to consider a secured card to help you along the way.   Otherwise, read the reviews of the various credit card companies and see positive comments from persons who had received credit after their bankruptcy so that it increases you chance for approval.   Good luck to you on this next go round of credit management.

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