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Question By
Spotsylott

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0 People Helped
how long for bankruptcy to fall off and how much does it impact my score
I will be at 7 yrs post bankruptcy in December.

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10 People Helped

Helpful to 10 out of 12 people

Chapt 13 stays on credit report for 7 yrs. Chapt 7 stays on your credit report for 10 yrs. The impact of the deragatory remark on your credit report will diminish over time, but that's based on whatever  formula is used for FICO. Also note that there are 28 FICO scoring models based on the type of loan (car, home, revoling credit/credit card, insurance, etc.). Keep that in mind when someone says "my FICO score". The deragatory remark should fall off automatically. If not, contact the reporting agency and dispute the information and they should remove it.

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128 People Helped

cle81

Helpful to 128 out of 145 people

I called Transunion myself and the man pulled up my report and said my chapter 13 bankruptcy is showing that it will be DELETED on July 21st, 2013. I filed in 2006. It was paid and completed and discharged in Aug 2012. He specifically told me it it 7 years from date of filing on a chapter 13.

2 Contributions
255 People Helped

Helpful to 255 out of 281 people

I'm 3 years post BK.  I've had 100% on time payments for the past 2+ years.  My Score post BK was 409!!!! it's now at 652.  Right after BK I got a car loan (With a very high interest rate), and opened a few credit cards (With very high annual fees) .  I have now about 7 lines of credit.  With no more balance on them thatn I can pay off in 1 month's time. 

My BK was due to the financial pitfalls of a divorce, shortsale on a house, and an auto accident all within 18 months.   

I bought a new house on Land Contract 1 year to the day after my Chapter 7....I am qualified for a 2nd "Vacation Home".

3 years ago was the worst time of my life, and I felt like everything was coming unglued.  But with the garnishments stopped, a good car to get me to work, and the support of my loved ones...I've been able to rebuild my life from scratch.

I filed my Chapter 7 "Pro Se"  and had the whole thing done and over with for under $500.  Every Lawyer I spoke with wanted a minimum of $1500 just to talk to me.  It was easier tan they say.  I included every creditor I could think of. 

It's a tough Road, and it's been a challenge every stepof the way.  Even now with the mortgage qualifying it's been tough.  but..if you're a fighter, it's worth it.

Reply by
MsBabs38

1 Contribution
8 People Helped
Helpful to 8 out of 19 people

What's Land Contract?

Reply by
emglime

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57 People Helped
Helpful to 57 out of 67 people

Land Contract is where someone that doesnt have an established credit history or a negative credit history gets financing direct from the home seller rather than a bank.

Reply by
patpaws

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43 People Helped
Helpful to 43 out of 56 people

Had a bankruptcy over 15 years ago and worked my way up slowly.  When I moved, I couldn't sell the house for what I needed because it had a 2nd mortgage (bad idea).  I learned a lession and now even as retired person have excellent credit.

Reply by
Korrifields

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0 People Helped

Can i have your attorney's name? I would love to hire them! 

Reply by
Lmdgraph

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2 People Helped
Helpful to 2 out of 2 people

Whom did you file with name and number please I need him too

Reply by
james23yoa

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0 People Helped
Helpful to 0 out of 1 people

I would like to know who did it for under $500 because I think I may have to go that route.

Reply by
NewBunny

1 Contribution
0 People Helped

That is insane to have a BK and then slam yourself with all the new debt. Why are you in such a hurry to destroy yourself again? Slow down. Enter Your Reply

Reply by
michele720

1 Contribution
0 People Helped

Due to a divorce I filed in 2009 and I  just bought a House in July! Interest rate 4.3 FHA..only 3.5% down and some inspections! Couldnt be happier! My credit score was 698-705 through the mortgage process!  I agree it was definetly a challenge, and I felt ashamed for awhile. I  only opened 2 credit cards , bought a car and refused to let anyone else run my credit for years!  

Reply by
rockit2u

1 Contribution
0 People Helped

You have a second vacation home and filed for bankrupcy? I don't feel sorry for you, your not really struggling if you can have ONE vacation let alone TWO besides  your one main regular house that most people can barely get and keep nowadays. I think you need some more realty humility!!!

Top Contributor
2698 Contributions
1029 People Helped

Helpful to 110 out of 117 people

10 years to fall off for a Chapter 7 and 7 years for a Chapter 13.  After a Chapter 7 discharge it possible to be over 700 after three years by rebuilding credit.  The falling off of the derogatory remark will add more points to your score.  Good Luck.

Reply by
umichalumni

1 Contribution
26 People Helped
Helpful to 26 out of 38 people

What is the best way to build credit quickly after filing Chapter 7?

Reply by
MrsTadpole

1 Contribution
41 People Helped
Helpful to 41 out of 49 people

Is the 10 years from Filing Date or Discharge Date?

8 Contributions
62 People Helped

Helpful to 19 out of 26 people

Chapter 7 is 10 years.  How long it takes to fix it depends on many outside variables.  If you defaulted on everything for a year, it would take much longer to rebuild your credit than if you were just starting to get behind and filed.

As far as you people trying to have credit cards and bankruptcys removed before their expiration date (10 years from the approval date with chapter 7), you would have to prove that it was a mistake on the part of the creditor or the courts.  You could be liable if trying to remove negative information on your credit report by lying.  It never hurts to ask...just do it in an honest way.  Lets face it...most of use deserve the dings we have accrued while growing up.

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15 People Helped

Good Question-How do you after BK?

Helpful to 15 out of 27 people

There is no doubt that after 10 years from filing bankruptcy, Chapter 7, you can remove the "bankruptcy judgement" from your credit report. However, nowhere in my research have I received an answer for the following question: "When, AND can you remove each credit card showing the account was discharged through bankruptcy?" I know there are statute of limitations that vary from state-to-state on the amount of time that negative remarks/late payments can show on your credit report. I was just wondering if this also applies to accounts that have been discharged in bankruptcy?

I also noticed the "date of last activity" on a few of my discharged accounts show as recent as this year, when in actuality, all activity had ceased at least a few months prior to filing for bankruptcy (2009) - the absolute latest date should be month/year when bankruptcy was discharged (I knew better then not to even contact a creditor, as this may be used against you as last activity date). I can only assume the "date of last activity" does matter (?), in relation to the amount of time it will take to drop off from my credit report. Does anyone know if these dates can be disputed or if it even matters? I would greatly appreciate an educated response - thanks for your help!

Top Contributor

Reply by
abrenneman6

13 Contributions
94 People Helped
Helpful to 14 out of 18 people

So to answer your question

the negative accounts will fall off seven years after they stop reporting you negative, you may need to file a dispute to have them removed if they don't fall off on there own.

Reply by
omaha51

7 Contributions
28 People Helped
Helpful to 9 out of 14 people

The accounts will disappear off your credit report after 7 years.  The bankruptcy itself will take 10 yrs to come off.

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Reply by
RichardBBB123

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412 People Helped
Helpful to 23 out of 25 people

I filed for Chapter 7 on December 30th 2004 but most of the accounts did not drop off of my credit reports until the case was "discharged" in April 2005.  A few accounts still appeared on my profiles after the discharge but I contacted the credit agencies and disputed the items explaining the accounts were included in my bankruptcy.  The accounts were all removed very quickly.  By the Summer of 2005, everything on my credit reports showed current and positive except of course for the Chapter 7.  So, to answer your question more directly, the dates do NOT matter as long as the accounts were definitely listed as part of your bankruptcy filing.

Also, you mentioned the Chapter 7 can be removed after 10 years.  First, it's very rare for you to have to do anything becauser they fall off of your credit profiles automatically.  Secondly, it will be some time less that 10 years.  With Experian it fell off in 9 years, 9 months.  With Equifax, it fell off the first day of the month preceding the filing date.  So, in my case, I filed on 12/30/2004 and the Chapter 7 came off of my Equifax profile on 11/1/2014 (today, and yes, very happy:)).  I checked TransUnion and it's still on there but hoping it comes off sometime this month (Novemeber).

1 Contribution
15 People Helped

BK Bull_ _ _ _

Helpful to 15 out of 23 people

I think it is atrocious that people's situation for getting to BK should be considered.  I know before I filed mine after a messy divorce, child custody battles and medical/lawyer fees I had only one chance (BK).  I had 56 years perfect credit and the sad thing is they only recognize 7 years back to date of discharge of BK.  How is that a fair situation when 56 years is wiped slick and I basically took the hit and bailed out my ex and the mess she left me.  "Sense of fairplay amongst all involved"? 

Reply by
lesleyhoenig

5 Contributions
17 People Helped
Helpful to 5 out of 7 people

That 56 years of perfect credit made a difference as to what your post BK score was.  The good payment history makes a difference.   Someone with a history of not having a good payment history is going to have a worse score after BK.

1 Contribution
4 People Helped

Helpful to 4 out of 6 people

my chapter 7 bankruptcy was discharged in jan 2003. i know it is suppose to stay on my report for 10 yrs but how do i go about getting it removed? 

Reply by
johnbradley77

8 Contributions
62 People Helped
Helpful to 3 out of 5 people

Discharged bankruptcy or discharged debt through bankruptcy (filed for bankruptcy)?  If filed in 2003, wait your 10 years like everyone else.  If discharged bankruptcy in 2003, you need to put a written request to have it expunged to any of the three credit bureaus that still show it.

1 Contribution
0 People Helped

 I filed bankruptcy in 2004 and it was finalized in Sept 2004.  How do I get the credit cards removed from my record?

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3 People Helped

Bankruptcy

Helpful to 3 out of 6 people

My bankruptcy has just been removed from my credit report. It has been over 10 years now. I am about to sign an affidavit to a title company and in its wording it says no proceedings in bankruptcy have ever been instituted by, or against me and I have never made an assignment for the benefit of creditors. Can I sign this now even though it was closed in 2002?

Top Contributor

Reply by
ayala1979

19 Contributions
29 People Helped
Helpful to 4 out of 5 people

If they find out I assume that it could in effect render that affadavit and whatever contract you are attesting to null and void...why lie?

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