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Aisharice23

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9 People Helped
I have a question about collections on credit report after chapter 7 bankruptcy
I filled Chapter 7 bankruptcy and I see in my credit it's still has four accounts under collection but it also states Chapter 7 bankruptcy. Do I have to pay them money or will those collections come off once Chapter 7 is off of my credit report. I recently received a new collections account from the Illinois Tollway. It also states Chapter 7 bankruptcy on the collection. This made my credit go down 17 points I am just trying to figure out should I pay them the $284 or will this be took it off of my credit once Chapter 7 is charged off. Thank you for your time and help

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Don't pay as they have/will be discharged.  You bet your credit score will  go down significantly and a lot more than 17 or so points.  More like 100's of points.  After 7 years the creditors names will be removed but the bankruptcy stays on your record for 10 years.  Mine will finally be off in 2 months.  I worked really hard to re-establilsh good credit and now my credit scored is 727.  I also just got an interest free car loan because of excellent payment history.    It took a couple of years before I even got another credit card and it was a very low balance and high interest rates. Good luck and be patient as it will take time to re-establish your credit.

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Helpful to 9 out of 10 people

After filing for Chapter 7, don't pay anytning that you included in your bankruptcy filing. After your discharge, immediately try to establish a credit card. You will be issued one that has a low limit (probably no more than $2,500) and it will have a high interest rate (likely above 20%).

But gut it out.

Use the credit card sparingly but please do use it. Pay it off EVERY month. So just limit yourself to charging no more against it than you truly can pay. You are doing this to establish CONSISTENCY, responsible credit discipline and managing your spending habits.

You've been forgiven of your debts....of course it's going to take time to resestablish credit worthiness....but it DOES happen!!!!

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Thank you

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