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Question By
Racheleighc

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Will a bankruptcy come off automatically?
I had a bankruptcy (ch 7) filed in Sept. 2004. It is now Oct 2014 and therefore should be coming off my report. Will it do so automatically? If so, when? If not, do I need to contact all three credit report companies? Thanks!

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Top Contributor
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It should, but then when is the last...

Helpful to 64 out of 84 people

Time things worked as they should?

If they don't fall off at the 10 year mark, you can definitely call us the big 3 and have them expedite the matter. They aren't under obligation to do so, but they are under obligation to report only 100% factual data.

Meow to you

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Reply by
Ladel90

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Hey guys, there is something y'all need to know right now before it is too late, to get a repair. Lexington Law is a huge rip-off scam. They tell you that they will fix your credit, they make very big promises to get you to sign their contract. You pay the monthly payments and getting nothing in return. I used them for over a year and 8 months and my credit scores actually went down. We had a very sick child and had a lot of medical collections and because they inquired about those to try and dispute them it basically quote refreshed the debt thus making our scores lower. We were young and dumb back then. I recommend 90creditspecialist @ g m a i l . c  o m. He is a genius, get through with him today and you will be glad you did. He saved us from Financial ruins and bankruptcy...He deleted all the hard inquiries, BK on our credit report and then proceeded to improving our credit score to the early 800’s 

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Automatically.

Helpful to 382 out of 415 people

You dont have to do anything specific to get it removed after the seven- or 10-year reporting period is up. “It’s automatic,” says Griffin. “We track the filing date and we will delete the public record automatically.” says Rod Griffin, director of public education for the credit reporting bureau Experian.

Reply by
NSR007

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Helpful to 222 out of 304 people

What determines if it stays on for 7 or 10 years? Some websites say it stays on your record for 7 years, others will say its 10.

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Reply by
ernestf01

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1333 People Helped
Helpful to 120 out of 174 people

Not believe regular bad credit drops off from the date it became late. But have seen companys intentionally not report accounts late for years. Have seen others sell to bad dept to collection agencys which then report a new late date on the same dept. So they can mess up your credit big time. So best advice is learn what is legal and what isnt legal. As for bankrupcy being a public record believe its 10 years, I had no choice when I became disable because my current expences were 4 times more than my disability social security income was and I was 100 percent paid in. So unlike a lot of lenders think not all bankrucpys are signs of bad borrowing habits. Stuff happens. Just dont worry about bankrupcy. If its 10 years dispute it on the discharge date or after that date. As for how to rebuild credit. You can start with secured cards. work way up to annual fee cards then to none annual fee cards. Once got at least 2 none annual fee cards allow them to get so age and start droping the fee ones. This will hurt your current credit history but the good news is if paid on time they will stay on credit reports for quite some time. So helps the over all amount of credit history. So points will drop but they will allso recover some as well

Reply by
1229cccc

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Helpful to 93 out of 119 people

how do you know if it is the 7 or 10 years for the bankruptcy to come off of the account?

Reply by
123cath

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3 People Helped
Helpful to 3 out of 5 people

Not true that its automatic  it was ten years last month still on the books. What can I do?

Reply by
zinzel23

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7 People Helped
Helpful to 7 out of 10 people

Well, my Bankruptcy should have dropped off "automatically" 5 months ago. Now what do I do?

Reply by
truongnguyen

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Helpful to 14 out of 22 people

7 or 10 years ? how many years exactly ?  I had a bankruptcy (ch 7) filed in Oct. 2008; When it going to be removed ?

Reply by
DebtReallySucks

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Helpful to 2 out of 3 people

That is what's supposed to happen, yes. However, it's imperative that you keep a look on your reports just to follow up and make sure it falls off because that has not been the case with everyone. That is actually what I use CK for, mostly. Just to keep track of inquiries and/or any changes on my reports with the different bureau's.

Reply by
giggahertz28

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Helpful to 1 out of 1 people

Chapter 7 will be removed 10 years after the Filing Date. Chaper 13 can report for 10 years but would be removed after 7 years

Reply by
JenniferPheonix

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Helpful to 1 out of 2 people

Enter Your ReplyIf this is true why is my 17 year old bankruptsy still showing on my report?

Reply by
bekah69

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3 People Helped

Mine was 8 years ago and it didn't come off automatically. I had to ask for it to be removed. Then my credit score dropped 50 points !!

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Concerning Bankruptcies

Helpful to 46 out of 58 people

Typically Bankruptcies will stay reported on your Credit Report for 10 years (per  Fair Credit Reporting Act (FCRA) ). However, fortunately, most of the Credit Reporting Agencies will remove then after 7 years has passed. This is also true regarding paid collections or other similar negative information on your Credit Report effecting your Score negatively. Bankuptcies are Public Record/Information, therefore you can easily find and check them out yourself using Public Access to Court Electronic Records (PACER) system. 

Please note that most accounts included in the file will be removed prior to the actual Bankruptcy. The great news is that the Credit Agencies track these and remove them for you automatically. So no need to contact them yourself. Just during this period, it is vital to ensure what is on  your report is accurate.

It is very important to note that once your bankruptcies is removed to begin rebuilding and reestablishing credit history. One suggestion is taking advantage of using a Secured Credit Card. While this will avoid debt because you are securing the credit card with your own monies, it is important to treat it the same as a unsecured credit card. The reason is because it also gets reported to the credit agenies. So use it wisely, pay on time, and manage well. 

Hopefully this information is useful and addresses your question, which was a great one!

Reply by
bwell99

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Helpful to 30 out of 35 people

You can start rebuilding your credit the day after it discharges. I bought a brand new truck and picked it up as I came from the courthouse with my discharge paper. There are unsecured ways to rebuild also. First premier, credit one and capital one. But you are going to pay a hefty fee. It's been 3 years and only 2 accounts on my credit report even mention BK. They've all dropped off. I've learned the long hard way and a lot of reading and asking questions but finally at 50 I'm getting a handle on budgeting and good credit. 

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Reply by
Ladel90

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Helpful to 0 out of 1 people

I was thinking of applying for a bankruptcy form because i have no other options, I’m on a fixed income and cannot afford new things like auto loan, mortgage loan. My insurance premiums increased and the interest rate has hindered me from getting some benefits and securing a job I wish. I came across a comment of a man on a blog giving kudos to EXCELLENT REPAIRS for job well done in clearing off his debts and fixing his bad credit report. I took a risk by hiring him to fix my credit. I’m happy to tell you that my credit was fixed within 5-6 days by this exceptional credit expert. I was impressed by his work and that’s the reason I’m recommending him as well. You can reach him at yatesnovakovic @ g m a i l . c o m 

4 Contributions
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ka

Helpful to 20 out of 23 people

when you be able to buy house after   bankruptcy  chapter 7

Reply by
bwell99

6 Contributions
40 People Helped
Helpful to 6 out of 9 people

When your score reaches 640...

Reply by
TWDesigns

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Helpful to 3 out of 5 people

3 years is what all lenders told us while looking for a house. At the 3yr mark we were able to get a home loan with no problems.

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Reply by
Random789644

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Helpful to 4 out of 6 people

Chapter 7, see above... generally 2-3 years after discharge, you can get a home loan as long as you have a fair credit score (reputable VA/FHA lenders usually require at least 620 averaged across all three bureaus for traditionally-built homes, and an average of 640 or better for pre-manufactured homes.) No down payment is requried for VA and/or FHA loans. VA/FHA loan rates are generally 2% above prime.
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For conventional loans, you'd be best to have a score of at least 725-750 (average FICO score across all 3 bureaus) and be prepared to have at least 20% of the price to put up as a down payment.. if you have a Chapter 7 that's less than 7 years old, be prepared to put up even more as a down payment and to eat a higher interest rate.

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It *is* possible to get a mortgage with a score average as low as 580, but be prepared to pay a higher interest rate, pay a huge down payment, etc.

Reply by
bobbiej117

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2 years w FHA 4 years conventional

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Reply by
Ladel90

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I was thinking of applying for a bankruptcy form because i have no other options, I’m on a fixed income and cannot afford new things like auto loan, mortgage loan. My insurance premiums increased and the interest rate has hindered me from getting some benefits and securing a job I wish. I came across a comment of a man on a blog giving kudos to EXCELLENT REPAIRS for job well done in clearing off his debts and fixing his bad credit report. I took a risk by hiring him to fix my credit. I’m happy to tell you that my credit was fixed within 5-6 days by this exceptional credit expert. I was impressed by his work and that’s the reason I’m recommending him as well. You can reach him at yatesnovakovic @ g m a i l . c o m 

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Removing Bankruptcy

Helpful to 121 out of 189 people

You've asked a great quuestion. But the truth is once your bankruptcy has been discharged it can be removed the following month. Credit reference agencies are not government operated companies. Instead they are privately owned companies that makes money off of what is being reported on your credit. I know this can be hard to beleive. But it's more than true here is my website, check out this information and be the next person on their way to credit success. 

myfes.net/amiles

Reply by
easternstates

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Helpful to 9 out of 10 people

How do you get it removed totally?

Reply by
ehalaska69

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Helpful to 2 out of 3 people

Enter Your Replyyour website had noting to do on how to get it the follingmonth sorry!!

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Reply by
Ladel90

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Helpful to 0 out of 1 people

I was thinking of applying for a bankruptcy form because i have no other options, I’m on a fixed income and cannot afford new things like auto loan, mortgage loan. My insurance premiums increased and the interest rate has hindered me from getting some benefits and securing a job I wish. I came across a comment of a man on a blog giving kudos to EXCELLENT REPAIRS for job well done in clearing off his debts and fixing his bad credit report. I took a risk by hiring him to fix my credit. I’m happy to tell you that my credit was fixed within 5-6 days by this exceptional credit expert. I was impressed by his work and that’s the reason I’m recommending him as well. You can reach him at yatesnovakovic @ g m a i l . c o m 

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Bankruptcy

Helpful to 69 out of 86 people

If it were me (and it will be soon), I would absolutely call AND write all 3 credit reporting agencies requesting all bankruptcy info be removed ASAP (attaching a copy of the discharge paper wouldn’t hurt either).  Time is up, 10 years and 1 day is 1 day too long.  I definitely would not "wait to see what happens".  

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Reply by
RichardBBB123

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Helpful to 89 out of 118 people

My Ch7 file date was 12/30/2004 so, from everything I read, I expected it to drop at the 10-year mark - 12/30/2014.  But the Ch7 fell off of my Experian report on 9/20/14 and it fell off of my Equifax on 11/1/14.  The last report it fell off of was Transunion on 11/26/14.  

I also read several times that if all other credit is good during the 10-year period then the Chapter 7 has less and less effect.  I believe that to be true because I was able to obtain great auto loan rates and credit cards that are normally difficult to get like Discover.  But I knew the Chapter 7 still affected my score but wasn't sure how much.  My experience, when it finally came off of my TU report, was my score went from 700 to 726.  It was terrific to see a 26 point jump.  I have credit cards that now show my FICO score so I look forward to seeing the change with those soon (they pull from the other credit bureaus, not TU).

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Reply by
formula1129

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'Time is up, 10 years and 1 day is 1 day too long'

I dissagree! The reason that credit interest rates are so high is because people think they can rack up $50k in credit debt, buying big screen TV's, expensive furniture, clothes and cars, and the file bankruptcy and keep all that stuff!

Personal responsibility people! 

Reply by
Retired170

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Enter Your Reply

I have just mailed letters to all 3 credit bureaus a couple weeks ago, requesting that my 8 yr old Chapter 7 bankruptcy be removed.  One sent back a "you requested our "dispute" process" (which was not what I requested) and I haven't heard from the other two.  I have scores above 700, only one secured credit card that I have only 6% usage on, and a home equity loan that is 60% paid off in 40% of the loan term.  I have no mortgage or car payments and no other debt at all.  I am hoping to get this bankruptcy removed sooner than 20 years.  Any advice?  THanks!

1 Contribution
10 People Helped

Helpful to 10 out of 10 people

I bought a house 2 year after a chapter 7. So there is hope

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Bankruptcy

Helpful to 9 out of 11 people

What do I do to have the my bankruptcy removed

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Reply by
formula1129

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Helpful to 0 out of 28 people

pay the money back that you borroed/put on credit!

answer me this... if somebody borrowed money from you...would you want them to pay you back?

Reply by
steffiesguy

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Helpful to 4 out of 4 people

Formula 1129 is not correct.  I had numerous account that had no balance and were paid in full, including a car loan home loan.  Despite that per federal law, the accounts are marked "included in bankruptcy". While factually correct, the accounts were open at the time of the bankruptcy filing, I argued that it is a misrepresentation to show a derrogatory mark on onl'e credit for accounts that were paid in full and otherwise not an issue with the bankruptcy.  I repeatedly filed disputes with each credit agency and even a complaint with the FTC to no avail.  The credit agencies reports and credit scoring is not perfect....

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Reply by
Jensetter04

372 Contributions
2 People Helped

I was thinking of applying for a bankruptcy form because i have no other options, I’m on a fixed income and cannot afford new things like auto loan, mortgage loan. My insurance premiums increased and the interest rate has hindered me from getting some benefits and securing a job I wish. I came across a comment of a man on a blog giving kudos to EXCELLENT REPAIRS for job well done in clearing off his debts and fixing his bad credit report. I took a risk by hiring him to fix my credit. I’m happy to tell you that my credit was fixed within 5-6 days by this exceptional credit expert. I was impressed by his work and that’s the reason I’m recommending him as well. You can reach him at sgiacalone03@ g m a i l . c o m, He’s name is Steve Giacalone… You will be glad you did

4 Contributions
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Bankruptcy Removal From Credit Reports

Helpful to 6 out of 7 people

They will not take that off your report for 10 years to the day so make sure that the exact day of your dischage is correct. If you have a copy ot the discharge and its been 10 years then send each credit bureau a copy of that paper and your Current credit report to them by certified mail and tell them they are required to remove the item by law and just wait and I am sure you will get it removed and a fresh copy of your report reflecting the difference. Hope this helps you out. 

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Reply by
Ladel90

53 Contributions
15 People Helped
Helpful to 0 out of 1 people

I was thinking of applying for a bankruptcy form because i have no other options, I’m on a fixed income and cannot afford new things like auto loan, mortgage loan. My insurance premiums increased and the interest rate has hindered me from getting some benefits and securing a job I wish. I came across a comment of a man on a blog giving kudos to EXCELLENT REPAIRS for job well done in clearing off his debts and fixing his bad credit report. I took a risk by hiring him to fix my credit. I’m happy to tell you that my credit was fixed within 5-6 days by this exceptional credit expert. I was impressed by his work and that’s the reason I’m recommending him as well. You can reach him at yatesnovakovic @ g m a i l . c o m 

2 Contributions
4 People Helped

Helpful to 4 out of 4 people

If it does not fall off then you write  dispute. 

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