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Posted in Bankruptcy
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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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19 People Helped

Not up to date!

Helpful to 19 out of 25 people

My bankruptcy was removed in February of this year. Now, in November, it still shows up on here!!

Reply by
kelli216

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Helpful to 15 out of 19 people

removed as in its been 10 years, or dismissed? that's usually the difference, i'm not very helpful in telling you what you can do if its been 10 years though, rather than just contact the credit reporting sites.

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12 People Helped

7-10 years

Helpful to 12 out of 14 people

Pretty sure the way it works is after 7 years, most creditors don't really pay much attention to a bankruptcy when applying for a loan, even tho it still shows up on the credit report. However, after 10 years, it does automatically come off the credit reports. Probably not to the day, I think it was a month or two after 10 years before mine came off.

Reply by
Lisa925

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Helpful to 3 out of 3 people

You're absolutely right. It is the lender that determines the time period from when you filed your bankruptcy. Whether it is showing on the credit report is null. i.e. if you are getting prequalified for a home loan they will see you had filed bankruptcy. But if it is past 7 years, they will not count it against you. So if it's showing or not, doesn't matter.

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Reply by
Random789644

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Helpful to 2 out of 2 people

Depends - Chapter 7 stays on for 10 years, but Chapter 13 bankruptcies generally fall off after 7.

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Consolidation

Helpful to 9 out of 11 people

I lost my job along with everything else. I finally found a job and need to find a reputable Financial company to consolidate my debt. Please help.

6 Contributions
8 People Helped

Solve and settle

Helpful to 2 out of 3 people

Kimmiebabe how you doing you yourself is the best debt consolidate company . Do not pay anyone since your financial situation is not great just handle the case accordingly . When you start getting money pay off the smallest debt you owe . Then gradually move up to the rest of your debt this is the best way . All in between always call your debt holder first and make offers try to get it settled is a real solution . Also the bigger debt can be lowered getting the BBB involved in the website tell them about certain collections agency holding you liable then wait and a settlement will get made usually the lowest price to pay and be done with them . Then remember the rest of your life do not get involved in debt just live without using anyone else's money and do not borrow at all good luck 

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10 People Helped

Will be 10 years in 2015

Helpful to 10 out of 15 people

Our bankruptcy was done in feb. 2005 and still shows on this report. Would love for it to come off soon!!! Not sure what they use to determine the 7-10 years. 

Reply by
kelli216

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26 People Helped
Helpful to 6 out of 14 people

supposedly on some things 7 years it doesn't show up, like trying to get a department store credit card it no longer shows. but i have an insurance license, and it took 10 years to the day to fall off. but it did:)

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Reply by
RichardBBB123

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Helpful to 26 out of 38 people

Chapter 7 = 10 years, Chapter 13 and bad debt (based on your last late month) = 7 years.

If you FILED for Chapter 7 It has nothing to do with your discharge date that happens a few months after your file date), then the Chpater 7 will fall off of all 3 major credit bureau profiles by the end of January, 2015.

Reply by
smarzig

5 Contributions
6 People Helped
Helpful to 6 out of 12 people

Mine came off a few months early when I disputed them as well as my judgement :)

4 Contributions
26 People Helped

yes

Helpful to 5 out of 6 people

mine came off exactly to the day of 10 years. thank god!!!

4 Contributions
21 People Helped

Helpful to 1 out of 1 people

when you be able to buy house bankruptcy chapter 7

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6 People Helped

bankruptcy

Helpful to 6 out of 10 people

i filed due to a ex having me co sign for a loan they defaulted on.  so i put all my credit cards on it since i was filing. nothing was behind just the loan he had. how bad will this hurt me? will i be able to get things after i am discharged in feb? the attorney i used stated i would be able to.

Reply by
donpettiway

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Helpful to 8 out of 14 people

Yes you will be able to get your credit profile back on track.  Although I would take it easy, review all your credit reports after discharge and dispute anything that does not say IIB.  Then once that is all taken care of I would start out with a secure credit card or try capital one if you did not bun them, if you did I would wait a couple of months to apply for them again.  Just take your time, establish savings and rebuild slowly.  

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10 People Helped

Youth early in debt, HELP

Helpful to 6 out of 10 people

Hey guys so I am 23 and in over my head. Not due to childish actions but just getting the short end of the stick at every turn. At the current moment I have a few dollars to my name. I was just hired full time at a generous pay for what i have been used to. My question is:

Should I file for bankruptcy? I have 1400$ in medical bills, 1000$ phone bill that, and then to top it off the military paid me active pay for too long and wants it back when I had no clue and used to to live off, and thats almost another 8000$, and of course my capital card thats at 750$ with no payments missed. So in total I am a little over 10,000, closer to 11,000$ in debt. My credit is knocked down to a 555.    

I want to utilize this job and the new income to turn things around. I need help guys and I dont know how to handle this on my own. I just want it to change.

Reply by
tdhart

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Helpful to 19 out of 24 people

You're better off paying what you can each month to each item. Even something as little as $10/month to each item will help. I was 26 when I filed for bankruptcy and I'm waiting for the 10 tear mark for it to come off. Bankruptcy will take a long time to recover from for what is really considered a small amount of debt. Unless you reach at least 20k in debt there is no point. My opinion is if you have $200 extra to use each month and 10 items to pay on the report then sent $10 to each of the highest 9 and $110 to the lowest amt until paid off and keep doing that until all items are paid off.

Reply by
donpettiway

7 Contributions
65 People Helped
Helpful to 12 out of 14 people

You have to weigh out the good and bad options.  Bankruptcy is not a bad thing.  I filed when I was 21 and had over 20k in debt due to me being laid off from a good paying job.  I would suggest you talk to a bankruptcy attorney and they can also give you some unbiased guidance on what to do.  One thing for sure is that you do not want to be garnished from no one.  They take 25 percent of your pay after taxes.  Just think about it, you can always rebuld your credit score back to the way you want it.  Living debt free and being able to sleep at night is lovely and that is the ultimate goal in your circustances

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Reply by
1969lincoln

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Helpful to 3 out of 3 people

Enter Your ReplyMy personal advice is to suck it up, 10k or 11k is manageable and if you scrimp and save you will be able to pay it off.   You mentioned military overpaid you for the bulk of  your debt; they will deduct this from your current pay  every pay period, so i don't think you can just bankruptcy your way put of this.   FYI, and this is super important here,  if you are military and have any sort of security clearance, or will in the future, with this job or any other job,  do not claim bankruptcy.  You will not get security cleanrance with a bankruptcy and you screwed yourself out of a job or a promotion.  Hope this helps

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53 Contributions
1390 People Helped

Helpful to 2 out of 3 people

I filed a Chapter 13 in 2006 and it did come off automatically 7 years later in 2013.  It came off rather quickly, too.  While Chapter 7's take 10 years, I think you'll have the same luck.

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