I'm confused as to how long bankruptcy stays on your credit report

[wooisme]

I am very confused as to how long bankruptcy stays on your credit report as a judgement or under that special heading for court or procedures....I always thought that a chapter 13 bankruptcy stays on your credit report for 7 years and a chapter 7 was for 10 years and yet when I checked my credit report it said 2016 which i filed in 2006. was there some kind of new law passed

[Flamingo]

It's 10 years from the date of filing for a Chapter 7; 7 years from the date of filing for a Chapter 13. We had all those screwed up dates on our reports also so the best thing to do is clean up your reports several weeks after your discharge goes through. At the 7 year anniversary of your filing, wait about six weeks and obtain all three of your credit reports. If there is any bankruptcy information remaining, dispute to remove.

[ruger]

Is it seven years after the plan was confirmed or filed in court?

[Flamingo]

7 years after the filing date of the Chapter 13.

[df04527]

It is 7 years from the date of discharge for the 13. 10 years from the date of filing for a 7. There's another thread on this as well - I'll see if I can find it.

I found it: http://www.bkforum.com/showthread.ph...credit-reports

[tobee43]

when i spoke to the trans-union, since i was doing some updating on our credit report, the woman clearly said it's 10 years from our discharge "paperwork" for our 7 and NOT the date of filing?

i told or ask her it was suppose to be on the 7 from the date of filing. she said NO, they work off the actual discharge date? i didn't push it, i mean it's, for us, about a 60 day difference and at this point what difference is another 60 days going to be.

[df04527]

Tobee even the people that work there don't know. It is all automated thank goodness you don't have to rely on a human. Ugh ... I would bet you call back and talk to 5 diff CSR's chances are pretty good they would tell you something different.

[tobee43]

Tobee even the people that work there don't know. It is all automated thank goodness you don't have to rely on a human. Ugh ... I would bet you call back and talk to 5 diff CSR's chances are pretty good they would tell you something different.

no doubt!! but what she told me was they go by the discharge date automatically and it's done electronically!!!!

i didn't want to argue with her...LOL!!! it's like hitting my head against a brick wall. and, what really scares me, is these are the people with the jobs???? and, we wonder why things are so nuts!!

[Pandora]

It is 7 years from the date of discharge for the 13. 10 years from the date of filing for a 7. There's another thread on this as well - I'll see if I can find it.

I found it: http://www.bkforum.com/showthread.ph...credit-reports

ugh... thats BS. So technically its's 10 years regardless. I too thought it was 7 years from filing date - not discharge. Realistically its 12 years for us.... as our credit gets trashed the first 5 years due to Ch. 13... then we get the pleasure of 7 more years added to the mix!

Damn

[df04527]

I wouldn't worry too much about it personally. I see them delete all the time at the 7 year mark. Believe me the bureaus don't take any chances when it comes to the laws as they know they will be sued in a heartbeat and actually I believe it was Equifax that recently lost a class action regarding the letters they send to people about "how" they verify public records.

Fun...

[tobee43]

I wouldn't worry too much about it personally. I see them delete all the time at the 7 year mark. Believe me the bureaus don't take any chances when it comes to the laws as they know they will be sued in a heartbeat and actually I believe it was Equifax that recently lost a class action regarding the letters they send to people about "how" they verify public records.

Fun...

and these place have so much POWER over our lives. it's a shame!

we just hope we are too old and don't need credit anymore!! i can wish right???

[df04527]

So with ya Tobee.....it's ridiculous.

[forgotten]

and these place have so much POWER over our lives. it's a shame!

They actually only have the power to prevent or allow you to be indebted to giant corporations for your entire life, or untill you file BK as we have.

[jange]

Information from the Money blue book and the FCRA, url is below:
•Chapter 13 Bankruptcy - Chapter 13 is also known as a reorganization bankruptcy and differs from Chapter 7 in that instead of forcing the debtor to sell off nearly all of his or her possessions, it affords the filer the opportunity to keep most them and enter into a court mandated payment plan. From the start of filing, the Chapter 13 bankruptcy debt restructuring process takes over a period of three to five years. This type of bankruptcy appeals to individuals who have non-exempt property that they want to keep and is the preferred choice for people who are struggling with the burden of debt but still have the income or assets to cover some payment obligations. For individuals who maintain a predictable income stream and whose income is sufficient to pay reasonable expenses with some amount left over to pay off their debts, this is their only bankruptcy option.

Notwithstanding the FCRA, The Big Credit Reporting Agencies Have Customary Policies Of Reporting Chapter 7 Filings For Ten (10) Years and Chapter 13 Filings For Seven (7) Years

Although the federal Fair Credit Reporting Act does provide that bankruptcy notations can remain on your credit report for 10 years, most creditors will only leave a chapter 13 bankruptcy on your record for 7 years from the time of filing, instead of the 10 year maximum. They do this primarily to encourage people to pay part of their debts rather than discharge everything under a Chapter 7 bankruptcy filing. Since a Chapter 13 debt repayment process typically takes 3 to 5 years to complete, the bankruptcy notation on your credit report likely won't be removed until 2 to 4 years after the debt repayment procedure has been fulfilled and properly discharged to the bankruptcy court's satisfaction.

Despite some reported online information to the contrary, the reports that Chapter 13 reorganization bankruptcy appears on one's credit report history for a period of 7 years from the date the case is completed and discharged, and that there may be a cloud of bankruptcy for 12 years from filing, such indications are categorically false. The 7 year reporting period is from the date of Chapter 13 filing, not from the date the several year Chapter 13 process is completed. The bankruptcy discharge date has no bearing or effect on when the bankruptcy filing information expires and is expunged from the credit report.

This cloud of Chapter 13 bankruptcy debate is obviously less applicable to Chapter 7 filings due to the comparatively quicker speed and pace at which Chapter 7 liquidation proceedings are usually completed.




http://http://www.moneybluebook.com/...credit-report/

[forgotten]

Just for some further confirmation. My credit report from experian:
Date Filed:
06/2009

Status:
Chapter 13 bankruptcy petition.

Status Details:
This item is scheduled to continue on record until Jun 2016.