The Seven year period of bankruptcy...

[tobee43]

Part of the issue, I believe, is you may be dealing with an attorney who primarily deals with bankruptcy cases. The 7 year reporting period and all of that is really out of their realm. That is a another world all by itself even though the two are related. A consumer type of attorney on the other hand, IS VERY familiar with the FCRA and is the one who will know.

We are just trying to be sure that anyone reading this thread has the accurate information to run with and also to provide the attorneys the benefit of the doubt.

yes, i surly do agree with that, the firm i have not only deals with bk....but you're correct, but it's difficult when you have to put your trust somewhere with someone???
the 10 year time period for the bk is correct, i think the question here or that came up is when that 10 years comes into effect...at the time of filing or the time of discharge.

and for me, i must give my atty the benefit of doubt as he's more than proven himself to us. and, maybe he's wrong...all i know is i have learned one thing....law is NOT justice...and justice is NOT Law.....we can cite law all day, however to argue and win in court is a different issue for certain.

i have worked for some top atty's that could twist words of the law to suit any situation and make even the judge spin their head...it's an art and a shame all in one brief moment for the poor client.

[debee]

With a BK it's different...FHA, Fannie Mae, and Freddie Mac will not buy a loan until that period of time has passed. There are exceptions for extenuating circumstances, but what that really means is you lost everything you own in Katrina, or you had a serious medical emergency such as a deathly ill child.

This is my understanding as well, Sunshine. I love how soon people can buy a house again via FHA!

[df04527]

Part of the issue, I believe, is you may be dealing with an attorney who primarily deals with bankruptcy cases. The 7 year reporting period and all of that is really out of their realm. That is a another world all by itself even though the two are related. A consumer type of attorney on the other hand, IS VERY familiar with the FCRA and is the one who will know.

We are just trying to be sure that anyone reading this thread has the accurate information to run with and also to provide the attorneys the benefit of the doubt.

[tobee43]

No, you get the relief right away. It just stops for those people who DON'T get the discharge.

Whether the stay gets lifted on secured collateral or not, the relief is granted at time of filing.







Time to find a new attorney then.

ps. No marshmallows fired at you. Just a desire to share accurate info so we can all use it together to help others.

well...thus far the firm has been excellent as far as what they have done up to this point...and i argued a few times that i thought they were dead wrong... but they won their points in court for us...so that's all i can ask of any atty.

i'll be keeping this one for a while ...or at least until we get a few other issues behind us. so i have to have faith in whom i chose and who has proven in court to win their points...even tho, i thought as i said they were dead wrong.

i really think the botton line here is time period...personally to me, 10 year and a few months here or there at this point is just not that important in the scope of the entire situation. i do trust and do believe my atty to be accurate and correct enough so, that i actually trust the firm. for me that's what's important for the moment.

we can agree to disagree...i really don't care about the few months personally. for some i know it's important, but once again, i trust what he says to me as accurate.

[debee]

ok ok........provided the discharge happens

No, you get the relief right away. It just stops for those people who DON'T get the discharge.

Whether the stay gets lifted on secured collateral or not, the relief is granted at time of filing.

i also called today my atty ...i just happened to ask him....he said it's the discharge date ...

Time to find a new attorney then.

ps. No marshmallows fired at you. Just a desire to share accurate info so we can all use it together to help others.

[tobee43]

No, tobee. You don't understand. You get the relief right away. No more creditor calls, protection from the stay - that is the "relief". It continues once discharge is granted but it doesn't change. You get it right away upon filing.

If someone's discharge is not granted, then they lose the "relief".

edit: This is from 'Bernstein's Legal Dictionary: ORDER FOR RELIEF "The actual court order determining that a debtor is subject to the control of the bankruptcy court. In a voluntary case, the order for relief is automatic upon the filing of the petition. In a contested involuntary case, the order for relief is entered only after the court is satisfied that the debtor should be in a bankruptcy proceeding."

Link to site with quote above: http://www.bernsteinlaw.com/publications/bankdict.htm

ok ok........provided the discharge happens ....i know you get the automatic stay during the 60 day period and they the stay is lifted after either the discharge or....if the case is kept open...also in the mean time....motions can be filed to lift the stays...

that's why i thought not....i hear you tho....!!! also YOU...lady...i just thought if someone fought it and won the stay could in fact be lifted???? i.e. a mortgage company files a motion and it's granted...i know NOT likely, but i have heard of it happening.

also, after that time period....the 60 days.... student loans and secured debts can continue to be collected...so as usual i was just a bit confused.

i also called today my atty for an unrelated situation...i just happened to ask him....he said it's the discharge date since that is the date that the order is signed discharging the debtors...NO KILLING the messenger..please!!!!

and if you do...please use marshmallow bullets...

[debee]

i didn't get my order for relief until i rec'd my discharge.....not on my filing date...

the only thing we did on our filing date is REQUEST an order for relief of the debts.....you must wait until the trustee grants the relief...

No, tobee. You don't understand. You get the relief right away. No more creditor calls, protection from the stay - that is the "relief". It continues once discharge is granted but it doesn't change. You get it right away upon filing.

If someone's discharge is not granted, then they lose the "relief".

edit: This is from 'Bernstein's Legal Dictionary: ORDER FOR RELIEF "The actual court order determining that a debtor is subject to the control of the bankruptcy court. In a voluntary case, the order for relief is automatic upon the filing of the petition. In a contested involuntary case, the order for relief is entered only after the court is satisfied that the debtor should be in a bankruptcy proceeding."

Link to site with quote above: http://www.bernsteinlaw.com/publications/bankdict.htm

[tobee43]

If 5 big banks said no to an 800 credit score than one of 4 things happened. 1) They couldn't prove enough income to qualify. 2) The property did not meet the guidelines. 3) There wasn't enough tradelines to qualify, for example...the borrower had an 800 credit score but only 1 account open. Or 4) they did have enough money for the down payment or enough assets for reserves once the loan closed. If gets more complicated when the property is a Mobile Home, Condo, Town house or a PUD.

With a BK it's different...FHA, Fannie Mae, and Freddie Mac will not buy a loan until that period of time has passed. There are exceptions for extenuating circumstances, but what that really means is you lost everything you own in Katrina, or you had a serious medical emergency such as a deathly ill child.

one would think so SG....that one of those reasons had to be a factor...but it wasn't...their credit was platinum and they own numerous properties outright...no mortgages from san fran to ny.....to tell you the truth...i think and i hate to say it, but i think it was age...terrible, but really there was no other logical explanation of the denials.....they had plenty money down....assets are well over 5 million liquid....so i say...just use the cash and forget even applying for a mortgage...at least that is what i would do, if i were in their shoes.

[LadyInTheRed]

I agree. FCRA <section 605 (1)> says the Chapter 7 bankruptcy is on the credit report 10 years from the date of the Order for Relief (and 7 years for Chapter 13).

The "order for relief" is the filing date.

i didn't get my order for relief until i rec'd my discharge.....not on my filing date...

the only thing we did on our filing date is REQUEST an order for relief of the debts.....you must wait until the trustee grants the relief...

Bankruptcy Code Section 301:

§ 301. Voluntary cases
(a) A voluntary case under a chapter of this title is commenced by the filing with the bankruptcy court of a petition under such chapter by an entity that may be a debtor under such chapter.
(b) The commencement of a voluntary case under a chapter of this title constitutes an order for relief under such chapter.

http://www.law.cornell.edu/uscode/usc_sec_11_00000301----000-.html

Right on...so....does this mean since I filed in 2005 it comes off in 2015 or 2017 (discharged in 2007)?

2015

[AMISLANDER]

BWAHAHAHAHAHAAAAA!!! I just noticed the 2117, tee hee, too funny!

Right on...so....does this mean since I filed in 2005 it comes off in 2015 or 2017 (discharged in 2007)?

[chicagoannie]

I hope not! That would be over 100 years from now .

BWAHAHAHAHAHAAAAA!!! I just noticed the 2117, tee hee, too funny!

[SunshineGal]

If 5 big banks said no to an 800 credit score than one of 4 things happened. 1) They couldn't prove enough income to qualify. 2) The property did not meet the guidelines. 3) There wasn't enough tradelines to qualify, for example...the borrower had an 800 credit score but only 1 account open. Or 4) they did have enough money for the down payment or enough assets for reserves once the loan closed. If gets more complicated when the property is a Mobile Home, Condo, Town house or a PUD.

With a BK it's different...FHA, Fannie Mae, and Freddie Mac will not buy a loan until that period of time has passed. There are exceptions for extenuating circumstances, but what that really means is you lost everything you own in Katrina, or you had a serious medical emergency such as a deathly ill child.

[tobee43]

The way I understand it, DF and Deebee are right, the BK will stay on your credit report for 10 years from the date of filing. However, mortgage lenders have now gone to discharge date for waiting requirements. So, if you are discharged on the 1st of December, 1010, you are not eligible for a mortgage until January of 2015, or, 2013 if it's an FHA loan.

who really knows the answer to that one...i know someone never filed bk...has a credit score of over 800 and 5 banks said a big NO!!

[tobee43]

I agree. FCRA <section 605 (1)> says the Chapter 7 bankruptcy is on the credit report 10 years from the date of the Order for Relief (and 7 years for Chapter 13).

The "order for relief" is the filing date.

i didn't get my order for relief until i rec'd my discharge.....not on my filing date...

the only thing we did on our filing date is REQUEST an order for relief of the debts.....you must wait until the trustee grants the relief...

[SunshineGal]

The way I understand it, DF and Deebee are right, the BK will stay on your credit report for 10 years from the date of filing. However, mortgage lenders have now gone to discharge date for waiting requirements. So, if you are discharged on the 1st of December, 1010, you are not eligible for a mortgage until January of 2015, or, 2013 if it's an FHA loan.