The Seven year period of bankruptcy...

[tobee43]

BK's reporting statute of limitations are from the filing date - not discharge date.

many times because you file the bk is left open for some reason....let's say a no asset 7 turns into an asset case...and is not discharged for a year or months...

it is the date you rec'd from the court showing the discharge and order of release from the trustee...many times those dates are different so...i'm going have to disagree with you on this one...as actually a bk can stay open for years...but i'm talking a 7 here NOT a 13...

[jetsfan2010]

How does that work with a chapter 13?
also, if you filed and a case was dismissed, not discharged?

[debee]

BK's reporting statute of limitations are from the filing date - not discharge date.

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.

[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.

[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...

[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!!

[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.

[chicagoannie]

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

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

[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)?

[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

[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.

[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]

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]

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, 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.