Forum Rules (Everyone Must Read!!!) (updated: 04/28/2015)

Welcome to the Bankruptcy Forum. Bankruptcy (BK) Forum is known as and will be referred to as BKF hereinafter. In order to ensure a long term success of our vibrant community, we have established certain rules and guidelines to which everyone must adhere to. Please take your time to carefully read our rules, before you start to participate in the community.

Things you agree to do: (BKF) users agree to use the search function before starting a new thread. This prevents duplicate discussions and allows for better organized topics.

All BKF users agree to read the sticky posts which may be available at the top of a forum page. These Sticky posts often contain valuable information. They may also outline more rules and guidelines specific for that particular forum, stickies are put in place by that forums moderator(s) or admin(s).

Things you agree not to do:

All BKF users agree not to call people names or write a post simply to make a personal attack, or get a negative reaction; this behavior is not allowed on our forum. The use of derogatory language aimed at anyone will be severely dealt with. There is no need to agree with each other, or to even like each other. However, by signing onto you agree to treat each member and guest with the respect they deserve. No threats or personal attacks will be allowed.

All BKF users agree not to discuss, engage, or encourage any behavior or activity which violates the law. Discussion of drugs, violence, murder, theft, vandalism, fraud or any other issue which could be used to help individuals break the law is strictly forbidden.

All BKF users agree not to "bump" old threads, unless there is a specific benefit to the community by doing so. But in most cases, please don't post in very old threads, instead start new threads.

All BKF users agree not to attempt/use another members account. It is against BKF rules to use any account other than your own. Impersonating another member will result in an immediate ban. It is also against the rules to open more than one account in your own name without permission from a moderator or administrator. If you have been banned for any reason, it is against the rules to open another account. If you were banned temporarily and you are caught using another account you will be banned permanently. Choosing a moniker which is similar in either sound or spelling as a moderator or administrator is strictly forbidden.

All BKF users agree not to private message any moderator, admin, or other member with questions related to their personal circumstances (Questions about the forum or issues with the forum are ok). This forum only works when members share their experience and insights with everyone.

Things you agree not to post:
All BKF users agree not to post any derogatory/racist/or sexist remarks. This includes attachments, links and all information contained within posts, signatures, and avatars, failure to comply with this rule will result in a permanent ban.

All BKF users agree not to post any copyrighted or trademarked information without the express written permission of the owner(s) / proper citation of source.

All BKF users agree not to post any real names, addresses, telephone numbers, email addresses, social security numbers, or any other personal details (their own or other people's).

All BKF users agree not to post links, pictures, attachments, videos, or the like of pornographic content, objectionable material or extreme violence, whether cartoon or real.

All BKF users agree not to use BKF for advertising purposes without a written contract between yourself/company/agent and the administration of BKF. Blatant advertising will result in a ban.

All BKF users agree not to spam the forums. Spam includes but is not limited to posting erroneous, non-relevant-useless, off-topic, or meaningless posts. Spam may also include posts which contain no text, or large areas of blank space between lines. Simply posting emoticons without text is considered spam. BKF is the largest bankruptcy message board and all the content is intended to help other users. Please help us improve the quality of our forum by making sure that your posts are well-worded, spell checked, grammatically correct and syntaxed.

Regarding actions of moderators and administrators:

The forum is no place to air out your opinion or be judgmental of our staff and its capabilities.

All BKF users agree not to abuse or mistreat moderators or administrators. It is against BKF rules to post any information regarding bans or any other action taken by a member of the moderating or administrative team. If you wish to discuss bans or warnings please do so via PM. To place a complaint against a moderator, send a PM to a super moderator. All Moderators are equal, any decision made by a moderator must be adhered to. If a moderator tells you something you do not like, do not go to another moderator looking for a different answer. If you are caught doing this you will be banned. The moderators work as a team and respect the decisions made by their peers and will help enforce them unless an administrator tells them differently.
If you have an issue with how the forum is run, then notify one of our administrator and we will look into the situation. We have in the past and still do appreciate any input that you offer this forum. But critical input and/or judgmental postings towards the staff will result in you getting banned.

Should you find a thread offensive or out of line, then notify a Mod in a PM so they can evaluate the situation and do the action deemed necessary.

All moderators do have active "other" lives outside of the forum and help moderate this forum in their spare time throughout the days and weeks.

If you have a problem with a member or Mod follow the proper channels of reporting it.

BKF reserves the right to delete any posts which contain anti-BKF comments or discussion. Any bashing of moderators or administrators, or any of their discussion or actions will also be deleted, and the responsible posting party(s) will be banned. Any public anti-BKF advertising, communication, or posts on another forum will result in permanent bans as well.

All warnings and bans are decided by individual moderators and administrators. Warnings are preferable to bans however, for serious offenses and repeat abusers bans will go into effect. The length of the bans can vary from several hours to permanent.

All messages posted or sent including through PM are the property of

All BKF users agree not to advertiser on the forum (Niether by posting, private messaging or using your signature). If you are a company/attorney/legal adviser wishing to advertise on the site or sell a product, you must contact the head administrator and inquire about our advertising packages.

All bankruptcy related opinions expressed on are those of their authors and not necessarily of BKF, its staff or representatives.

You agree not to copy any material/post/content from BKF without written permission from our head administrator .

By posting on this forum you agree to these terms and conditions, including any punishment deemed appropriate by moderators or administrators in the event of an offense.

Administrators/Moderators can change these rules at any time without prior notice.
See more
See less

Major Banks to Delete Records for Some Borrowers Who Filed for Bankruptcy

  • Filter
  • Time
  • Show
Clear All
new posts

  • Major Banks to Delete Records for Some Borrowers Who Filed for Bankruptcy

    By Katy Stech - Dow Jones Business News, May 13, 2015 (via

    Read more:

    Two top U.S. banks are preparing to delete negative credit reporting records for some borrowers who filed for bankruptcy, after facing accusations of letting poor marks for unpaid debt haunt borrowers' credit even after the debt was canceled.
    At a hearing last week, lawyers for Bank of America Corp. and J.P. Morgan Chase & Co. announced that bank officials are preparing to delete notices they sent to credit reporting agencies that a borrower's account was "past due" and/or " charged off," according to a court transcript viewed by The Wall Street Journal.
    The announcement came after the banks, along with Credit One Bank N.A., General Electric's Synchrony Bank and Citigroup Inc., were sued by people who had filed for bankruptcy and gotten their debts canceled with a discharge order but still had notices on their credit reports that their old credit card debt had been "charged off."
    In several lawsuits filed in U.S. Bankruptcy Court in White Plains, N.Y., borrowers argued that the banks are required under the federal Fair Credit Reporting Act to "promptly notify credit reporting agencies of any corrections" to their information, even if the bank has sold the account to a debt collector.
    A bank's failure to fix the records, the lawsuits said, hurt their credit scores, making it tougher to get a job, find an apartment and borrow money at a cheap interest rate. In one case, a New York man's application to live in a low- income housing apartment was denied "because of delinquent debts" on his credit report, according to sworn testimony provided to the court.
    A debt that is listed as "charged off" typically looks worse than a debt listed as discharged, said lawyer Adam R. Shaw, who represents the borrowers in the lawsuits and said that the announcement could affect more than 1.3 million people.
    "Debtors emerge from bankruptcy with what's supposed to be a fresh start, and these debts are supposed to be deleted and cleaned, but the banks are continuing to announce to the world that they're due and owing," said lawyer George Carpinello, who also represents borrowers.
    Mr. Carpinello said the banks' move could help people who got a bankruptcy discharge but didn't realize that their credit reports are being affected by older notices from a bank.
    More than 600,000 people and couples filed chapter 7 protection in 2014, according to the U.S. Administrative Office of the U.S. Courts. Filing for chapter 7 protection typically clears a person's debts with few exceptions, such as student loans, taxes and debt that a borrower agrees to continue paying.
    Aside from hurting their credit score, the older records can have another consequence for the borrower: it creates an incentive for them to pay the debt off to improve their credit score even though that debt was discharged in bankruptcy.
    "Some people are just going to pay it," said Dalié Jiménez, a University of Connecticut law professor. " It's faster than getting in a fight about it."
    The banks' lawyers made their record-deleting announcement at a May 5 court hearing before Judge Robert D. Drain. At an earlier hearing, Judge Drain said he might refer the cases to the U.S. attorney's office and suggested that Chase's lawyer review bankruptcy law's criminal section, according to a transcript.
    Neither bank admitted wrongdoing. A Bank of America spokeswoman said that the bank's reporting is "consistent with credit reporting agency policies.," and a Chase spokesman declined to comment.
    Synchrony Bank and Citigroup also agreed to delete some notices to credit reporting agencies, Mr. Shaw said.
    A lawyer for Credit One Bank N.A. wasn't immediately available to comment.
    The borrower lawsuits put a spotlight on the confusion that has arisen over debt-reporting responsibilities when a borrower's debt is sold from banks to debt collectors. Banks often sell the right to collect on credit-card accounts to debt collectors, especially if borrowers seem unlikely to pay them.
    No law explicitly requires the banks to reach out to credit reporting agencies to change the status of a debt from "charged off" to "discharged in bankruptcy" once the debt has been sold. Under the federal Fair Credit Reporting Act, passed in 1970, banks and other entities that send information to credit reporting agencies are banned from sending erroneous information and have a duty to correct and update information if they regularly transmit information to those agencies.
    The borrower lawsuits trace back to the bankruptcy of Rusty Haynes, a Hudson Valley man who filed for chapter 7 protection in June 2011. At the time, his family's home was worth less than the $216,796.11 mortgage, and he was so far behind on credit-card payments that he faced a court order to pay some of that debt immediately, according to documents filed in U.S. Bankruptcy Court in White Plains, N.Y.
    A judge discharged his debts several months later, but Mr. Haynes noticed that his Trans Union and Equifax credit reports still showed the words "charged off" next to the discharged Chase account. Neither credit reports reflected that the account had been "included in bankruptcy."
    Chase initially refused to remove the "charged off" wording at Mr. Haynes's request, according to court documents.
    Manhattan bankruptcy lawyer Charles Juntikka said he has come across hundreds of similar cases in which banks have failed to notify credit reporting agencies about a bankruptcy discharge, including the case of a New York man whose application to live in a low-income housing apartment was denied "because of delinquent debts" on his credit report, according to sworn testimony provided to the court.
    Write to Katy Stech at [email protected]

    Read more:
    Filed Ch 13 Fall 2013, 60 month plan

Unconfigured Ad Widget