My wife and I filed a Chapter 7 and it has been discharged for 8 years now and is no longer on our credit reports. My question is "do we have to say that we claimed bankruptcy" on applications for credit now? Or is it "none of their business" anymore? I want to be able to say "no" when asked if we have ever claimed bankruptcy. Thanks for any help you guys or gals can offer. Mark
-
-
Instead of just saying yes or no, try laughing and saying "you won't find bankruptcy on my credit report"....
Just make sure its not listed for sure when you say that though.
Really is none of their business if its no longer on your credit report....
At least that's how I feel about it........
Minny
Minny
"It's amazing the paths that our feet sometimes follow in life".
My suggestions are from "personal experience" and research only. Do not consider this as legal advice. Each bankruptcy case is different. -
It could come back to bite you in the butt if you say No and the Lender finds out on their own.
You could be accused of giving false information to obtain Credit. The Lender could call in your loan, requiring you to pay in full immediately.
I'm like you, if it's past and fallen off your Credit Report, it really is "Nunya".
Just be sure of your legal standing before you say No to that question. Ask an attny and/or be sure to read the fine print of any loan application. Look for what can happen if statements.Filed Ch 7 - 09/06
Discharged - 12/2006
Officially Declared No Asset - 03/2007
Closed - 04/2007
I am not an attorney. My comments are based on personal experience and research. Always consult an attorney in your area to address concerns related to your particular situation.
Another good thing about being poor is that when you are seventy your children will not have declared you legally insane in order to gain control of your estate. - Woody Allen...Comment
-
The question is pretty clear-cut. It's asking have you ever filed bankruptcy. The answer is yes. A bankruptcy notation will fall off your credit report, but it remains a matter of public record for life, and anyone can get that information at any time especially financial institutions. Lying on an application is not wise.Comment
-
Originally posted by mkzm
If it is a mortgage application you only have to disclose it if it has been within the last 7 years.Nick KusanComment
-
I'd say err on the side of caution-don't lie. I don't know the details or if it is fact or fiction, but I understand that applying for credit (in particular home loans) over a certain amount can result in a complete factual report, which goes back further.Most of my information is from personal experience or HOURS and HOURS of online research. When you're searching online, keep in mind there is no guarantee that the info is completely up to date, and your situation is unique from anyone else's. Do your homework, and consult with an attorney so you can make an informed decision.Comment
Comment