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    Is this true????

    Chapter 13 stays on your credit report for 7 years from the date its paid off or up to 12 years????

    While Chapter 7 is only 10 years from File date???

    You pay your creditors and you still suffer on your credit report?? What the heck?

    I found so many controdictions online. This one says:

    How long will a Chapter 13 bankruptcy stay on my credit report?
    If you declare Chapter 13 bankruptcy, it will show up on your credit report for seven years (starting from the date it’s discharged). This is several years shorter than the length of time a Chapter 7 bankruptcy stays on your credit report, as Chapter 7 bankruptcy stays on your report for ten years.

    In both cases, it should be noted that the bankruptcy will still be a matter of public record even after being removed from your credit report, because of the court records associated with the matter.


    But then another says:

    In general, a bankruptcy will stay on one’s credit report for ten years. This is the simple method for determining credit worthiness, and even affecting possible employment when one files a straightforward Chapter 7 bankruptcy. When one files Chapter 13 bankruptcy, agreeing to pay certain amounts to cancel debt for a set period of time, the bankruptcy usually stays on one’s credit report for seven years.
    Last edited by CityGirl; 08-10-2007, 08:09 PM.

    #2
    A chapter 7 bankruptcy can stay on your credit report for 10 years from your filing date.
    A chapter 13 can stay on your credit report for 7 years from your filing date. So if you are in a five year chapter 13 it will only stay on your report another 2 years after your discharge.
    Filed: 10/26/2006
    Discharged: 03/05/2007
    Closed: 5/19/2008 - Asset case due to balance transfer and income tax refund

    Comment


      #3
      Originally posted by JollyGG View Post
      A chapter 7 bankruptcy can stay on your credit report for 10 years from your filing date.
      A chapter 13 can stay on your credit report for 7 years from your filing date. So if you are in a five year chapter 13 it will only stay on your report another 2 years after your discharge.
      JGG is correct. In addition, if a Ch 13 is dismissed without successfully completing it, that can stay on your credit report for 10 years from filing as well.

      CG, take a look here for the "real deal" on how long the different types bankruptcy and whether they are dismissed or successfully completed stay on your credit report - http://wiki.answers.com/Q/How_long_d..._credit_report
      I am not a lawyer and this is not legal advice nor a statement of the law - only a lawyer can provide those.

      06/01/06 - Filed Ch 13
      06/28/06 - 341 Meeting
      07/18/06 - Confirmation Hearing - not confirmed, 3 objections
      10/05/06 - Hearing to resolve 2 trustee objections
      01/24/07 - Judge dismisses mortgage company objection
      09/27/07 - Confirmed at last!
      06/10/11 - Trustee confirms all payments made
      08/10/11 - DISCHARGED !

      10/02/11 - CASE CLOSED
      Countdown: 60 months paid, 0 months to go

      Comment


        #4
        but alot are saying 7 years for a dismissed Bankruptcy. This is what is so confusing~~

        Comment


          #5
          Originally posted by CityGirl View Post
          but alot are saying 7 years for a dismissed Bankruptcy. This is what is so confusing~~
          Let's try this again....

          Here's the number of years that each bankruptcy situation stays on your credit report from the day you file:

          10 years = File Ch 7 that is successfully discharged and closed
          10 years = File Ch 7 that is dismissed by the courts
          7 years = File Ch 13 that is successfully discharged and closed
          10 years = File Ch 13 that is dismissed voluntarily or by the courts

          Whoever said 7 years for a dismissed Ch 13 bankruptcy was wrong.
          I am not a lawyer and this is not legal advice nor a statement of the law - only a lawyer can provide those.

          06/01/06 - Filed Ch 13
          06/28/06 - 341 Meeting
          07/18/06 - Confirmation Hearing - not confirmed, 3 objections
          10/05/06 - Hearing to resolve 2 trustee objections
          01/24/07 - Judge dismisses mortgage company objection
          09/27/07 - Confirmed at last!
          06/10/11 - Trustee confirms all payments made
          08/10/11 - DISCHARGED !

          10/02/11 - CASE CLOSED
          Countdown: 60 months paid, 0 months to go

          Comment


            #6
            no, they said 7 years from a discharged chapter 13 from the date it was discharged.

            Comment

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