What happens to the credit report when you file?

[greenthinker]

As my wife and I anticipate filing for Ch 13 next month, more questions come to mind...

Our credit report will soon show a repossession, since we just surrendered our boat to the lender. In addition, we have delinquencies on our mortgage and credit cards. Once we file, do the delinquencies continue to show up along with the bk? How does the credit report change after filing, and after confirmation?

[free2breathe]

We recently pulled my husband's credit. This is what we found. The first item on his TU report was the bankruptcy that we filed, as they list public records first. It tells everything about the filing at this point, and gives a date of 08/10 as estimated date of removal (10 years from date of filing). Following that are all the negatives that were on there previously. We have not been discharged yet, so still in the middle of the process.

"After the discharge, you are entitled under federal law to have the balance of each discharged debt reported as "O". The history of delinquencies can be reported, but the balance must be zero. If it is not so reported, dispute the debt." found at http://www.moranlaw.net/creditreports.htm

[FishersMike]

I thought Chapter 13 Bankruptcy only show up on credit report for 7 years, whereas a Chapter 7 shows up for 10 years. Am I missing something?

[free2breathe]

We filed Chapter 7. Chapter 13 could very well be different post confirmation. I completely missed the Chapter 13 in OP's post.

Edit: Further researching this topic, and I have found several sites that state the bk can stay on your report for 10 years, whether Chapter 7 or 13, but that some credit reporting agencies will remove a 13 after only 7 years.
I am learning so much with this forum and the research I feel compelled to do. I really wish I'd found the forum before we filed. Live and learn

[FishersMike]

Great -- thanks for clarifying as I was starting to get worried about doing a 13 lol

[NowImDownInIt]

Chapter 13 only shows for 7 years post filing. So if you are in a 5 year plan it will only be there for 2 years more. I so look forward to that day.