A few Chapter 13 questions

[marknashe]

Hello,

I filed for Chapter 13, 2 years ago. Looking at my credit score, it is currently 680. I'm wondering, when I finish paying my plan (3 more years), and I get my discharge, should I expect my score to go lower, or remain the same?

Also, I had a car lease and a home equity at the time of filing. I am paying those in full directly every month like I was before I filed, but according to my credit report, they closed my accounts and they refuse to report to the 3 credit agencies that I have been paying them on time every month. I really don't understand that

Also, is asking my lawyer for a credit card (secured/unsecured, doesnt matter) a good idea, to help get my score up and start to rebuild my credit now?

thanks,

Mark

[lrprn]

I filed for Chapter 13, 2 years ago. Looking at my credit score, it is currently 680. I'm wondering, when I finish paying my plan (3 more years), and I get my discharge, should I expect my score to go lower, or remain the same?

My guess is if you continue making on-time payments on your remaining debt and expenses for the next three years, your score may be a bit higher because more time has passed since the financial crash that led to your bankruptcy.

Also, I had a car lease and a home equity at the time of filing. I am paying those in full directly every month like I was before I filed, but according to my credit report, they closed my accounts and they refuse to report to the 3 credit agencies that I have been paying them on time every month. I really don't understand that

Whether a lender or creditor sends your financial information about payments to the credit bureaus is completely voluntary. If they don't want to send the information, they don't have to. That's true whether you file bk or not.

Often when bk is involved, some secured creditors will stop reporting your secured debt payments. What you are experiencing is common for both Ch 7 and Ch 13 filers. Although the creditors will deny it, it's likely a punishment for filing bk in the first place. If your lawyer says it's ok, you can write a letter to these two creditors requesting that your on-time payments be reported during your active 13, but don't be surprised if nothing changes.

Also, is asking my lawyer for a credit card (secured/unsecured, doesnt matter) a good idea, to help get my score up and start to rebuild my credit now?

The last thing you should be worrying about right now is your credit score. Two years out from filing and in an active Ch 13, the chances of getting a credit card (secured or not) right now is low anyway. As I said already, time passing is going to be your best friend recovering your credit score.