When does Bankruptcy Start to Come off Credit Report?

[dyarlett]

I'm just curious, I know it's 7-10 years, but does it start from the time you file or from the time it's discharged? We are all but done getting our paperwork together and need to get back in touch with our attorney to get this ball rolling. Man, we're scared!

[free2breathe]

It should be from the date you filed your petition.

[tobee43]

it is from the time of the discharge. absoluely NOT the date you filed. honest, it's the PIECE of PAPER you rec'ed from the court discharging your bk.
;)

[bpokey]

Seems to be two conflicting opinions here....

[jange]

A ch 7 may be from the discharge date, but a ch 13 is from the date you file.

[free2breathe]

The length of time a bankruptcy can be reported on the debtor’s credit report is governed by the Fair Credit Reporting Act (“FCRA”). The FCRA orders credit reporting agencies to remove bankruptcy case information from all consumer reports ten years after “the date of entry of the order for relief.” It does not differentiate between Chapter 7 Bankruptcy and Chapter 13 Bankruptcy. The order for relief according to §301 of the Bankruptcy Code is entered on the filing date, so the ten year period is measured from the bankruptcy filing date, not the discharge date.

Though it does not differentiate between Ch7 and Ch13, the 13 is usually removed after 7 years.

From Cornell Law's site:
§ 301. Voluntary cases
(a) A voluntary case under a chapter of this title is commenced by the filing with the bankruptcy court of a petition under such chapter by an entity that may be a debtor under such chapter.
(b) The commencement of a voluntary case under a chapter of this title constitutes an order for relief under such chapter.

[tobee43]

A ch 7 may be from the discharge date, but a ch 13 is from the date you file.

that's correct.

although free2beathe...it's now 10 years not 7. (at least for a no asset 7).

the bottom line is this, even if it's NOT off your report, the more time that passes between the time of your court reported discharge date, and the time you apply for credit is a key factor for re-establishing one's self in the credit world.

although, now, times are different and credit is somewhat more difficult to obtain, so it may prove interesting to watch the next 4-5 years of what happens to those of us that filed during these hard times.

[tobee43]

It should be from the date you filed your petition.

the date you file means little, in as much as a court order of actual "discharge"

when one rec's the actual written document of discharge and close of the estate, that is the "legal" date. a good example of this, is what if one's bk drags on for one reason or another for over a year...(i do know a few that have). until that piece of paper is in your little hands it's of little meaning. and sometimes a case is discharged and not closed at the same time, since there may be an outstanding AP or something hangin about.

the document itself is an actual court order signed by the judge, and that is what is recorded and reported to the credit reporting agencies. that is the date they use to remove you bk...

[tobee43]

It should be from the date you filed your petition.

a double posting AGAIN!!!

[tobee43]

my correction....this info is OLD....but close that i found on a quicky search:

Bankruptcies on a Credit Record
A Chapter 7 bankruptcy may display on your credit for 10 years from the date of filing. Chapter 13 may stay for 10 years also, but it is customary for those to be removed after 7 years.



Here is more specific advice and input from various contributors:

* All discharged bankruptcies whether a state or federal filing remain on a CR for 10 years. A dismissed chapter 13 remains for 7 years, a dismissed chapter 7 remains for 10 years.

* Chapt.7-11-12 will remain for ten years. A chapter 13 will remain for seven years if successfully completed, for 10 years if dismissed.

* Ten (10) years for a discharged chapter 7 or 13. Seven (7) years for a dismissed chapter 13, ten (10) years for a dismissed chapter 7.

* Although it is true that the federal Fair Credit Reporting Act does provide that bankruptcy entries will remain for 10 years, there are some creditors that will only leave a chapter 13 bankruptcy on your record for 7, rather than 10 years. They do this to encourage people to pay part of their debts rather than discharge it all under a chapter 7. More importantly, the effect of bankruptcy on one's ability to get credit is vastly overstated. The key to getting the credit you need has far more to do with the amount of present income you have rather than any negatives on your credit report. In short, if you have good present income, the creditors will look past your credit report to your wallet in the sense that it is possible, even with a bankruptcy on one's record, to get credit for cars and new credit cards as soon as you are discharged in a chapter 7 (about four months after you file), and after a year or so, you can even get a mortgage on a house. They may not give you the best rate, but if you have good present income, even a person with a bankruptcy on their record can get the credit they want in almost all cases.

* You will not qualify for a FHA until a chapter 7 has be discharged for 2 years. A chapter 13, you will only have to wait a minimum of 1 year from filing date....(we all know that one has changed a bit now!)

[tobee43]

and yet another double post! wow

[free2breathe]

Not going to argue this with you tobee. This subject was argued ad nauseum back in December. We'll just agree that you and your attorney have one opinion, and the law states something else and leave it at that.

[jetsfan2010]

What if you filed and the case was dismissed?

[HHM]

FCRA does not distinguish between chapter 7 or chapter 13, it just says "case filed under title 11, blah blah blah" MAY be reported up to 10 years. But as a matter of practice, chapter 13's are typically only reported for 7 years. As for which dates, I always understood that the time frame started from date of filing, but I don't feel like looking it up right now

[free2breathe]

From everything I've read, a dismissed bankruptcy will stay on your credit reports for ten years. I suppose this is why it's so important to be sure you are ready to file and have all your ducks in a row. If you are dismissed and then file down the line, you'll have two public records of filing.