Chatper 7 Conversion and Credit Report

[chloe0724]

I am in the process of converting to a chapter 7. I have been in my 13 for 3 1/2 years. The conversion has the date of filing listed as my original chapter 13 filing date, but the discharge will be in 2012. Does anyone know if the 7 years of credit reporting begins from date of filing or discharge? I hope that it's from the date of filing. If not, it would mean that I will have been affected by the BK for much longer.

Thanks

[Flamingo]

A Chapter 13 stays on your credit reports for 7 years from the date of filing; 10 years for a Chapter 7. You may have both showing on your credit reports at the same time when you convert and you may have a hard time getting them to use your original filing date for your Chapter 13 as the original date of your filing for your Chapter 7 conversion.

[mountanddo]

My attorney told me no matter if you convert or dismiss you will still have 2 bankruptcies on your credit showing the date of filing for both as it is considered 2 separate events.

[chloe0724]

I am confused. If the bankruptcy courts use the original filing date as the date for the conversion, why would it show twice?

[lrprn]

I am confused. If the bankruptcy courts use the original filing date as the date for the conversion, why would it show twice?

Because you filed bk twice - one Ch 13 and one Ch 7. It doesn't matter that the Ch 7 will be converted from your 13 filing date - it's still filing a Ch 7 after filing a Ch 13

[chloe0724]

well I guess it's a moot point now. I think it's a little unfair because circumstances can change so much over 5 years. Because I didn;t qualify for a 7 in the first place, and was forced into a 13, now that I am getting divorced, I have to convert, and will be penalized again.

Oh well, it's already done. My 341 is Fed 20th for the chapter 7.

[justbroke]

If your case number is the same then it should only show up once. In fact, mine shows up once with the original Chapter 13 filing date. I filed my Chapter 13 case 8/2008 and it was scheduled to roll-off my credit report 8/2015. I converted in 2/2010. My credit bureau was updated to read Chapter 7, same filing date, same case number, and a roll-off of 8/2018!

So, instead of having a Chapter 7 on my report through 2020, mine will roll-off in 2018.

[chloe0724]

Justbroke, that is wonderful news!! I also filed my 13 in 2008 and the conversion is the case number! Thank you for the hope!! Mine will also drop in 2018 then. How was the conversion process for you? I am stressed out all over again. Should I be? Was your 341 an easy one? What were your circumstances for converting?

[justbroke]

The conversion was an absolute breeze. The 341 Meeting was scary until it was over. I was expecting to meet the United States Trustee (UST) or his representative. However, it was just me and the Panel Trustee and his assistant. No creditors, no mess, no fuss. If I recall correctly, he told me that since it's a conversion that he only has 3 questions. He asked the 3 questions and then we joked for a bit because he fumbled some words!

I am sure that the Chapter 13 Trustee and the Chapter 7 Trustee "talked". I was qualified for a Chapter 7 from the start, but wanted to save some investment property. I'll never do that again!

[chloe0724]

what were the 3 questions? I hope mine is smooth. I didn"t qualify for a 7 to begin with, but now that I am going through a divorce, I do. How long did it take for you to discharge?

[justbroke]

It may have only been two questions. I believe the first was whether I acquired any new assets between the time of filing my Chapter 13 and my Chapter 7. I think the second question was on whether my schedules were accurate or if anything changed. All I remember is that we joked and "concluded" my 341 meeting is laughter!