How soon will my bankruptcy be off of my credit report?

[memuzz]

My husband and I filed our chapter 13 on November 30, 2006. I reviewed one of my credit reports and it states on the report that the chapter 13 will be removed October 31, 2013. Our case was discharged last July 2012. We had to take a few extra months to pay off the entire case because of changes to the case. An IRS claim was added to our case and paid off through the plan.

My husband's score has been much better since we were discharged. It was in the low 500s when we were near the payoff date and then shot up nearly 150+ points in a few months afterwards. It has stayed steady. We had to purchase a new car. The transmission in the car we had when we in the open bankruptcy went bad. I have been very careful with bills and credit after learning to live on a tight budget.

Can anyone please give me an idea how soon the bankruptcy will come off my report? Thanks.

[Pjmax]

7 years from filing date. So, the date to be removed on your report - October 31, 2013 appears to be correct.

[dmc-2008]

I think that is so great! Not 10 years! If a bk is successful and even though its hard, it can be worth it!! Congrats!

[memuzz]

It was hard during those bankruptcy repayment years. I think back and wonder how I ever managed to pay all the bills, car repairs, food, etc. Even post bankruptcy you have money concerns. We just put down a security deposit on a nicer home to rent. The condo we are renting presently is in horrible shape. We were still in the open bankruptcy when we leased the condo. So we had a limited amount to pay rent. The refrigerator, stove, dishwasher are barely working or don't work at all. My landlord lives overseas and won't replace any of the appliances. We would have stayed until the bankruptcy is removed from our credit file but the conditions are too bad here. We have been talking to a mortgage loan officer and she recommended that we stay in our current place until the fall. We are waiting for another 2 years to have a better credit score and bigger down payment for our place. I have learned to be careful with credit. I do have 2 credit cards that I use for emergencies. I watch the balance and also the payment dates on the cards.

Bankruptcy wasn't a something that my husband wanted to file. We were forced into it when an old credit card company sued my husband and took a quarter of his paycheck. The reason we had to file was because of him being unemployed for over 18 months. He had been unemployed prior to our marriage. He found his job that he currently holds only a few weeks after we started dating. Regardless of the reason I am grateful for learning life lessons of being responsible with money. I thank all those who have helped me during those years here on this forum. Bankruptcy sometimes isn't an option. Sometimes you have no choices for your own financial health.

[knitty]

It can be very life-changing, for sure. We just got our discharge and now are dealing with attempting a car loan, etc. We've had a few credit cards during the BK but payments are on time and with low balances, so there is some good credit history in our favor. I'm thinking that it's better to act as if you're still in BK as much as possible and continue pinching those pennies! Sorry about your condo situation, sounds horrible. We're facing a move to a rental in the next few months also, not sure when we'll be able to buy another home. Good luck to you!

[memuzz]

We started receiving credit offers from dealerships as soon as our case was discharged. Everyday, until we finally purchased our car, we received offers from various dealerships. Since we had a car loan while in the bankruptcy that was paid outside of the plan, we had to trade in the car and absorb some of the loan into our new car loan. We have a new car but a slightly higher payment because of the negative equity in our old one. Our old car's transmission was going bad and we knew we needed a new car anyway. I'm sure you'll find good offers for financing a car. We will be moving in exactly one month and can't wait! Hoping that the housing market stays stable for all of the newly discharged chapter 13 bankruptcy filers! The housing market is still pretty slow here in Ohio. Good luck and hope you'll find a good car and a nice rental.