Discharge and credit reporting

[Cali16]

I was recently discharged on 11/28/16 from Chapter 7. I had two questions. On my credit report for all the accounts that were included in bankruptcy under the condition remark they are currently stating derogatory. Should those be update to included in bankruptcy? Should I dispute them now if that is the case or wait a bit since I was just discharged. Also we were a no asset case how long does it usually take for it to show closed under pacer? We owe a lot of back taxes so I know the trustee is not waiting for any tax return. Thanks in advance.

[justbroke]

Included In Bankruptcy (IIB) is a derogatory event. The account should be IIB, balance of $0, credit limit of $0, no payment history and a remark of "discharged in a ... bankruptcy" and a marking of derogatory. I would wait at least 30 more days and I'd dispute them all. You may be lucky and some are actually deleted. But, be aware that even IIB and "bad" tradelines can improve your Average Age of Accounts (AAoA). I have personally disputed an old account and it was deleted... my credit score went down. It was because the account was one of my oldest. (Since you are just getting out from bankruptcy, your AAoA shouldn't be your real goal. Your real goal would be to get a "clean" credit report with no derogatory entries regardless of the AAoA factors.)

As for when it will close? It depends. In many districts the case will automatically close within a few days of discharge. If you check PACER look at the Case Summary and check the Case Status. Make sure there are no FLAGS preventing it from closing. For example, people have not had their case closed because a flag such as DebtEdDue (Debtor Education Due) was preventing it.

Make sure you get back on an installment agreement with the IRS to prevent any more heartache (unless you're planning on doing a compromise).

[Cali16]

Thank you for the response Just broke.. I am currently on hold with the IRS ...