Question about dates

[Hause]

Does anyone know if filing Chapter 7 resets the date of last activity on the credit reports? Also, does it change the length of time the negative remains on the reports.

Thanks all.

[justbroke]

It would not change the date of last activity. At least, that is what appears on my credit report. However, the account may get listed as IIB (Included in Bankruptcy) if it was not closed and paid before filing. Also, the "history" prior to filing may actually say on your credit report as well. Generally speaking, expect all the hold accounts -- which became IIB -- to fall off your credit 7 years after filing or after the last date of activity, whichever comes first.

[SMinGA2]

My understanding: no, and no.

In most cases, the debts are already delinquent and/or charged off before filing. So they drop off the report long before the bankruptcy public record does. I believe the date of first default (for 7 years reporting) is when the account goes delinquent and is not brought back to current. Such as if you don't make a payment that is due on June 15th, the account becomes 30 days late in July and that is when the 7 years starts. (Assuming you don't bring it current again.) So if you have a DOFD July '12, and file ch. 7 Dec. '12, the account should be gone from the reports July '19 and the bankruptcy gone Dec '22.

Does anyone know if filing Chapter 7 resets the date of last activity on the credit reports? Also, does it change the length of time the negative remains on the reports.

Thanks all.

[Hause]

That's what I thought. The Bk7 public record comes off separately.