Credit Reports

[CVM3RD]

What is the best way to make sure the Chapter 7 wipes everything of your credit so you can start fresh? Is that even possible? Thanks.

[justbroke]

Another welcome to BKForum!

There is no way to wipe everything from your credit reports. At best, the items will be marked a.) IIB -- included in bankruptcy, b.) with a balance of $0, and c.) with no payment history. While some creditors will just simply remove the tradeline, most will just update that tradeline as I mentioned.

Bankruptcy is not as bad as you think. Many people, after just 6 months of discharge from a Chapter 7, are able to get an ungodly amount of credit! In fact, you'll have your mailbox flooded with offers even before the discharge. I reaffirmed a car at 19.5% and in 6-months after discharge had refinanced it with NFCU for 7.49%. Yes!