Question : What does a credit report look like after bankruptcy?
I wanted to get information on what your credit report looks like after filing ch 7 bk. Does it still list all your accounts with the balances just with discharged on each, or is your credit report blank with just the bk on it?
- asked by Whitney
All Answers:
Answer #1
Believe me, it is not blank.A Chapter 7 bankrutpcymay display on your credit for 10 years from thedate of filing. Chapter 13 may stay for 10 yeasalso, but it is customary for those to be removedafter 7 years.Seven to ten years from the date ofdischarge. All discharged bankruptcies whether astate or federal filing remain on a CR for 10years. A dismissed chapter 13 remains for 7 years,a dismissed chapter 7 remains for 10 years.Chapt.7-11-12 will remain for ten years. A chapter13 will remain for seven years if successfullycompleted, for 10 years if dismissed. Ten (10)years for a discharged chapter 7 or 13. Seven (7)years for a dismissed chapter 13, ten (10) yearsfor a dismissed chapter 7. Although it is truethat the federal Fair Credit Reporting Act doesprovide that bankruptcy entries will remain for 10years, there are some creditors that will onlyleave a chapter 13 bankruptcy on your record for7, rather than 10 years. They do this to encouragepeople to pay part of their debts rather thandischarge it all under a chapter 7. Moreimportantly, the effect of bankruptcy on one'sability to get credit is vastly overstated. Thekey to getting the credit you need has far more todo with the amount of present income you haverather than any negatives on your credit report.In short, if you have good present income, thecreditors will look past your credit report toyour wallet in the sense that it is possible, evenwith a bankruptcy on one's record, to get creditfor cars and new credit cards as soon as you aredischarged in a chapter 7 (about four months afteryou file), and after a year or so, you can evenget a mortgage on a house. They may not give youthe best rate, but if you have good presentincome, even a person with a bankruptcy on theirrecord can get the credit they want in almost allcases. You will not qualify for a FHA until achapter 7 has be discharged for 2 years. A chapter13, you will only have to wait a minimum of 1 yearfrom filing date.
- answered by Sparkles
Answer #2
it show and list everything . for at lest sevenyears
- answered by sdy12003
Answer #3
still shows everything
- answered by work_thenplay
Answer #4
All of your account names will show. There will bea code for the bankruptcy. It will still show whatyour high was but the balance will be 0. It willstay on your report for 10 years. However after 2years you can begin to reestablish some credit.Your interest will be sky high though. Your creditreport is never blank, they fill in all theblanks, to be sure.
- answered by 55yrsnholdin
Answer #5
Bankruptcy! Bad thing. It'll last 10 yearsbankruptcy print on the credit report. Nevergoing back to good credit rating. good luck..
- answered by Armani Wang
Answer #6
Like a bomb went off on it.You will spend at least4 years trying to get everything straightend outon it. The collection agencies will not change theaccoutn from "active collection" to "included inBankruptcy" you ahve to write many many letters tothem and the 3 Credit reporting companies.You willspend hours if not days and months doing this.Goodluck!
- answered by biwagirl20
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measure and fulfill your financial needs
