If I file bankruptcy this year, will all of my bad credit history still be listed on my credit report?
Someone told me that even if you file bankruptcy, all of your past bad credit history would still be listed on your credit report to be viewed by anyone who requests it along with the fact that you have filed bankruptcy. Is this true?
What you’re saying is not true SmartA$$…people can get loans pretty quickly even after filing bankruptcy and I know quite a few that have done so. For myself, that was not my intent anyway…I just thought that the fact that it says "bankruptcy filed" was damage enough without having to list all the crap you are no longer responsible for.
Posted January 8th, 2010 in Bankruptcy Q And A. Tagged: bad credit history, crap, credit report, filing bankruptcy, loans.
This is how it works. When you file bankruptcy creditors must go in and erase the balance due and in the remark field put in discharge in bankruptcy (7 or 13). This will stay on your credit report for 7 years (7 years from time of update). Under public record the fact that you filed bankruptcy will be listed and this will stay on for 10 years.
What some do not understand is, (it used to be this way but in to days economy its not so likely) most people who filed bankruptcy received credit almost immediatly after getting out of bankrutpcy, because creditors know they can not file bankruptcy again for a while. So all that think that filing bankruptcy is bad for your credit trust me its not.
January 8th, 2010 at 5:11 amBankruptcy does not erase your credit history, it simply cancels your debts.
But, it won’t matter anyway because with a bankruptcy on your credit report you won’t be able to get a loan for 7-10 years anyway, so who cares if the past stuff is on there?
January 8th, 2010 at 5:11 amYes it’s true that all of your bad accounts will still show when you file bankruptcy.
The accounts will show for 7-years and the bankruptcy will show for 10 if it’s a chapter 7 and 7 if it’s a chapter 13.
You can easily rebuild your credit in as little as 2-years after a bankruptcy to be even better then it was before I know I have done it.
January 8th, 2010 at 5:11 amYes you credit history stays on credit. As far as getting a loan after bankruptcy, you can, but at a higher interest. It does stay on your credit for 7-10 years depending on which chapter you file. A lot of companies will give you credit immediately because they know you can’t file bankruptcy again for awhile.
January 8th, 2010 at 5:11 amyes it will be there but wont count against you…
January 8th, 2010 at 5:11 ambut after you file you cant buy anything for 7 years …You got to use cash
Yes it will stay on there for 7 – 10 years.
January 8th, 2010 at 5:11 am