After Chapter 13 bankruptcy and all debts are paid, does the “bankruptcy”?
Question by dede_mcm: After Chapter 13 bankruptcy and all debts are paid, does the “bankruptcy”?
word still appear on your credit report? 10 years? Is there not a distinction between creditors paid under Chap 13 and debts not paid under Chap 7?
Thanks for your help.
Best answer:
Answer by mister_galager
Here’s a link that describes them in detail and will answer your questions…
http://en.wikipedia.org/wiki/Bankruptcy
Add your own answer in the comments!
Chapter 7 – the actual bankruptcy itself will remain on your report for 10 years, how ever the accounts will drop off after 7.
Chapter 13 – Will only stay on your report for 7 years and same with the accounts , only 7 years…
Keep in mind this is regardless of when the account became delinquent, once it is included in the bankruptcy it is 7 years from the date you filed. Alot of creditors will just delete the accounts but you cant always expect it.
Good Luck!
Yes it does. Even though you’ve paid your debts, it was under the protection of the bankruptcy court and is a matter of public record.
A common misconception is that using a consumer credit counseling service is better than claiming bankruptcy. They are both reported on the same line of a credit report. My friend went through credit counseling and when she went to buy a house, guess what black mark was against her…
Once you get your discharge though, you should be able to buy things on credit again. Just take your discharge paperwork with you in case it hasn’t been reported to the credit reporting companies yet.
A discharged Chapter 13 remains for 7 years from filing on the credit report. An open or dismissed Chapter 13 remains on the report for 10 years after the filing date.