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Everywhere I check, I find that a discarged bankruptcy will not come off of a credit report for ten years. Is this rule set in stone? Is it a law? Can it come off the credit report for any reason earlier than ten years?

2007-03-04 03:37:43 · 6 answers · asked by gervoi 3 in Business & Finance Credit

6 answers

Bankruptcy is for life.
Its true that it goes off of your credit report after 7 or 10 yrs depending on which bankruptcy you file. But, loan applications and many job applications ask it you have ever filed bankruptcy. Ever. If you lie to get a loan because your bankruptcy is very old, technically you have committed criminal fraud.

2007-03-04 06:44:45 · answer #1 · answered by heybulldog 5 · 0 0

For a very similar situation a found a great solution at: RATESCOMPARE.INFO-

RE Bankruptcy & Credit reports?

Everywhere I check, I find that a discarged bankruptcy will not come off of a credit report for ten years. Is this rule set in stone? Is it a law? Can it come off the credit report for any reason earlier than ten years?

2014-10-01 09:38:58 · answer #2 · answered by Anonymous · 0 0

Yes, this is set in stone. Typical bad debt= 7 years. Bankruptcy= 10 years.

2007-03-04 08:09:16 · answer #3 · answered by Vadalia 4 · 0 0

It's not a law. But it is the custom of the credit bureaus to carry a bankruptcy on their books for ten years. It a price you pay for going bankrupt.

2007-03-04 03:43:33 · answer #4 · answered by Anonymous · 0 0

Yeah its set to stone. Is there any possibility that you can avoid bankruptcy? I heard taht you should contact your creditor personally, without any lawyers, and tell them that you want to pay them but are crossing some hard times at this moment. And i'm sure you'll can work something out, because the creditors want to get their money, and your showing that your willing to pay them up.

2007-03-04 03:47:15 · answer #5 · answered by frozenflamengo 2 · 0 0

Either contact your creditors directly, or go through the non profit service of Consumer Credit Counseling Services, who partners with the creditors to help you resolve your debt and any fee involved is paid by them, not you. Be wary of other so-called debt clearing companies, particularly if they charge you any type of fees.

2007-03-04 04:16:32 · answer #6 · answered by jj 3 · 0 0

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