record for 7 years after first delinquency. which is correct?
2007-10-17 11:21:43 · 8 answers · asked by Anonymous in Business & Finance ➔ Credit
The 7 year rule is for chapter 13, and delinquent accounts that have never been collected on or referred to a collection agency.
Chapter 7 is ten. However, some of the credit bureaus drop after 9.
2007-10-17 11:31:56 · answer #1 · answered by Steveo 5 · 0⤊ 1⤋
Most court filings are 10 years. Including Judgements.
Its 10 years after the last filing. As they said discharge, your discharge will be your last filing from the court. It will be on their for 10 years after the discharge.
7 years is for consumer debt, not court records. You can try and dispute it. But good hell, if you are worried about it and its been 7 years ago already. Its not really going to affect you in getting any type of loan.
You can get a FHA mortgage loan after 1 year. If its 7 years old it shouldnt affect you at all.
2007-10-17 11:29:39 · answer #2 · answered by financing_loans 6 · 0⤊ 0⤋
The bankruptcy will stay on your report for 10 years. The individual items including those discharged in the bankruptcy will still fall off the report 7 years and 180 days from the date of delinquency.
2007-10-17 13:34:36 · answer #3 · answered by bdancer222 7 · 1⤊ 0⤋
Sorry....they are right (we filed too) -- there is no "7 year rule" --- bankruptcy can stay on for 10 years or longer and then if it is longer, you have to fight it on your credit report. I also worked for attorneys (and clients would come in saying the same thing)..... I don't know where we all got this 7 year rule from......but it's not true. I'm sorry ----- (believe me.....we've suffered for over 7 years so I understand what you're going through)
2007-10-17 11:26:08 · answer #4 · answered by butterfliesRfree 7 · 0⤊ 0⤋
I used to work in collections.. Chapter 7 will be on your record for 10 years..
2007-10-17 11:25:25 · answer #5 · answered by Anonymous · 1⤊ 0⤋
My bk 7 was finalized about two years ago and it will stay on for seven years. I did not have to pay the creditors. With the new law it does stay on for ten years and you have to pay them back.
2007-10-17 11:30:27 · answer #6 · answered by liberty289 1 · 0⤊ 1⤋
Yes it stays on for 10 years....after it has been discharged which is the day that it is final and the court signs off on it
2007-10-17 11:24:21 · answer #7 · answered by Arcangel 1 · 1⤊ 0⤋
rong
2007-10-17 11:24:18 · answer #8 · answered by homestar1998 2 · 0⤊ 0⤋