QUESTION
How long before chapter 7 be removed from my credit report?
Asked on Apr 08th, 2015 on Bankruptcy - Michigan
More details to this question:
I filed Chapter 7 under old laws prior to 2005 changes. The time now for Chapter 7 to be removed from credit report is 10 years. I was told then for us it would be 7 years.
6 ANSWERS
Deborah F. Bowinski
There are two different ways that a bankruptcy is reflected on your credit report. The individual debt entries will remain on the report for up to 7 years from the last activity. The public record that a court case was filed will remain on the credit report for 10 years. So, both of the times you were told are correct.
Answered on Apr 09th, 2015 at 3:08 PM
There is a lot of confusion about this issue. The Fair Credit Reporting Act has always said that bankruptcy filings can be reported for up to 10 years. Before 2005, you were eligible to discharge debts in Chapter 7 every 6 years, now it is every 8 years. The 7 years comes from the Bible, which instructs creditors to forgive debts that often. Everyone only remembers 7 years and forgets that 7 years is not now, nor has it ever been the law.
Answered on Apr 09th, 2015 at 12:13 PM
Commercial & Bankruptcy Law Attorney serving Powell, OH
at
Ronald K. Nims
Update Your Profile
The bankruptcy laws don't regulate credit reporting agencies. The Fair Credit Reporting Act regulates credit reporting agencies. The 2005 bankruptcy changes didn't affect the FCRA. Credit reporting agencies remove information like bankruptcies when they are more than 10 years old.
Answered on Apr 09th, 2015 at 7:52 AM
Bankruptcy Attorney serving Madison, WI
at
Richard B. Jacobson & Associates, LLC
Update Your Profile
Ten years has been the applicable period for many years.
Answered on Apr 08th, 2015 at 8:23 PM
Appellate Attorney serving Grosse Pointe Farms, MI
at
Musilli Brennan Associates, PLLC
Update Your Profile
The government can and does change the rules during the game. I suspect it will be 10 years, the current rule.
Answered on Apr 08th, 2015 at 8:18 PM