What about Bankruptcy?

Although bankruptcy is a great solution for many people, it is not the answer for everyone. If you are considering bankruptcy, you should contact a bankruptcy attorney to discuss your options. However, it is important to know the difference between the reporting requirements of Chapter 7 and Chapter 13 Bankruptcy.

A Chapter 13 Bankruptcy or reorganization of debt is reported for 7 years from the date of completion or discharge date. The discharge date for a Chapter 13 is the date in which you complete your payments (usually 3 years from the enrollment date). Therefore, if you are to file a Chapter 13...make your payments for 3 years...get it discharged... have it reported for 7 years, then you are looking at around 10 years of reporting.

A Chapter 7 Bankruptcy, on the other hand, is reported for 10 years from the discharge date. However, there are no payments to be made on a Chapter 7. This means the discharge date will happen shortly after filing (usually 3 to 6 months). What this shows us is that even though the reporting requirements for a Chapter 13 and a Chapter 7 Bankruptcy are different the period of time they remain on your credit report may be the same.

This brings us to the next question...can a bankruptcy be removed from your credit report?

The answer: The Fair Credit Reporting Act clearly states that if an item on your credit report is inaccurate, erroneous, or obsolete, then it must be removed. Therefore, if your Bankruptcy or the accounts listed under your Bankruptcy are inaccurately reported or outdated, then they should not be listed on your credit file. Correct Credit Solutions will help you with these matters in order to give you the correct credit you deserve.

*Individual circumstances are unique and only a bankruptcy attorney should assess your personal situation and provide the proper recommendations.

We Get Results!

The items listed below are the types of items that cause individuals to be denied loans. We successfully remove and/or correct these items on your credit report when they are listed inaccurately. With our knowledge of the credit reporting system and how these mistakes are made, we will assist you in getting the credit you desire and the interest rates you deserve.