pre-2005 Chapter 7

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Post Posted: Mon Oct 26, 2009 12:58 pm    Post subject: pre-2005 Chapter 7

I was discharged from/in Bankruptcy prior to the 10/2005 Bankruptcy LAW CHANGES. My dismissal date was 5/2003. In 2003 chapter 7's showed for 7 years. My credit reports shows that this will be on my credit report for 10 years. Status Details: This item is scheduled to continue on record until Mar 2013. Did the 2005 law changes apply Retroactively to prior discharges?
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Icon Mini Profile raymond
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Post Posted: Mon Oct 26, 2009 4:35 pm    Post subject:

Chapter 7's are listed in the Public Records section of the Credit Report for 10 years, from date of discharge. Chapter 13's are listed for 7 years, from date of filing. The change in bankruptcy laws don't have any effect on how the Credit Bureau's report bankruptcy.
Raymond Denton
Icon Mini Profile jameshogg

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Post Posted: Mon Oct 26, 2009 7:36 pm    Post subject:

Hi mack,

Raymond is correct. As a negative item, the Chapter 7 bankruptcy would remain on your credit report for 10 years. However, with the passage of time, the effect of bankruptcy on your credit report may get reduced and thus you may be able to qualify for mortgage.

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