Bankruptcy Documentation
Is there a way to clear bankruptcy on your credit report?
I filed bankrupt about 2 years ago. I’ve considered contacting the creditors that were involved to see if they’d work something out with me as far as my paying these debts off. I’m wondering if I pay them off would they put something on my credit report that states that I’ve paid as agreed or something that wouldn’t make the bankrupt look so bad. At the time I was ill and I tried to work with a company to work on the debt however the company was being paid a lot and was offering me no service at all. I’ve since then gotten my money back but the end result was my filing bankrupt. My car was included in the bankrupt in error and I’ve been paying on that faithful because I explained that my car was never suppose to be added to the bankrupt. I faxed some original documentation that stated that the typed documents were incorrect therefore the company was willing to work with me. Do anyone know if there is anything that I can do to clean up my credit history as far as the bankruptcy?
With years in the credit business:
I wish people wouldn’t post info unless they really knew what they were talking about!
A chapter 7 will stay on your credit for 10 years, a chapter 13 for 7 years.
If you went through a chapter 7, there is no point in paying anything, as your debts simply no longer legally exist.
When working with customers who have had a BK, here are the things I tell them to improve their credit:
1. Has any of the debt that was included in the bankruptcy appeared on the credit report as LATE past the date of filing. It is so, so common for your creditors not to get notice of your BK and continue to report your debt as late. As they can not do this as of the date of filing, the very first thing I have my customers do is to mail a copy of their entire BK petition and discharge form to each credit bureau with a dispute letter. The dispute letter should include the names and account numbers of the accounts which are showing late payments past the date that you filed your BK in BK court (NOT the date you received the discharge).
2. Don’t pay a dime to your creditors, it will make no difference in the way they code your bankruptcy and will not benefit your credit report in any way. (In fact, it could make things worse by making a bad, old debt look like a bad, current debt).
3. Review your credit report for other errors and dispute anything that is negative. The bureaus must verify your debt or delete it – the burden is on them for accuracy. It is not your responsibility to demonstrate the debt is wrong, but any info you can provide to prove it is wrong will be a help.
4. 2 years out of BK is not going to get you a whole lot in the way of credit, so be patient until more time passes.
5. Pay your bills on time each month and get a secured credit card if you want to work on reestablishing your credit. You’ve got the BK, but post-BK should be crystal clear.
Get a copy of your credit report for free at www.annualcreditreport.com
I think the other site pays someone to post their info, but do not go to freecreditreport.com because you need to pay for the service to get the free report. It’s a shameful scam.
Best of luck!
Bankruptcy Questions : How to File for Bankruptcy for Your Business
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