daviskx3 Posted July 27, 2007 Report Share Posted July 27, 2007 I filed for Bankruptcy in 1999. At that time, the law stated that it would be on my credit report for 7 years. Sometime in 2001 or 2002, the new law went into effect stating that bankrutpcies must now stay on your credit report for 10 years. Does that apply to bankruptcies filed before this new law? Link to comment Share on other sites More sharing options...
isislc Posted July 27, 2007 Report Share Posted July 27, 2007 Hmm, do you have a resource location where this information can be found? I'm looking at the information for the Bankruptcy Reform Act of 2000 and don't see anything about the time change of 7 to 10 years. Link to comment Share on other sites More sharing options...
VaSwtness Posted July 27, 2007 Report Share Posted July 27, 2007 The BK I filed in the 90's stayed 10 years. Link to comment Share on other sites More sharing options...
momof5 Posted July 28, 2007 Report Share Posted July 28, 2007 The LAW has always said that BKs stay for 10 yrs. There was an agreement reached with the CRAs to voluntarily remove a discharged BK13 @ 7 yrs to encourage consumers to file BK13....why? Because a 7 was discharged in months...the consumer could immediately rebuild credit! When you file a 13, you cannot get credit (without Trustee approval) while still in 13. So for years you were stuck!Folks opted for the 7 every time they could!Because a dismissed BK13 often means that you failed to pay your plan, the CRAs see this as continuation of bad behavior and they leave dismissed 13s on for 10. Link to comment Share on other sites More sharing options...
Recommended Posts