dimon

Bankruptcy Removal

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Hey guys,

I am sorry if that has been asked, but here I am...after considering many ways, it seems to me that Chapter 7 is the best way out for me.

I keep rading many things about posibility to remove chapter 7 from your report, most is SCAM as I see it, I wanted to ask this forum and see if you actually can remove all reference and chapter 7 itself from the report in 1-2 years?

Thanks in advance

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so you are saying that there is no way to remove the bankrupcy from the credit???...I saw of the actual paperwork with other results...is it all scam? what about the sponsors of this site "Lexington Law" they claim they removed thausands bancrupcies...all that SCAM as well???

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To anyone thinking they'll get it removed, don't plan on it. Equifax is apparently the worst at verifying so maybe <10% who have tried have had success getting it removed. For virtually everyone, it ain't happening.

But who cares- you can be creditworthy in a year or two. Get a mortgage in three. It is not an impediment to very many things in my opinion, partially because of federal law, partially because only a select few people will ever know, and partially because it is becoming more and more common as the economic malaise has set in.

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I was signed up with Lexington for about a year and they removed a lot of negitive items on my reports. Well, I should say a lot from Equifax and TransUnion. Experian didn't Budge. They also removed my Chapter 7 BK from TransUnion in the first 2 months (blew my mind!) and its been off for a year now. It is still on the other 2 CRAs.

There is hope.:) I'm starting to handle the disputes myself and plan on disputing the remaining Chapt 7's a little after my 2 year mark. I read on the web (I have no idea if true or not, but its worth a try) that the BK courts archive their court records after 2 years and its too much effort for them to verify BK valadation requests from the CRAs. By law the CRAs then have to remove it. We'll see how that goes next summer.

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You can get the BK removed by writing a letter to the courthouse and then dispute that way.
The theory goes...you write the court house asking for a copy of your BK papers. They go get them out of storage and make a copy. Then, they sit on someone's desk until they're refiled...which may take a month or more.

Inthe meantime, you dispute with the CRAs. They ask the court for verification, the records aren't in the files, so it comes back "un-verified" and therfore, gets deleted from your reports.

In practice, records are now kept electronically so they don't sit around waitiing to be refiled. It may still work in small towns, but don't count on it.

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If you dispute with the CRA's regarding your BK, and they send you a letter stating that the BK information has been verified. You then send a letter to the courthouse asking how they verify information about someone's BK. Their response will be that you have to come in person to verify and get information. They do not verify by correspondence just in person. Take the courts letter and send it to the CRA's, they the delete the entry.

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If you dispute with the CRA's regarding your BK, and they send you a letter stating that the BK information has been verified. You then send a letter to the courthouse asking how they verify information about someone's BK. Their response will be that you have to come in person to verify and get information. They do not verify by correspondence just in person. Take the courts letter and send it to the CRA's, they the delete the entry.

This seems a little strange to me because all the BK filings are on a national databased called PACER anyway which is electronic type public access. Why would they require anyone to come in person to verify? :confused:

If it works - great. But if you are borrowing $$ to buy a home you have to disclose the BK anyway on your loan app or its considered fraud.

Once you re-establish your credit, even with the rebuilder type cards, when you pass the two year mark you are well on your way to 700+ scores. BTDT.

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well said VADebtor. Some get lucky, most don't.

But the bigger picture is most people are on much better financial footing after a bk anyway, so in a few years their scores drastically even with the bk reporting.

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I'm certainly in much better shape - filed BK7 8/2009, discharged 11/2009. FICO scores back to 660 and above.

Having the BK public record on your credit report will hurt you with some lenders but if you use the "fresh start" to do things right, you can obtain credit long before the 10 years is up.

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No doubt. I recall having a middle FICO around 715 by month 30. I followed the "program", opened new credit, and watched every penny from that day forward. Today, roughly six years after filing, I have a wallet full of platinum cards and two fixed rate mortgages below 5% (one at 3.75% and one at 4.875%), all opened after the bk.

Sounds like you are on your way!

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