May 07, · About a third of bankruptcies filed are Chapter 13 (the remaining being Chapter 7). Those who file are still required to pay back their debts, but instead over a three-to-five year time karacto.xyz: Elizabeth Gravier. Dec 14, · Chapter 13 bankruptcies also only remain on your credit report for seven years whereas a Chapter 7 will be there for the next ten years. Chapter 13 Bankruptcy and Your Credit Score As addressed earlier, Chapter 13 bankruptcy won’t hurt your credit score quite as much as Chapter 7. If a Chapter 13 bankruptcy is dismissed, it will still remain on a credit report for 7 years from the date of fling. Furthermore, it is common knowledge that, while a bankruptcy stays on one’s credit for a period of 7 years for a Chapter 13 and 10 years for a Chapter 7 liquidation bankruptcy, the “bankruptcy effect” weakens over time.
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Chapter 13 bankruptcy entries are no different, but they require a different approach. The first step in getting Chapter 13 bankruptcy removed from your credit report is to carefully review the public record entry for accuracy. If there are any discrepancies relating to the date, your debts, and your personal information, a dispute is warranted.
Simply follow the steps to dispute the bankruptcy entry like you would with any other error. Once the dispute is received by the credit bureaus, each agency will either verify your bankruptcy details and inform you that the entry was correct, or they will fail to verify the entry and remove it from your credit report.
When the bankruptcy is verified, you still have a course of action for removing Chapter 13 from your report. You will need to send a procedural request letter you can find a sample here to each of the credit bureaus asking how they verified the bankruptcy.
In many cases, the bureaus will state they did so through the courts, but this is often not the full picture. If this is the response you receive, you have more work to do. You will need to follow up with the specific court in which your bankruptcy was filed and ask if the credit bureaus verified the entry.
Most courts do not verify bankruptcy filings for the credit bureaus, so if this is the answer you receive, ask for it in writing. Once you receive the written confirmation that the bankruptcy was indeed not verified, send it along with a dispute letter to each credit bureau and demand the entry be removed. This is a long a tedious process, but it can result in a clean slate as far as your credit report is concerned. Filing bankruptcy can be a beneficial move if you have gotten in over your head with debt and have little to no means to repay it all.
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