We filed for bankruptcy in Dec. 2006 and it was official in Feb. 2007.
We had to let our home go. It was included in the bankruptcy. The thing is, even to this very date, our credit reports show the loan amounts (both mortgage and equity loans).
My husband really could use a better vehicle. We can't get a loan though. And I feel that it's because our credit reports show that we owe hundred of thousands of dollars.
I thought the credit reports might show 'bankruptcy'. But, thought the mortgage company was to make the amounts $0.
What should our credit reports really show?
Personal Injury Lawyer
The bankruptcy itself can stay on the credit report for 10 years. I am including a link at the bottom of this answer to a service, started by a bankruptcu attorney friend of mine, specifically geared to cleaning up the credit reports after bankruptcy and making sure the reports are accurate. Tell him I sent you.
This answer is provided for informational purposes only. Legal advice can only be given in an office appointment by an attorney licensed in your jurisdiction with experience in the area in which your concern lies.
The bankruptcy will remain on your credit for ten years and the actual debts can remain for seven. If the status of the debts is incorrect, though, get a copy of your credit reports and file disputes with the reporting agencies demanding that they change the status to "included in bankruptcy" or something similar. By doing so, the balances will drop to zero and your debt-to-income ratio will be far more favorable.
Take a copy of your discharge a list of the creditors notified. Add that to a letter to the credit bureaus informing them that you believe that your credit report is not accurately showing the discharge and that you dispute those listings. You should send the letter certified mail, return receipt requested to each credit bureau. If it is not fixed, contact a local attorney about possible Fair Credit Reporting Act violations.
[This communication is intended as general information and not specific legal advice, and this communication does not create an attorney-client relationship.]