Maybe I was ignorant at the time and did not understand 7 years is for chapter 13. At which point did it change from 7 to 10 years for Chapter 7?
4l Bankruptcy Abuse Prevention and Consumer Protection Act (BAPCPA) went into effect on October 17, 2005
As far back as I can recall, credit reporting agencies were allowed to report the following information on their reports:
Credit issues for up to 7 years, including showing a balance at $0 because of a bankruptcy discharge.
But, on another section of the report known as the "public information section" the agencies could report information about the filing of the bankruptcy, giving the date filed, case number, and court, for up to 10 years. Since chapter 13's typically for 5 years, such reporting would continue for only another 5 beyond on the public information section.
I hope that helps.
The law is complicated and although the facts expressed may seem to be all that is relevant, there may be many other important facts to consider. Also, the law is constantly undergoing change, so what may be correct today, may not be accurate tomorrow. Only a full consultation with an attorney experienced or knowledgeable in the specific legal subject matter is likely to result in the optimal course of action.
Unfortunately, people get hung up too much on this issue. The fact remains that even though eventually the filing of a bankruptcy will be removed from your Credit Reports, you still have to disclose the fact that you have filed a bankruptcy for the rest of your life. I have never seen a Credit Application that asks "have you filed a bankruptcy within the last 7 - 10 years?" Instead, the Credit Application asks "have you ever filed a bankruptcy?" Clearly, you will not be answering the question correctly if you do not respond in the affirmative after you have filed a bankruptcy, even 30 years later. And, the Creditor/Lender will claim fraud if they ever find out about the discrepancy. So, spend your time explaining the reasons why you had to seek protection under the Bankruptcy Code and why those issues are no longer a problem in your life rather than trying to avoid disclosing the bankruptcy since it was a # of years ago.
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