Bankruptcy when does it clear

barrett bankruptcy book
Bankruptcy when does it clear?

Your bankruptcy will clear off from your credit report either 7 or 10 years after filing for a bankruptcy.  Bankruptcy when does it clear depends on which type of bankruptcy case you file. Bankruptcy can be a great tool to overcome burdensome debt and get you back on your feet. It does however come at a cost since it can take several years to build your credit, however if you credit has always been poor, then it might actually be a benefit to get a fresh start and quickly establishing positive credit moving forward.  Then comes one of the most frequently asked questions about bankruptcy when does it clear?

The discharge date in bankruptcy is the date the bankruptcy judge enters an order releasing you of your debt. But, the discharge date has nothing to do with when the information will be deleted. In a “no asset” chapter 7 bankruptcy case, after the court enters the discharge, the trustee then files a report with the court stating that there were no assets to administer. Then the court will enter an order closing your case. The bankruptcy record from the court is deleted either seven years or 10 years from the filing date of the bankruptcy depending on the chapter you declare.

So the sooner you file your case the sooner the record will be cleared that you filed bankruptcy.  You don’t have to do anything with the credit bureau to remove the bankruptcy from your report. The bankruptcy and any included accounts will be deleted automatically.  Individual accounts included in bankruptcy often are deleted from your credit history before the bankruptcy public record.   All delinquent accounts are deleted seven years from the original delinquency date, which is the date the account first became delinquent and was never again current. Declaring bankruptcy does not alter the original delinquency or extend the time the account remains on the credit report.  If an account was delinquent before being included in the bankruptcy, it will probably be deleted before the bankruptcy public record because the original delinquency date is typically earlier than the bankruptcy filing date.

 

 

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