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cfortunato
cfortunato, Attorney
Category: Bankruptcy Law
Satisfied Customers: 8023
Experience:  Bankruptcy professor.
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We filed for bankruptcy in May of 2005 and paid it off May

Resolved Question:

We filed for bankruptcy in May of 2005 and paid it off May of 2008. Chapter 7 and then chapter 13. When does this start coming off our record? Our credit monitoring service says that it starts to come off from the date of the filing not discharge? Please Help.
Submitted: 4 years ago.
Category: Bankruptcy Law
Expert:  cfortunato replied 4 years ago.

cfortunato :

Hi JACustomer,

cfortunato :

A Bankruptcy is allowed - by law - to stay on one's credit report for 10 years after the date of filing.

cfortunato :

This is per the federal Fair Debt Reporting Act, which is applicable to all states.

cfortunato :

I think this is what you wanted to know. If not, please let me know.

cfortunato :

Thank you.

Customer:

No there are different time lines for different chapters, also could not find anything in the Fari Debt Reporting Act

cfortunato :

I gave you the wrong name of the statute.

cfortunato :

The correct name is XXXXX XXXXX Credit Reporting Act.

cfortunato :

Here is a link:

cfortunato :

The regulation regarding the reporting of Bankruptcies is in section 605 on page 22.

cfortunato :

The rules are the same for all Bankruptcies, regardless of the Chapter.

cfortunato :

The date of the entry of the order for relief is the date the case is filed.

cfortunato :

The "date of adjudication" applies to involuntary cases only.

cfortunato :

The fact that the 10 years is measured from the date of filing is much better for you than if the 10 years was measured from any other date, such as the date of discharge.

Customer:

So to be clear, because I will have to look up a few legal words, if I filed in May of 2005, everything should come off my record in May of 2015. No sooner. I like layman's terms. ( few words I will need to look up adjudicated, antedate, truncated).

Customer:

PS Thanks for the second answer.

cfortunato :

Yes - because you filed in May 2005, your Bankruptcy is supposed to be removed from your credit report by May 2015.

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