chapter 7 questions
I was wondering because once bankruptcy goes thru, does the debt collector have to stop updating the entry? what happens if they continue to update the balance due and such?
They don't have to remove it from your credit, but if they keep
They don't have to remove it from your credit, but if they keep reporting it then they have to report the fact that it was included in a bankruptcy. They also cannot report a current or past-due balance, and the date of last activity should be the date you filed the BK or when it was discharged.
So if a charge-off is supposed to fall off in 2 years, after ban
So if a charge-off is supposed to fall off in 2 years, after bankruptcy it falls off still? It doesn't get re-aged does it?
I know the bankruptcy shows for 10 years though.
No, it should not get re-aged. The account itself has to come o
No, it should not get re-aged. The account itself has to come off 7 years after it first became delinquent, regardless of a BK. So if it was going to fall off in two years anyway, it still will.
What shows up for 10 years is the public record. The BK court itself will report on your bureaus that you filed a bankrcupty -- that is what stays for 10 years.