Legal Question in Bankruptcy in California

Bankruptcy filed in 1994 when laws stated it would stay on credit record 7 years

My friend and I both happened to file personal bankruptcy in 1994. At that time the law stated the record would remain on our credit record for 7 years. After that, I don't recall which year, the law changed to remaining on your credit record for 10 years.

Which applies to us? I have heard both of the following in regards to credit.

''the law when you filed pertains to you so it should have already been cleared off your credit record at the 7 year date''

and

''the law changed during the time that the bankruptcy was listed, therefore it still applies to you and you have to wait an additional 3 years''.

Thank you so much for any information!


Asked on 8/31/01, 10:32 am

1 Answer from Attorneys
Mark Markus Law Office of Mark J. Markus

Re: Bankruptcy filed in 1994 when laws stated it would stay on credit record 7 y

The effective date of the law change has nothing to do with the date you filed your bankruptcy. This is primarily because it is not a change in bankruptcy law--it is a change in federal credit reporting laws. President Clinton signed this into law and credit reporting agencies can report a bankruptcy for up to 10 years after the date your case was filed.

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Answered on 10/01/01, 1:40 am


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