Legal Question in Bankruptcy in California
charpter 7
I filed a chapter 7 way back early at 2001 and that time, according to my lawyer, it should only last 7 years. I heard about the changes recently that it will take 10 years instead. My question is, will my 7 years get ''extended'' to 3 more years? By that time, whatever which year would be, will there any letter from the court to notify me about my record is ''cleared''? Thanks for your help!
2 Answers from Attorneys
Re: charpter 7
Either your attorney did not know what he was talking about, or you misunderstood. Bankruptcies have always stayed on the debtor's credit reports for TEN YEARS--this is not new. Seven years is the time that judgment liens and other derogatory items stay on one's credit. And no, no one sends you anything; the bankrutpcy was over when the discharge was entered, it is the negative credit report that stays for ten years.
Re: charpter 7
Just to supplement the prior response: The laws (which were NOT bankruptcy laws) were changed several years back allowing them to report bankruptcies for 10 years on your credit report, instead of 7. I believe that changed in 1998, but I'm not 100% sure of the date. Regardless, it is 10 years now and that's all that matters to you.
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