Legal Question in Bankruptcy in California
When will Chapter 7 Bankruptcy Clear?
I filed bankruptcy, Chapt. 7, in Nov. of 1994. At that time, I was told the bankruptcy would be on my credit record for SEVEN (7) years. I belive the law subsequently changed and now everything I read says ''UP TO'' ten (10) years. First, is it true that it was 7 when I filed? Second, was I ''grandfathered'' under the new law and therefor qualify to get it off my record after 7 years? Third, why do things I read say ''UP TO'' instead of ''EXACTLY'' in describing how long -- if it can be less than 10, how can I make it less? The 3 year difference is a major deal to me. Please advise! Thanks!
3 Answers from Attorneys
Re: When will Chapter 7 Bankruptcy Clear?
In 1994, and since as far back as I can remember, bankruptcies have been reported on one's credit for 10 years. On the other hand, judgments, foreclosures and other negative items are reported for 7 years.
Re: When will Chapter 7 Bankruptcy Clear?
Yes, it was 7 years before. Now it is 10. It's not a matter of it being grandfathered; it is a credit reporting law and it is earmarked to the date you filed your case. No, there is no way to lessen the time.
Re: When will Chapter 7 Bankruptcy Clear?
There are several dates that get confused in BKs. One is that you can file another Chapter Seven in six years. Your BK has to be taken off your credit report in ten years. Although the credit reporting agency may take it off sooner at their discretion. Seven years also comes up in how long the IRS can pursue you on tax fraud, or a creditor on a student loan, which are sometimes relevant in a BK.
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