Legal Question in Bankruptcy in Florida

Re: Chapter 13 discharge

All trade lines and public record events remain on your credit bureau report for 7 years from the date last reported. In a Chapter 13 case, the initial bankruptcy filing is reported and then the discharge is reported upon completion of the plan. So, the bankruptcy will be reported by the bureaus for 7 years from date the discharge date was reported (usually within a couple days of the discharge being entered by the court).

That being said, though, it is important to realize that the impact on your credit score for all events diminish over time. The older something is, the less it is a boon or drag on your score, so do not think that your credit will be poor for the next 7 years. What you do now to keep negative events off of your report will go a long way towards credit recovery. If you keep a current mortgage and car loan, don't keep too many active credit cards, and keep the balance low, and by all means keep those payments current, you can reasonably expect to see a significant increase in your credit score within about 24 months. Remember that delinquencies, frequent inquiries, high credit card balances, and too many credit cards are all drags on your score. So, be aggressive in managing your credit bureau and you will be surprised how quickly you can get back into the game.

Congratulations on completing your plan!! Its a tough thing to do, you beat the odds. If you need any additional information on how your credit bureau works, you can check out our website at www.LaBellaLaw.com, or drop us an email for some free brochures on credit.