Legal Question in Credit and Debt Law in Pennsylvania
I had a full discharge bankruptcy 2 years ago. It was Chapter 7...I live in Pennsylvania. I used VERY bad judgement and got a few credit card offers after the bankruptcy. I charged roughly $1500 on these small balance credit cards to help my daughters get set up at college. Then I couldn't pay them back. I haven't made a payment in over a year and I believe they are now all charged off. How long will the bankrupcty stay on my record, AND....how long until these charged off credit cards are no longer visible to future lenders. I'm really trying to turn my life around. How long must I wait?
1 Answer from Attorneys
Charge off does not mean that you don't owe the debts or that you cannot be sued. Even though the accounts are small, you still can be sued and your creditors may know that you cannot file bankruptcy (another chapter 7) again for 6 more years.
The chapter 7 bankruptcy stays on your credit file for 10 years after the date of discharge. So if your discharge was 2 years ago, you have 8 more years to go.
Bad credit card debt can stay on your credit report for 7 years from the date of charge-off which is usually anywhere from 3-6 months after your last payment. So if you have not paid them in about a year, then you have about 6 to 6 1/2 years to go.
However, creditors can sue you at any time over the next 3 years.
You need to think about resolving these debts by way of settlement if you can afford to do so.
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