There is a lot of belief that there isn’t much for us to do concerning bankruptcies after it’s all said and done. it’s basically believed that we’re powerless consumers who must put up with it until it is over with its years long life cycle. but 7, even ten years? Come on… Is all of this a misconception? For some reason, the thought of being hopeless won’t feel well with me and I’ve a really difficult time coming to terms with it.
It happens to be that, the majority of consumers recover from filing their bankruptcy, foreclosure, their items repossessed, charge offs, and so forth, within two years! Usually less! As it is, though as we’re all aware, these items are still on our credit reports to cause problems for us for much longer than 2 years… Chapter 7 bankruptcies remain on credit reports for around ten years!!!
I am aware of this information from firsthand experience due to the fact that my significant other filed for his Chapter 7 bankruptcy in 2001, recovered completely from the bankruptcy and bought a new home in 2003, and is still stuck with the backlash even now. My husband has a 750ish FICO score with perfect credit otherwise he learned his lesson obviously, but he can’t get ordinary things including the majority of credit cards just due to the BK! He strangely managed to get approved for one MC credit card, and just that.
Every single bit of this and tons of of research led us to the realization that maybe there is something that we might be able to do about getting rid of a Chapter 7 bankruptcy (as well as other harmful items such as foreclosures, etc). I wonder if those shady credit bureau CEO’s remove items off of THEIR credit history? It’s hard to tell, but if I venture to guess I would go with yes. Let’s face it, they can get away with it, correct? Who can know?
perhaps it is not really how smart you are, but the people you know when it involves getting rid of or cleaning a Chapter 10 away from your credit report? I’ve yet to find out the answer to that, yet I yearn to find out ASAP.
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