Bankruptcy can adversely affect your credit report, this is a known fact. However, what most people are unaware of is, how the status of your accounts is affected after bankruptcy. In case any individual files for bankruptcy, the accounts included remain for seven years and are then deleted. According to Dallas based bankruptcy law firm Recovery Law Group , the various representations of the accounts included in bankruptcy are:
- In the case of Chapter 13 bankruptcy, public records are discharged after five years from the bankruptcy filing date.
- Accounts included in bankruptcy which were current, remain on credit report for seven years from the date of the bankruptcy
- In case the account was delinquent prior to the bankruptcy filing, it will remain for seven years from the original date of delinquency.
- Any account that was reaffirmed during bankruptcy is removed from the bankruptcy In case, you are current on payments on such accounts, they are reported and remain open and active.
- Any account with positive status (payments current) is reported on your credit report as it has a positive effect.
- Accounts with late payments are deleted after seven years from the date it became late and was unable to get current ever.
In case you find a discrepancy in the status of any of your accounts on your credit report, you can get it rectified from the credit reporting bureaus. If you find this difficult, you can take the assistance of an experienced lawyer. Call 888-297-6023 to consult with bankruptcy lawyers.