Bankruptcy involves a lot of paperwork, both while filing for it and even after discharge. It is therefore important to have legal representation to get through with it smoothly. In case you are looking for legal representation, you can call 888-297-6023 to know more about bankruptcy and its discharge. Generally, post-bankruptcy discharge, creditors update information in their accounts which are eventually displayed on the credit reports. However, many times creditors don’t update the information. According to lawyers of Los Angeles based bankruptcy law firm Recovery Law Group, there are options available for individuals if their creditors haven’t updated the bankruptcy discharge information on the credit report.
Since bankruptcy becomes a public record, the accounts listed in your bankruptcy are reflected in your credit report. In the case of the bankruptcy discharge, the same should be reflected in your credit report as well as bankruptcy record. Filing for bankruptcy involves mentioning all your creditors. Once the knowledge of your bankruptcy is provided to your creditors, they should ensure that the account is updated on the credit report to reflect its status. After you get your bankruptcy discharged, the accounts should also display the updated status. In case it does not, you can contact the creditor through the information provided on your credit report to ask them to update the accounts as discharged.
Bankruptcy paperwork includes “Schedule” which lists all debts included in the bankruptcy filing. You can alternately send a copy of Schedule A, Schedule D or Schedule F to the address listed in credit report along with a copy of your bankruptcy discharge statement and a request to update the information in your credit report. Alternately, you can verify the information through the courts and update it online. Individuals can file for bankruptcy under Chapter 7 or Chapter 13. In the case of the former, no debts are repaid, and discharge is granted within a few months. This type of bankruptcy remains on credit report for 10 years from the filing date. Chapter 13 on the other hand, involves paying some portion of the debt over a course of 3-5 years. This bankruptcy remains on the credit report for a duration of 7 years from filing date.