{"id":2411,"date":"2019-09-05T15:58:52","date_gmt":"2019-09-05T15:58:52","guid":{"rendered":"https:\/\/recoverylawgroup.com\/?p=2411"},"modified":"2025-08-21T10:03:11","modified_gmt":"2025-08-21T10:03:11","slug":"what-happens-to-reaffirmed-debts-in-case-of-bankruptcy","status":"publish","type":"post","link":"https:\/\/recoverylawgroup.com\/staging_D\/what-happens-to-reaffirmed-debts-in-case-of-bankruptcy\/","title":{"rendered":"What Happens to Reaffirmed Debts in Case of Bankruptcy?"},"content":{"rendered":"

Call: 888-297-6203<\/a><\/strong><\/p>\n

When you have accumulated huge amounts of debts, bankruptcy is a preferred option. Apart from bankruptcy, other options according to Los Angeles based bankruptcy law firm Recovery Law Group<\/a>, include debt settlement, debt reaffirmation, etc. When any individual files for bankruptcy, it becomes a public record and appears on their credit report. All accounts mentioned in bankruptcy papers are updated with the status \u201cincluded in bankruptcy.\u201d However, if you have reaffirmed any debt, and paid it fully, it should not appear on your credit report.<\/p>\n

Reaffirmation of debt takes place when an agreement is drawn between the lender and the debtor with respect to making payments. When a loan is reaffirmed, it is not included in any bankruptcy chapter. Individuals can file under Chapter 7 or Chapter 13 bankruptcy Dallas<\/a>. Some portion of debts is paid off through repayment plan in case of Chapter 13 bankruptcy, thus, it remains on the credit report for seven years from the bankruptcy filing date. In the case of Chapter 7, no debts are repaid and therefore, this chapter of bankruptcy remains on credit report for ten years from the bankruptcy filing date.<\/p>\n

Any accounts that are included in bankruptcy remain for seven years, either from the bankruptcy filing date or the original delinquency date if the account was delinquent prior to the bankruptcy filing. Thus, after seven years, these accounts are deleted from bankruptcy public records. In case these accounts or the bankruptcy discharge is not removed from the credit report, you need to take steps to ensure they are removed. Having an experienced bankruptcy lawyer can be an asset in such cases as they can guide you through the procedure. If you have not hired any, you can call 888-297-6023 to schedule an appointment for a consultation.<\/p>\n

Rebuilding credit takes time and continuous efforts. Thus, any positive account remains on your credit report for 10 years unlike those included in a bankruptcy, as they are helpful for your credit history. Any reaffirmed loan that has been paid in full with no late payments will also remain on your credit report for 10 years. It is important that you keep your credit report updated to reflect the status of the various accounts in bankruptcy. You can ask the same through government-approved credit reporting agency. Any inaccurate information should be rectified either online, through mail or over the phone. You can use Schedule A, Schedule D, or Schedule F from bankruptcy filing papers to list all debts included in a bankruptcy or reaffirmed debts.<\/p>\n\n

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