Debt Discharged?

[jadaia]

What is the name of your state?missouri
First time in bankruptcy ch 7. When some states the pharse "debt discharged"
does that mean that they have been discharged from their debt to creditors, or they have finished their 10 years of bankruptcy on their credit report.

 

[djohnson]

It means the debt has been discharged from original crediors. They can no longer collect. However it starts the 10 year period that the bankruptcy will stay on your credit.

 

[jadaia]

thank you very much

 

[Ladynred]

Actually the reporting period starts with the FILING date.

 

[djohnson]

You may want to check that. I believe it is the discharge date. In a 13 it is 10 years from discharge, not 5 more years after everything is paid off and discharged. The discharge would be date of last activity.

 

[Ladynred]

§ 605. Requirements relating to information contained in consumer reports [15 U.S.C. §1681c]
(a) Information excluded from consumer reports. Except as authorized under subsection
(b) of this section, no consumer reporting agency may make any consumer report containing any of the following items of information:

(1) Cases under title 11 [United States Code] or under the Bankruptcy Act that, from the date of entry of the order for relief or the date of adjudication, as the case may be, antedate the report by more than 10 years.

Discharge is not an 'ajudication'. The BK reporting period starts with the filing date.

Actually, a discharged CH 13 usually only stays on your reports for 7 years, dismissed Ch 13's stay for 10.

As for any debt that's delinquent before you file, the date of first deliquency that creditors are REQUIRED to report starts the 7-1/2 year reporting period. So, in those cases, those debts WILL fall off before the banktuptcy does depending on when the 7-1/2 years is up.

(c) Running of Reporting Period
(1) In general. The 7-year period referred to in paragraphs (4) and (6)2 of subsection
(a) shall begin, with respect to any delinquent account that is placed for collection (internally or by referral to a third party, whichever is earlier), charged to profit and loss, or subjected to any similar action, upon the expiration of the 180-day period beginning on the date of the commencement of the delinquency which immediately preceded the collection activity, charge to profit and loss, or similar action.

Just for backup on the duty of furnishers on this for readers who aren't familiar with the FCRA:

§ 623. Responsibilities of furnishers of information to consumer reporting agencies [15 U.S.C. § 1681s-2]

(a) Duty of Furnishers of Information to Provide Accurate Information

(5) Duty to Provide Notice of Delinquency of Accounts
(A) In general. A person who furnishes information to a consumer reporting
agency regarding a delinquent account being placed for collection, charged
to profit or loss, or subjected to any similar action shall, not later than 90
days after furnishing the information, notify the agency of the date of
delinquency on the account, which shall be the month and year of the
commencement of the delinquency on the account that immediately
preceded the action.

 

[djohnson]

Adjudication - A judgment or decree Adversary system - Basic U.S. trial system in which each of the opposing parties has opportunity to state his viewpoints before the court. Plaintiff argues for defendant's guilt (criminal) or liability (civil). Defense argues for defendant's innocence (criminal) or against liability civil).

***Discharge can be considered a a charge for or against liability.

http://www.knockoutdebt.com/chapter-7/index.aspx

***from this site also it states
A chapter 7 filing stays on your credit for ten years from the date the chapter 7 bankruptcy is discharged. However, it stays on your court records for 20 years as public record. Issuers of credit consider it when deciding whether to extend credit. Some credit issuers may extend credit only after a number of years have passed or when it no longer appears on the credit report.




I also happen to have talked to 8 people in the last few months that filed over ten years ago and it is still on their credit report. When they tried to have it removed it is what the Eguifax told them, and their attornies told them. They wish you were right.

 

[djohnson]

Adjudication - A judgment or decree Adversary system - Basic U.S. trial system in which each of the opposing parties has opportunity to state his viewpoints before the court. Plaintiff argues for defendant's guilt (criminal) or liability (civil). Defense argues for defendant's innocence (criminal) or against liability civil).

***Discharge can be considered a a charge for or against liability.

http://www.knockoutdebt.com/chapter-7/index.aspx

***from this site also it states
A chapter 7 filing stays on your credit for ten years from the date the chapter 7 bankruptcy is discharged. However, it stays on your court records for 20 years as public record. Issuers of credit consider it when deciding whether to extend credit. Some credit issuers may extend credit only after a number of years have passed or when it no longer appears on the credit report.




I also happen to have talked to 8 people in the last few months that filed over ten years ago and it is still on their credit report. When they tried to have it removed it is what the Eguifax told them, and their attornies told them. They wish you were right.

 

[Ladynred]

Well, it wouldn't be the first time some phone drone at Equifax or the other CRA's was wrong. We're talking about people who IGNORE the FCRA, will do anything to circumvent it (like refusing to investigate valid disputes) and clearly do NOT understand it.. they're only paid to answer the phones. Just because 'equifax said it' means nothing as far as I'm concerned. I've also run across scant few attorneys, unless specifically involved in consumer protection and FCRA cases, who know much at all about credit reporting and credit 'repair'. I've found thru a few interviews myself that they merely scratch the surface and routinely give out questionable information where credit reporting and repair are concerned.

I'll have to dig a little deeper, I'm still not convinced.