Is It Potential to Discharge a Bankruptcy?
There is much belief that there is not much for us to do concerning our bankruptcy after it is finished. it’s typically implied that all of us are helpless consumers who are forced to put up with it until it is over with its very long life cycle. but 7, even ten years? Come on… Is any of this a misunderstanding? Somehow, the feeling of being powerless will not go well with me and I have a really hard time coming to terms with it.
the truth of the matter is, most consumers recover from filing their bankruptcy, home foreclosing, repossessions, charge off, etc…, in just 2 years! Usually less! All though as we all know, these items are still on our credit reports to haunt us for much longer than just 2 years… Chapter 7 bankruptcies remain on credit reports for around ten years!!!
I am aware of this first hand due to the fact that my significant other filed for Chapter 7 bankruptcy seven years ago, completely recovered from his financial problems and bought himself a new home in 2003, and is still suffering from its backlash right now. He has a 750ish FICO score with flawless credit otherwise he has learned his lesson obviously, but can’t receive simple things like majority of the credit cards just due to the Bankruptcy! He miraculously managed to get a Juniper card, and just that.
All of this and hours upon hours of research brought us to the belief that maybe there’s something that we might be able to do about clearing a Chapter 7 (or even other derogatory items including foreclosures, and others). I wonder if those mean credit bureau professionals remove marks off of their own personal credit reports? I’m not sure, yet if I have to guess I can only think yes. It’s obvious, they more than likely do it, agree? Who would know?
in the end it isn’t necessarily what you know, but the people you know when it comes to removing or cleaning a Chapter 10 away from your credit history? I have yet to find the answer to that, but I hope to find out soon.
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