What's the question? Is it your 'Subject'? ..how long does debt stay on your Credit? Bad debt can stay on your Credit for 7 years. However......when the SOL (of the state you live in) expires, a CA cannot sue you after that date. SOL=Statue of Limitations. I live in PA. The SOL here is 4 years.
Very true, KATRINA. After the SOL (whatever it is in the residing state..), the CA's can't sue you for the debt. If you look on your CR's, OP..you can find the 'fall off' date, of the debts you have. Fall off Date: means when the debt should come off your CR.
Ye, there is a limit to the time something can stay on you credit report. Generally items stay on your credit report for 7 years. As for the bankruptcy, it can stay for 7-10 years depending on the chapter under which the bankruptcy has been filed. If bankruptcy has been filed under chapter 7, it will stay on your credit report for 10 years. If it has been filed under chapter 13, it will stay for 7 years on your credit report.
AARON.....I've heard of the different types of BK. What's the difference between Chap 7 and Chap 13? Do you 'liquidate', all your debt in one and NOT the other?
A chapter 7 is the 'liquidation' BK. All debts are discharged and you basically start over. The entire process takes between 3-6 months. Accounts are not removed entirely they are noted as "included in bankruptcy" and will remain their for up to 10 years.
A chapter 13 bankruptcy is a repayment plan. Where you, your attorney, the trustee and judge negotiate a repayment of past due debts over a period of 3-5 years. During this type of BK notes can be renegotiated as well as interest rates.
Because a BK starts showing on your credit report when the filing takes place, a Chapter 13 will be on your credit during the repayment period and 7 years after the date of discharge.
Under the recent changes in BK law, debtors now must qualify to file a under chapter 7.
credit
What's the question? Is it your 'Subject'? ..how long does debt stay on your Credit? Bad debt can stay on your Credit for 7 years. However......when the SOL (of the state you live in) expires, a CA cannot sue you after that date. SOL=Statue of Limitations. I live in PA. The SOL here is 4 years.
As well as the 7 year limit, a bankruptcy stays on for 10 years.
credit
Very true, KATRINA. After the SOL (whatever it is in the residing state..), the CA's can't sue you for the debt. If you look on your CR's, OP..you can find the 'fall off' date, of the debts you have. Fall off Date: means when the debt should come off your CR.
sol on items on your report
Hi grandma,
Welcome to this community :)
Ye, there is a limit to the time something can stay on you credit report. Generally items stay on your credit report for 7 years. As for the bankruptcy, it can stay for 7-10 years depending on the chapter under which the bankruptcy has been filed. If bankruptcy has been filed under chapter 7, it will stay on your credit report for 10 years. If it has been filed under chapter 13, it will stay for 7 years on your credit report.
Thanks,
Aaron
credit
AARON.....I've heard of the different types of BK. What's the difference between Chap 7 and Chap 13? Do you 'liquidate', all your debt in one and NOT the other?
A chapter 7 is the 'liquidation' BK. All debts are discharged and you basically start over. The entire process takes between 3-6 months. Accounts are not removed entirely they are noted as "included in bankruptcy" and will remain their for up to 10 years.
A chapter 13 bankruptcy is a repayment plan. Where you, your attorney, the trustee and judge negotiate a repayment of past due debts over a period of 3-5 years. During this type of BK notes can be renegotiated as well as interest rates.
Because a BK starts showing on your credit report when the filing takes place, a Chapter 13 will be on your credit during the repayment period and 7 years after the date of discharge.
Under the recent changes in BK law, debtors now must qualify to file a under chapter 7.