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26, 2023) A consumer filed for Chapter7bankruptcy, listing past-due rent he owed, and was subsequently granted a discharge. A debt collector unaware of the discharge, allegedly due to a bona fide error, sent several collection letters to the consumer regarding the past-due rent. .” 21-3131, 2023 U.S.
Examples include: Bankruptcies. If you see a debtcollection on your credit report, don’t panic. What to look for in public records: A Chapter7bankruptcy stays on your credit report for 10 years after it’s filed. On the hand, after seven years, a Chapter 13 bankruptcy can be wiped out.
Regarding the resulting bad credit, settlements could reduce your credit score by over 100 points, which likely remains higher than if you had multiple accounts in debtcollection that ended in bankruptcy. In most instances, reasonable expectations for a post-debt settlement recovery range from approximately 12 to 24 months.
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