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26, 2023) A consumer filed for Chapter7 bankruptcy, 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. See you in Monterey! Welcome, New Members!
In the US, it’s after ten years under a Chapter7 and seven years after a Chapter 13 bankruptcy. Your late payment history can remain on your credit report for 7 to 7.5 While collectors might be on your back, open accounts should be your highest priority. The impact of this strategy on your credit score varies.
Personal consumer bankruptcies are categorized as either Chapter7 or Chapter 13. Chapter7 remains on your credit history for 10 years and Chapter 13 remains for 7 years; however, many people restore their bad credit to at least an average credit score within a couple of years.
Further, a business bankruptcy filing drops off of Equifax business reports after five years, whereas it takes seven to 10 with the personal credit bureaus; seven years for a Chapter 13 bankruptcy and 10 years for a Chapter7 bankruptcy.
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