Posts Tagged ‘Bankruptcy’
Is It Possible to Get rid of a Bankruptcy?
There is a lot of speculation that there isn’t much for us to do about bankruptcies after it’s completed. It is pretty much implied that all of us are helpless consumers who are forced to put up with it until it is over with its nearly decade long life cycle. Although 7, even ten years? Come on… Is this all a misconception? Somehow, the idea of being powerless won’t feel well with me and I have a really difficult time accepting it.
the truth of the matter is, most individuals recover from their bankruptcy, home foreclosures, their items repossessed, charge offs, etc…, in just 2 years! Often times less! Although as we’re all aware, these items still remain on our credit reports to cause problems for us for even longer than just two years… Chapter 7 bankruptcies remain on there for about ten years!!!
I know this information firsthand due to the fact that my husband filed for a Chapter 7 bankruptcy nearly eight years ago, recovered completely from his financial problems and bought himself a new home 2 years later, and is still suffering from its backlash even now. My spouse has a FICO score of around 750 with otherwise flawless credit he learned his lesson obviously, but can’t receive typical things like majority of the credit cards only due to the Chapter 7 Bankruptcy! He somehow managed to get 1 Juniper card, and that’s all.
Every bit of this and days of research brought us to the belief that perhaps there’s something that we can do about clearing a Chapter 7 bankruptcy (as well as other bad items including foreclosures, and so forth). I wonder if those shady credit bureau CEO’s erase items away from their own credit reports? I’m not certain, although if I venture to guess I can only think yes. I mean, they more than likely do it, correct? Who would know?
So maybe it isn’t actually how smart you are, but the people you’re acquainted with when it involves clearing away or deleting a Chapter 10 off of your credit file? I am yet to find out the answer to that, yet I wish to discover it all out eventually.