[JTERRY]

Hi, I wanted to know if a bankruptcy chapter 7 can be removed after 7 years?

[progunr]

There is a seven year rule but most people believe that it is seven years from the date the bankruptcy was discharged. This is not true.

The seven year period is calculated seven years from the last date the account was reported.

If a creditor wishes to continue to report the account, it could remain on your credit report indefinitely.

[Fr_Chuck]

I am sorry progunr, you are incorrect, the debt showing it was discharged by bankrutpcy can be removed in 7 but the actual bankrutpcy report on your credit file remains for 10 years

[progunr]

You are correct, without being attached to a specific account, the general indication of Bankruptcy will remain on the report for ten years, or more.

If the debtor applies for a loan over $150,000, then the 10 rule no longer applies and that lender would see the bankruptcy even after the 10 year rule has expired.

[Loan_Guy]

To be "technically" correct, negative accounts and Ch. 13 bankruptcies CAN stay on your credit report for 7 years from the date of last activity (discharge for a Ch. 13), and a Ch. 7 BK CAN stay on the report for 10 years from discharge. That is just the maximum time allowed by law.

There is no law that says they HAVE to stay on for 7 years, 7 weeks, 7 days, or even 7 seconds. A good credit repair company will verify that they are 100% accurate and that all the steps were followed, in order, or the negative account(s) can be removed.

You might be very surprised by how many negative items can be removed when the creditor is made to validate what they are reporting.

Hope this helps!

LG