TeleStraining – Financial Articles

There’s much circulation that there is nothing we can really do about bankruptcy after it is completed. it’s basically implied that we’re hopeless consumers who have no choice but to deal with it until it finishes its nearly decade long life cycle. but seven, even ten years? What gives.. Is any of this a misunderstanding? Somehow, the feeling of being hopeless won’t feel well with me and I am having a frustrating time accepting it.

the truth of the matter is, most individuals recover from filing bankruptcy, home foreclosures, repossessions, charge offs, etc…, in just two years! Usually less! Although as we’re all aware, these items are still on our credit reports to bother us for even longer than just 2 years… Chapter 7 bankruptcies are kept on credit reports for about ten years!!!

I understand this fact firsthand because my spouse filed a Chapter 7 bankruptcy nearly eight years ago, recovered completely from the bankruptcy and paid for a condo just 2 years later, and is still burdened by bankruptcy’s backlash today. My spouse has a FICO score of around 750 with perfect credit otherwise he learned his lesson obviously, yet he can’t obtain typical things such as the majority of credit cards solely due to the BK! He strangely managed to get one Washington Mutual credit card, and that is it.

Every bit of this not to mention tons of of research brought us to the thought that just maybe there really is something that we might be able to do about removing a Chapter 7 bankruptcy (or even other derogatory marks like defaults, etc). I wonder if those not so pleasant credit bureau executives remove items from their own credit reports? I’m not certain, yet if I had to guess I would go with yes. I mean, they most likely don’t get caught doing it, agree? Who can know?

perhaps it is not actually how smart you are, but the people you know when it involves removing or deleting a bankruptcy away from your credit history? I have yet to discover all the answers, yet I hope to find out soon.