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Re: Charge-Offs vs. BK on credit report
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Posted by CardReport.Com on December 06, 2000 at 23:12:18:
In Reply to: Charge-Offs vs. BK on credit report posted by Jenn on November 17, 2000 at 09:24:02:
Unfortunately, debtors who file a Chapter 13
repayment type bankruptcy do tend to be penalized
disproportionately. Some ideas: 1. When you are approaching the end of the repayment
plan, and are getting ready for the your final
discharge from the court, make absolutely sure that
anything and everything that can possibly be
included in that, does get included. 2. As soon as you are done with the whole bankruptcy
process, start rebuilding with two or three secured
credit cards (check our *Credit Directory* section
for a list.) This will still take time to establish
a positive history - figure on at least 12-18
months. 3. Carefully examine all three of your credit
reports, and check the charge-offs and any
collection items for any possible inaccuracies.
If, by chance, you don't recognize one or more of
the items, write to the credit bureau and tell them
you don't recognize it, and want them to investigate
it. 4. Personally, I would be extremely hesitant to
attempt any negotiations with the charge-off
creditors (i.e. settlement in exchange for promised
deletion from your credit reports.) There *might*
be an issue if you want to apply for a mortagage,
since mortage lenders will require all old
charge-offs to be paid, although I'm not sure if
that would apply to your specific items, depending
on the details of the bankruptcy, etc. Good Luck. --CardReport.Com Webmaster
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