First, let me say (after lurking for months) how impressed I am with this group. I have watched the community rally around individuals and their challenges enough to put my story out there and ask for help as I build a strategy. 1. On 9/12/07 My wife and I filed for a Chap 7 BK in Denver. It was big - 900K in mortgages (Primary and 3 Rentals) and almost 125k in credit cards. We knew how bad things were getting early that year but, we robbed Peter to pay Paul till August and kept everything current until the BK filing date when my atty told us to let go. In case anyone is wondering, I made a serious of dumb mistakes that landed us there. It took me months to get over the "you did this to yourself now wallow in misery the rest of your life and pay your debts like a man" mentality. 2. 1/8/08 BK is discharged and a huge weight is lifted! Apart from a medical collection that showed up (they never billed us), we have been current and responsible. My scores are all in the 650s and my wife's are all in the 670s. We just bought a home and plan on living here till the kids (8,6, and 4) graduate. Now comes the question and action plan. In reviewing our credit report I have found that NONE of the reports have the correct data! One shows our BK in "Federal Court" with 0 liabilities (yeah, right) and 0 assets. Most of the tradelines included in the BK still reported after the BK discharge for a few months, some still show a balance with a "included in BK" note. After reading this forum, I started asking myself, "Shouldn't they report this all correctly?" It appears to me that I have the right to have ALL the errors corrected or deleted. Based on my reading it appears I should do the following. 1. Send a Dispute Letter via CMRRR for every tradeline with inaccurate information being reported on my wife and my credit to the CRAs 2. Wait 30 days for results 3. (Hopefully) Throw head back and laugh at victory in having the erroneous tradelines corrected or deleted. 4. Send a second Dispute letter to the CRAs for every "validated" result. If the above is correct so far then, this is where I get fuzzy. I like to have a formalized plan that will account for most contingencies. Here is what I am looking for some feedback on: 1. Am I on the right track with steps 1-4? If not, what would you substitute? 2. What would be the steps necessary if 1- 4 are not adequate? Thanks in advance. I hope I can be half the contributor some of you are.
CynicAle Hi Welcome â?? hopefully we can help. Couple of things â?? the BK reporting â?? as long as the filing date and discharge dates are correct it doesnâ??t matter if asset or liability amounts are reporting. My BK (Ch7) reports no assets and I was an asset case. I still have creditors reporting after my discharge 15 months later - as long as it has the IIB (included in BK) under remarks with a (0) zero balance there is nothing to dispute. If there was a negative history prior to the BK the OC can continue to report it, so unless your OC reported a negative in 10/07thru todayâ??s date there is nothing to dispute. Some will argue that reporting to a CRA is a violation to the BK stay of relief â?? I personally had my highest amount BK (Citifinancial) drop complete off all three of my CRA a month after I filed â?? never to return. If you are saying that you have either a OC and/or a collection account showing a balance but have the IIB note then dispute it as ALL accounts included in the BK MUST show a zero (0) balance. UNLESS the debt was not discharged in your BK â?? meaning you filed against it BUT the BK court ruled that it was NOT dischargeable. Then it can show a balance and all negative history and you need to rely on SOL dates to dispute the entry. Good Luck with everything, please keep us updated we might be able to help.
Welcome CynicAle! I agree with Desdemona- dispute any of the discharged accounts that still show a balance along with the included in bankruptcy notation. They should definitely be showing a zero balance. Then, wait 30 days or so for the results of your dispute. Other than that, it doesn't look like you much else to dispute.
