I've read many posts that have this comment ..I filed BK in 1996....got the bankruptcy discharged...I am noticing that it is usually 3-4 years after the BK filing date when the discharge occurs. Why does it occur years later? How does it get discharged? Please give examples or recoomend some posts If it is discharged, does that mean that there is no record of a BK in the person's credit history????? Inquiring minds wanna know.
a bk will stay on a credit report for atleast 10 years is what i have been told, and what i am experiencing. my experian readout is saying that the accts. included in the bk will fall off in 2005, but we will still have a public record listed till 2008. The legal elimination of debt through a bankruptcy case. When a debt is discharged, it is no longer legally enforceable against the debtor, though any lien which secures the debt may survive the bankruptcy case.
personally i don't think the bk hurt us that much, but then again, it depends on what you want out of life. we went from a 19.8% financed vehicle to a 5.5 % one last year, we also got a 6% mortgage and this is 5 years post bk. our cc's are still fairly high interest. we had alot of medical debt after last child was born because ins. said we had no authorization when the hospital saved his life. got to have that all important auth. #. had i known then what i know now, we probably wouldn't have filed as our debt was workable, but i wasn't very informed.
A discharge is when the bankruptcy is final. In a chapter 7, it's usually 3 to 4 months after filing. A chapter 13 is the repayment plan, and that usually rakes 3 or 5 years.
