7 years on the credit report

Hello,

I filed for bankruptcy in the year 2013 and I was discharged earlier this year (2014).  I'm very glad that I made the decision to file for bankruptcy and feel relieved to basically be debt free and to have a fresh start.  My question is about when to expect the bankruptcy to be removed from my credit report.  Will the bankruptcy be on my credit report for 7 years from the date of the bankruptcy?  For instance, if I filed on March 29th, 2013, will the bankruptcy be removed on March 29th, 2020?  Meaning, that on March 30th 2020 there will no longer be a record of the bankruptcy on my credit report?  Or, will the 7 years be after January 1, 2021 when the new calendar year will begin?  Thanks for any insight you can give!

Congratulations on finishing your bankruptcy!!

I believe the 7 years starts once you're fully discharged from the bankruptcy. That's the way it works with a Consumer Proposal. The Trustee files a formal discharge with the legal avenues including the credit reporting agencies...and the countdown begins on that day!

Hope that helps.

JEC

Thank you, JEC!  I feel very relieved to be discharged and able to move on with my life.  So, based on your advice, if my actual DISCHARGE was on January 9th 2014, then the bankruptcy has to be removed from my record by January 9, 2021? 

Yes, that's the plan. But don't be disappointed if the credit bureaus are still showing it. They are slow to remove that information. Sometimes it takes a bit of lawyer muscle to have the words removed. Sometimes, it is done properly. It's nothing personal...they just don't seem to care to tell the good news..   Keep those discharge papers in a safe place, and make several copies because you may need to send them to the bureaus more than once. 

It does feel good to have it done. I finished my CP in October and was discharged in November....and couldn't be happier.  It's behind me now, lessons learned, fresh slate and all that jazz!!  LOL

Congratulations again!!

JEC

Thanks for the additional info, JEC!  Congrats on being done with your proposal!!!!