Comments on: Bankruptcy in 2000 was to come off credit in 2007. Law changed recently to 10. Shouldn’t pertain to us, right?

By: Studly

Studly — Sat, 07 Mar 2009 17:44:38 +0000

I gotta disagree with everyone here. When they pass a law, it is never retroactive.

If you did something wrong, and a few years later they pass a law to make that “wrong” a crime, they do not go back and punish those people!

Nothing in the new credit reporting law specified that it would be retroactive.

I’ve helped many people dispute this with the credit bureau and won. You need to have your court paperwork to prove the date.

Note that we are talking about Chapter 13′s. If your BK was a BK7 then it always was 10 years.

By: SPIFIMAN1

SPIFIMAN1 — Fri, 06 Mar 2009 23:20:08 +0000

It’s not the new law, since you filed in June and were discharged in September of the same year, I must assume yours was a chapter 7 bankruptcy.

Chapter 7 has always been 10-years.

90% of your credit score is made up of the last 24-months of activity so if you have re-established your credit like you should have the BK is not really hurting you score wise anymore.

By: dragonkraut

dragonkraut — Tue, 03 Mar 2009 15:46:34 +0000

Unfortunately nothing is “grandfathered” in. When the laws change, they include everybody. If you’ve had a good history since then, your credit should have recovered and any loans you apply for really only consider a bankruptcy if it’s been in the last couple years, depending on the severity.

By: blessed_thang

blessed_thang — Mon, 02 Mar 2009 18:29:36 +0000

I don’t know the particulars, but people I have known that filed seem to have bankruptcy on their records forever. I mean, you apply for credit, they want a credit history…

By: engineer50

engineer50 — Fri, 27 Feb 2009 17:59:38 +0000

Wrong. You are not “grandfathered.” Where’d you get that idea?