In many Christian circles around the world, seven is the perfect number. To some, the number represents God. In bankruptcy circles, seven years is the number of years most credit violations remain on your credit report.
Here is a list, although not conclusive, of some of the credit violations that will remain on your credit report for seven years:
- Released Tax Liens can remain on file for seven years from the date released. This includes liens that have been settled for less than you owed.
- Paid tax liens normally stay on file for seven years, but the IRS recently announced they will withdraw the lien if paid in full and the taxpayer requests a withdrawal. Credit bureaus do not report withdrawn tax liens so they will come off your files almost immediately, if you get them withdrawn.
- Chapter 13 Bankruptcies can remain on file for seven years from the discharge date.
- Delinquent Child Support Obligations remain on your report for up to seven years.
- Judgments remain in your file seven years from the filing date whether satisfied or not.
- Collections remain on your report seven years from date of default with the original creditor (not seven years from when the collection agency buys or is consigned the debt).
- Charge-offs stay on file seven years from the date of the original terminal delinquency.
- Settlements remain on the report seven years from the date of the original terminal delinquency
- Repossessions and foreclosures stay on the report for seven years from the date of the original terminal delinquency.
- Late payments remain seven years from the date of occurrence.
- Defaulted student loans can remain on your credit reports for seven years from the date they are paid, seven years from the date they were first reported or seven years from the date the loan re-defaults.
Seven years seems to be the length of time that the majority of credit violations will remain on your credit reports. Multiple credit violations are not necessarily an indication of personal bankruptcy, but the violations can indicate there is a financial problem.
If you have multiple credit violations on your credit report, you may be in trouble, and if you cannot reduce your debt load within five years, you may be a candidate for filing bankruptcy.
If you are considering bankruptcy, you may need assistance from a bankruptcy lawyer. A bankruptcy attorney can help you understand bankruptcy laws and can outline your financial options.
If you need relief from the stress of debt and you live in or around the metropolitan areas of Harrisburg, Lebanon, or Carlisle, Pennsylvania, contact us at www.betterbankruptcy.com .We will help you find a bankruptcy attorney in your area who will answer your bankruptcy questions.
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