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Credit-Related Q&A and GIVEAWAY
By JLP | July 17, 2008
The other day I received an email from an AFM reader with several questions related to bankruptcy and credit reports. Since credit-related questions are one of my weaker areas, I have made it a habit to send those types of questions to author and MSN Money columnist, Liz Pulliam Weston. She sent me back a response which I have posted below.
Reader Questions:
I would like to know how long negative credit especially bankruptcy can be listed on an individuals credit report?
I also would like to know when the credit reporting timeline clock for individuals filing bankruptcy starts and ends? i.e. Is it reported from when an individual officially files with the court a bankruptcy?
Or is it when the bankruptcy discharges the bankruptcy case?
Liz’s Response:
Most negative items can remain on a credit report for seven years (actually, seven years and 180 days from the date the account first went delinquent). Bankruptcy is one of the exceptions; that can remain on your credit reports for 10 years from the date of filing.
Interestingly, the bureaus tend to report Chapter 7 (liquidation) bankruptcies for the full 10 years, while Chapter 13 (repayment plan) bankruptcies are typically reported for only 7 years from the date of filing. Given that most Chapter 13 repayment plans take three to five years to complete, this means that all mention of the Chapter 13 could disappear within a few years after you finish your repayment plan.
How long the black mark remains should be only one of the factors you consider, though. You may be better off overall starting fresh with a Chapter 7 liquidation than struggling with a Chapter 13 repayment plan (particularly since about 2/3 of Chapter 13 plans “fail”–they aren’t completed or they wind up turning into Chapter 7s). Anyone considering bankruptcy really needs to talk to an experienced bankruptcy attorney about his or her options.
Hope that helps!
Thanks, Liz!
As a show of appreciation for Liz’s help, I thought it would be cool to give away two sets of Liz’s books. Two lucky winners will win one copy of each of the following books:
Easy Money: How to Simplify Your Finances and Get What You Want out of Life
As usual, the winners will be randomly-selected. And, as usual, I have two rules:
1. You must be a resident of the U.S. or Canada, and…
2. You can only enter ONE TIME!
Good luck!
*Affiliate Link
Topics: Books, Credit, Miscellaneous |
July 17th, 2008 at 12:34 pm
i would love one of ehr books! count me in.
July 17th, 2008 at 1:04 pm
One of these days, I WILL win something!
July 17th, 2008 at 1:05 pm
I love giveaways!
July 17th, 2008 at 1:10 pm
Count me in as well… those books sound very interesting! Thanks!
July 17th, 2008 at 1:16 pm
Thanks for the chance to win these books!
July 17th, 2008 at 1:37 pm
Count me in please
July 17th, 2008 at 1:40 pm
I’d like to win. Thanks.
July 17th, 2008 at 1:55 pm
I’m holding my breath
July 17th, 2008 at 1:55 pm
Throwing my name in the hat. I love Liz’s columns, but I keep forgetting to look for her books at the library.
July 17th, 2008 at 2:05 pm
love the blog and love to try for a book…
July 17th, 2008 at 2:05 pm
The only thing better than a book is a free book
July 17th, 2008 at 2:07 pm
As Mr. Easy Money, Rodney Dangerfield, would say:
“Give this woman some Repect!”
July 17th, 2008 at 2:09 pm
Please include me.
July 17th, 2008 at 2:16 pm
Sounds like a useful couple of books.
July 17th, 2008 at 2:22 pm
Love the blog. I’ve been learning alot.
July 17th, 2008 at 2:25 pm
Include Me Please!! Great Info!!
July 17th, 2008 at 2:52 pm
count me in… keep up the good work!
July 17th, 2008 at 2:52 pm
Add me to the pot, please. They sound like good books.
July 17th, 2008 at 3:24 pm
I’d love to be the recipient of that pay-it-forward.
July 17th, 2008 at 3:31 pm
I keep following your blog. count me in for the book give away.
July 17th, 2008 at 3:53 pm
If I win, I’ll share…when I’m done reading them, of course! Thanks JLP!
July 17th, 2008 at 4:29 pm
Great post! Sign me up for the big W! Thanks!
July 17th, 2008 at 6:00 pm
I’d be happy with either book, but the Easy Money one seems more useful.
July 17th, 2008 at 6:35 pm
I’m in!
July 17th, 2008 at 7:04 pm
Great idea!!
July 17th, 2008 at 7:08 pm
Fantastic, these two books sound great!
July 17th, 2008 at 7:24 pm
Read her columns, great advice!!! I’m sure the books would help even more. Thanks for the chance.
July 17th, 2008 at 8:14 pm
I’m in! Thanks for the post!
July 17th, 2008 at 8:51 pm
I would like one
July 17th, 2008 at 9:30 pm
Perhaps it’s time for a “two-fer!!”
July 17th, 2008 at 10:11 pm
Okay, I’ll bite, too
July 17th, 2008 at 10:13 pm
I think I typed my address incorrectly (Just in case)
July 17th, 2008 at 10:32 pm
Here’s my entry.
July 17th, 2008 at 11:32 pm
I definitely need to learn more about credit scores. Thanks for doing this giveaway!
July 18th, 2008 at 4:13 am
Please enter me in the giveaway. These books will be a valuable resource.
July 18th, 2008 at 7:42 am
I’m in.
July 18th, 2008 at 7:43 am
Please enter! Thanks!!
July 18th, 2008 at 8:08 am
Please enter me in the giveaway. And good luck to all.
July 18th, 2008 at 8:45 am
Count me in.
July 18th, 2008 at 10:18 am
Please enter me in the drawing for the books. Thank you!
July 18th, 2008 at 10:19 am
I’m in.
July 18th, 2008 at 10:36 am
Yay! Liz books! I’m in.
July 18th, 2008 at 11:43 am
I’m definitely interested in those books.
July 18th, 2008 at 12:21 pm
Please enter me in the drawing as well. Thank you!
July 18th, 2008 at 1:48 pm
Ba mhaith liom leabhar. Go raibh maith agat.
July 18th, 2008 at 2:13 pm
Drawings are fun!
July 18th, 2008 at 5:35 pm
I need Liz’s books!
July 18th, 2008 at 6:06 pm
I love to read!
July 18th, 2008 at 6:29 pm
Wow! Liz books …. Put me in…
July 18th, 2008 at 8:53 pm
I’ve got my fingers crossed.
July 19th, 2008 at 2:17 am
I would love to win these books. Count me in!
July 19th, 2008 at 8:59 am
I haven’t read Liz’s books before, but I’m interested…
July 19th, 2008 at 11:29 am
Ooh, a giveaway, I’m in! I’m up for good PF reading!
July 19th, 2008 at 12:00 pm
Count me in!
July 19th, 2008 at 9:08 pm
Free PF books, woo-hoooo!
Rather obviously, count me in.
July 19th, 2008 at 10:56 pm
Lucky 19
July 19th, 2008 at 11:58 pm
Easy Money sounds especially good
July 20th, 2008 at 12:05 am
Throw my name in the hat please!
July 20th, 2008 at 7:55 am
count me in please
July 20th, 2008 at 8:25 am
I’m in
July 20th, 2008 at 8:51 am
Please enter me! Thanks.
July 20th, 2008 at 1:44 pm
I’m in.
July 20th, 2008 at 3:02 pm
Would love to win. Thanks.
July 20th, 2008 at 11:00 pm
My last entry didn’t go through… so I’ll try again. Thanks!
July 21st, 2008 at 9:31 am
Please include me.
Thank you
July 21st, 2008 at 10:32 am
Pick me, pick me! ;o)
July 21st, 2008 at 10:36 am
I’m in.
July 21st, 2008 at 2:16 pm
Wonderful. I’m in.
July 22nd, 2008 at 12:11 pm
Thanks for the giveaways. Me, too!
July 25th, 2008 at 2:18 pm
Whot!
July 25th, 2008 at 3:14 pm
Missed this the first time around. You have a good weekend too.
July 25th, 2008 at 3:24 pm
Thanks for the giveaway!
Count me in
July 25th, 2008 at 7:41 pm
hi, thanks for the giveaway. Count me in..
July 25th, 2008 at 8:22 pm
Thanks for the opportunity!
July 26th, 2008 at 10:00 am
count me in
July 26th, 2008 at 5:46 pm
Thanks for doing this. These books sound very interesting and timely.
July 26th, 2008 at 7:55 pm
Bingo!
July 27th, 2008 at 5:59 am
Nice give away. I would love one of the books.
July 27th, 2008 at 10:25 am
Thanks for the giveaway.
July 27th, 2008 at 8:13 pm
Pick Me!
July 28th, 2008 at 12:22 am
Long time reader first time registrar. Great blog JLP, keep it up!
July 28th, 2008 at 4:30 am
In.