How To Remove Bankruptcies From Your Credit Reports

 Two Main Types of Bankruptcies 

Remove Bankruptcies

To Remove a Bankruptcy off Your Credit - You Must Dispute the Information with the Credit Bureaus. This is the first stage of credit repair.

When a person is unable to pay back a debt owed to a creditor they can decide to declare bankruptcy.  Declaring a bankruptcy allows you to receive federal protection from creditors as a result of your inability to pay back the debt that you have accumulated.  This decision should be the last resort because it will stay on your credit report for 7 – 10 years and it will destroy your credit score. 

Chapter 7 Bankruptcy

This type of bankruptcy erases all responsbilites of the debts that the consumer was not able to attend to.  If your current income is below the state median you live then you have a better chance of being elligble for this type of bankruptcy filing.   All of your assets that are non exempt, or in other words not liable to liquidated, are then then confinscated and sold in order to pay back each of the creditors a portion of the proceeds.

Chapter 13 Bankrupcty

This plan allows the consumer to pay back their debts under a re – payment plan set up by the court and/or government.  The consumer’s income is garnished and the funds are relayed to each of the creditors.  Or in other words, a portion, or percent of each paycheck is withdrawn automatically and sent to the creditors.

Each type bankruptcy filing with significant harmful effects on your credit score.  A bankruptcy listing is normally cleared from your credit reports after 7 years, but public records normally stores this information for 10 years. 

Hypothetically, even if you were able to remove the bankruptcy listing itself, any other accounts included under the bankruptcy (results of bankruptcy) will still be listed on your credit reports as “included in bankruptcy” items.  Items listed in reference to a declared bankruptcy are just as bad as a bankruptcy listing itself.      

Due to the inconsistencies of credit reporting bureaus and the public records retrieval systems, it is not uncommon for public records to “lose” or fail to retrieve the bankruptcy listing on your credit report.  The problem lies in the separate accounts associated with the bankruptcy declaration itself.

Trying to challenge these bankruptcy items your self can be a very dissatisfying experience.  If you so happen to be very patient and tolerant then you can attempt to remove the negative account listings yourself, but even then it is likely that your efforts may not product the results you are looking for.

Why is it so difficult to remove a bankruptcy?  

First of all, bankruptcies are easily one of the worst types of bad credit for obvious reasons.  The dispute process involved with getting this item removed requires the consumer to write a letter to each fo the credit bureaus the bad credit is listed on.  You can send a debt validation letter and open up a credit case investigation.

This method is time consuming and if you don’t have an angle, or reason, for the bureaus to dispute a debt thats hurting your report the chances of succeeding in the removal are slim.  To make things more challenging, the consumer credit laws are not easy easy to understand, plain and simply said.

There is a proven and easier solution.

Fortunately, there is a fresh way to attack the bankruptcy listings polluting your credit report.  Countless individuals in this type of circumstance have found success in removing bankruptcy listings my employing a paid credit repair service.

Lexington Law is one of the most renowned credit repair firms in the United States.  They have helped millions of people remove negative accounts from their reports and have improved millions of credit scores.

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