Expert: Mark J. Markus- California Bankruptcy Attorney - 6/24/2007

Question
QUESTION: I filed for Chapter 7 in 1997, before the laws changed. I thought that it would be removed from my credit history after 7 years. The new law states 10 years. Why am I still seeing it on my credit report?

ANSWER: probably because it hasn't been a full 10 years yet from the date you filed your case.

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QUESTION: Originally I was told by the bankruptcy lawyer in 1997 that it would fall off my credit report in 7 years which would have been 2004. Did they extend the tme period? and if so how do I get it removed?
ANSWER: Yes, it was extended to 10 years by President Clinton many years ago.  You can get it removed after 10 years have passed (if it hasn't been removed already) by hiring an attorney who handles Fair Credit Reporting cases.

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QUESTION: So if I filed before it was extended to ten years then it should have fallen off already ( at the seven year mark) Is this correct? and if so do you know what year the change happened? and can I just call the credit agency with this info to have them remove it. Thank you so much for your attention and response. Much appreciated. lalania

Answer
NO, absolutely the opposite. When the law changed in relation to your bankruptcy is utterly irrelevant.  THe law is not a bankruptcy law; it's credit reporting law.  They can report a bankruptcy on your report for up to 10 years.  Period.  End of story.  When the change happened is irrelevant, but it happened during President Clinton's last administration, I believe in 1998 or 1999, but I don't recall.