Account Discharged in Bankruptcy Showing a Balance

Filing for bankruptcy is a difficult decision that is typically made only when there’s nowhere else to turn. Depending on whether a consumer files Chapter 7 or Chapter 13 bankruptcy, some, if not all, of a consumer’s debt may be discharged. Other accounts and debts might be kept outside of the bankruptcy filing and these accounts should be reported on your credit report in a way to reflect this. 

This process, however, doesn’t always go smoothly, as creditors and credit reporting agencies sometimes continue to report the discharged debts as though they were not included in bankruptcy. Unfortunately, the consumer may bear the brunt of these actions as their credit report may continue to show balances on accounts that should have been discharged through bankruptcy. In other situations, consumers might see Experian, Equifax, or TransUnion reporting an account that was fully paid off prior to the bankruptcy as being improperly included in the bankruptcy filing. These are just some examples of credit reporting errors related to a bankruptcy filing that can have dire consequences on your credit and ability to move on with your life post-bankruptcy.

If you’ve noticed accounts that have been discharged through bankruptcy still showing a balance on your credit reports or otherwise being reported inaccurately, engaging the services of an attorney can be crucial to correcting these credit reporting errors. Our attorneys at Raburn Kaufman are ready to speak with you and explain how we can help you in your current credit reporting situation. Reach out to us and schedule a free consultation with an experienced bankruptcy credit reporting error attorney at 877-662-2455.

Below, you’ll get some specifics concerning how bankruptcy affects your credit score, how it’s reported on your credit report, common mistakes made by credit reporting agencies, and how credit reporting error attorneys at Raburn Kaufman can work with you to set your records straight.

How Bankruptcy Is Reported on Your Credit Report

Typically, bankruptcy is reported under the “public records” section alongside repossessions, foreclosures, judgments, and tax liens. 

Both the bankruptcy and the accounts linked to bankruptcy are included on your credit reports. If an account has been discharged, your credit report should also indicate that you’ve been cleared of the bankruptcy-linked debt.

That said, depending on which bankruptcy type of bankruptcy you file, there are varying time limits for visibility on your credit report. For example, while a Chapter 7 bankruptcy can remain visible on your credit report for up to ten years, a chapter 13 bankruptcy will fall off your credit report after seven years under most circumstances..

If you’ve successfully filed for bankruptcy and you still see account information that should have been discharged in bankruptcy appearing on your credit report, you may be entitled to financial compensation from the entities inaccurately reporting information about your credit. Contact an experienced credit reporting error attorney from Raburn Kaufman today for assistance.

How Raburn Kaufman Can Litigate Credit Errors

Aside from your health and family, very few aspects of your life impact your livelihood more than your credit and finances. If there are bankruptcy credit reporting errors on your credit report, you could be denied access to mortgages, loans, and sometimes, employment or housing.

At Raburn Kaufman, LLC, we understand how to litigate bankruptcy-related credit reporting errors. With an experienced team of credit reporting  attorneys, we’ll guide you throughout your case. Call 877-662-2455 or email info@raburnkaufman.com today to set up your free case evaluation. If we don’t win, you don’t pay!