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After bankruptcy: My house payments don't bear witness on my credit report.

Posted by / in Virginia Defalcation / 534 comments

Ane reason to file defalcation is to go back to adept credit. Once your credit has gone bad, bankruptcy, for about people, is the fastest mode to gear up it. I encourage all my clients to rebuild your credit after defalcation.

So you may be disappointed, and even angry, virtually how the credit bureaus handle your mortgage payments. Making your after-defalcation mortgage payments on fourth dimension doesn't assist your credit score 1 flake. Those payments don't bear witness at all.

Instead your mortgage volition simply show "included in defalcation."

"Concord on" people say, "I didn't include my mortgage."

Actually you lot did. When you file bankruptcy, you "include" everything. That's the police force. Y'all pick and chose what debts y'all want to proceed paying–keep paying the house if you desire to live there; continue paying the car if you need it to become to work. Only you lot don't selection and chose what debts are covered.

(The bankruptcy covers–discharges–your credit cards, medical bills, debt collectors, depository financial institution loans, car payments, mortgages. It doesn't discharge student loans, most taxes, child support or pension.)

Making your business firm payment on fourth dimension later on bankruptcy, gives you a place to alive. But information technology does non help your credit score.

Even if you are keeping the house, the discharge is an important benefit to you. If real estate values don't recover–or drop over again–and yous tin can't sell the house when you are ready to move, you are still protected. You can move out and non owe them anything. (Call up though to pay your dwelling house owners association!) Also, after defalcation late payments don't count against your afterward bankruptcy credit.

If yous mutter to the mortgage visitor nigh your credit report, they volition tell you lot that "you lot should have reaffirmed your mortgage." Reaffirming takes the house out of the defalcation.

Is reaffirming a benefit to you? Perhaps y'all get dorsum to good credit a month or two sooner than you would simply be getting and paying new credit cards. The disadvantage? If you tin't pay or can't sell the business firm, you become garnished for up to eight years.

That disadvantage is lots bigger than the do good.

If the credit bureaus worked for y'all and me, rather than the creditors, we'd set it up something like this. The credit bureaus would report your business firm payments as long every bit you lot are electric current, but they come off if you get behind. Sorry, but we don't have that choice.

Later bankruptcy mortgage payments–current or belatedly–don't show on your credit. That's simply the way it is.

(The same rule applies on motorcar payments.)

PS What the Defalcation Gauge Here Thinks

In early on 2020, I was in courtroom and saw a lawyer request the approximate to approve reaffirmation on a mortgage. The guess, who is usually very overnice, chewed out the lawyer for even suggesting it. "I will never approve a mortgage reaffirmation," she said. "Don't ask."

PS Read some of our 800 five star reviews

Read these Reviews and You lot'll See the Smiles.

We are ready to answer your questions near bankruptcy, before, during and after your case. That actress effort shows in the comments you can read in these lawyer ratings and lawyer reviews.

Now every instance is different. I'm required to tell you lot that results vary. When we get bad ratings, we have a few, nosotros try to do better. It's all we exercise.

We have helped fifteen thousand Northern Virginia families get debt relief through bankruptcy. If y'all read our reviews–from an independent rating service–you can encounter the smiles.

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Robert Weed has helped fifteen grand people file bankruptcy in Northern Virginia. Robert Weed is a frequent panelist and speaker at the meetings of the National Association of Consumer Bankruptcy Attorneys. He is one of Northern Virginia'due south most experienced personal defalcation lawyers. Every bit an expert on irresolute consumer bankruptcy laws, Robert Weed has been interviewed on local and national TV and quoted in newspapers beyond the state.

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