When you successfully exit bankruptcy protection, you receive a full discharge of your debts. This means that creditors can no longer come after you for those debts. Likewise, these debts should be fully cleared from your credit report because they are no longer outstanding. As far as the courts are concerned, they've been settled.
Unfortunately, that's not how it always works. In fact, over the years, millions of people who filed for bankruptcy continued to see “charge-off” or “120 days late” appear on their credit reports from the major credit score companies.
On Aug. 31, millions of affected Americans were sent a notice that they may soon receive their share of the settlement.
The three main credit bureaus offered a $45 million settlement. However, that works out to about $1 per person affected.
Lawyers involved have filed a motion that aims to increase the amount of money paid out to those affected. They are hoping to get a favorable ruling from the judge, or a new offer from the credit bureaus.
If after successfully filing bankruptcy, you were able to exit with your debts discharged, but still saw "charge-off" or "120 days late" statements on your credit report, you may want to get in touch with Robert Weed. Check out his site at: http://stopthebankruptcydischargesettlement.com/
If we hear of further updates to this major bankruptcy case we'll provide an update.
Tags: bankruptcy lawsuit
This entry was posted on Thursday, September 24th, 2009 at 2:26 pm and is filed under Bankruptcy Courts. You can follow any responses to this entry through the RSS 2.0 feed. You can leave a response, or trackback from your own site.
Recently I received a post card advising of this class action suit. I think there was an ed date to reply in November. Unfortunatley I misplaced this card can you please resend it to me at
P.O. Box 1531
Big Bear City, Ca 92314
Thank you.
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I received a post card advising meof the class action suit .I misplaced the card please resend. Norman Stevenson
I also recieved the post card in mail but misplaced it is there a way to get that post card remailed or a website to apply.
I recieved the postcard, but did realize I had h/c verification of the information. I would like to apply for the adjusted amount. Credit, employment affected.
I don’t think that it should be cleared from your credit history. I’m mean you didn’t pay it back?
I also believe that I have misplaced my card and would like information on how to e-file or obtain a new one. In reply to Debt Consolodation - when one files for bankruptcy, it is irrelevant whether the debt is repaid or not. It should still be cleared from your credit history -this is the purpose of filing for bankruptcy and having the scar of bankruptcy on your credit report for 7 years.
MY WIFE AND I RECEIVE THIS POST CARD NOT TO LONG AGO AND IT WAS MISPLACED IN THE MOVE. CAN WE GET ANOTHER SENT OUT TO US.PO BOX 18305 MILWAUKEE WI 53218