Tag Archives: foreclosure and bankruptcy

How long will a bankruptcy remain on my credit report?

According to The Fair Credit Reporting Act, 6 U.S.C. Section 605, law states that credit reporting agencies may not report a bankruptcy case on a person’s credit report after ten years from the date the bankruptcy case is filed.  The larger credit reporting agencies belong to an organization called the Associated Credit Bureaus. The policy of the Associated Credit Bureau tries to remove Chapter 11 and Chapter 13 cases from the credit report after seven years to encourage debtors to file under these chapters. The bankruptcy court has no influence over these reporting policies.

Bankruptcy filers who would like to rebuild their credit are justifiably concerned about how long a bankruptcy can appear on their credit report. It is still possible to build a positive credit report even with a bankruptcy on your record, so long as you act responsibly. If you’ve ever received credit card offers before, you are likely to receive them again after your bankruptcy.  If your goal is to build good credit, it’s worth your while to consider the post-bankruptcy card offers that you receive with an eye toward building a record of consistently and fully repaying an open line of credit each month.

The Federal Trade Commission has a website that allows consumers a free credit report from the three major credit reporting companies:  https://www.annualcreditreport.com/cra/index.jspAttorney, Michael Blickensderfer encourages all consumers to check their reports on a regular basis to ensure they do not contain any false information.  Should you find anything questionable, report it to the credit agency immediately.  If they are not willing to help you resolve this issue, call a Tampa bankruptcy attorney today at 813-931-0840.

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Tampa Bay foreclosures increase 33%

Tampa- According to the Tbt, foreclosures increase 33% percent last month. Banks continue to schedule more houses for courthouse auctions but the bay area is not alone.

In Florida, lenders notified 10,655 homeowners that their houses will be sold in court. According to Realty Trac locations include: Miami-Fort Lauderdale recorded 4,193; Tampa Bay at 1,119; Orlando-Kissimmee, 1,093; and Cape Coral-Fort Myers, 441.

On a more positive note, the increase in auctions will help to rehabilitate the housing markets. The housing market cannot recover until the foreclosure backlog is cleared.

It seems this problem will be with us for a while according to Scott Brown, chief economist with Raymond James in St. Pete.

If you are in the process of a foreclosure or you recently have been served with a summons, please contact your Tampa Real Estate attorney today. What does foreclosure mean? Can a foreclosure be stopped on your home? Can you save your home from foreclosure? Call us today and we will assist you in the right direction during this unfortunate time. Think quick, call Blick. 813-931-0840

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