Debts Canceled by Bankruptcy Still Mar Consumer Credit Scores

[TheIrishman]

Debts Canceled by Bankruptcy Still Mar Consumer Credit Scores

http://dealbook.nytimes.com/2014/11/12/debts-canceled-by-bankruptcy-still-mar-consumer-credit-scores

<< In the netherworld of consumer debt, there are zombies: bills that cannot be killed even by declaring personal bankruptcy. Tens of thousands of Americans who went through bankruptcy are still haunted by debts long after - sometimes as long as a decade after - federal judges have extinguished the bills in court. >>

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[Chef Ramsay]

The general concept of "Those that live above their means are destined to live below them" rings true here.

[MelodyRowell]

Well if your debt is reported to the credit reporting agencies as being delinquent prior to you declaring bankruptcy then this late report would remain on your credit report.

Also regardless of your previous debts, the fact that you declared bankruptcy will likely have a much larger impact on your credit score/report

[Lethn]

Well if your debt is reported to the credit reporting agencies as being delinquent prior to you declaring bankruptcy then this late report would remain on your credit report.

Also regardless of your previous debts, the fact that you declared bankruptcy will likely have a much larger impact on your credit score/report

Just goes to show you what the true end-game is for lenders especially for banks like JP Morgans, if it's easier for you to stay in debt for longer than it is to final for bankruptcy and get rid of the problem then they want people to stay in debt for as long as possible or for the rest of their lives.