Los Angeles Bankruptcy Lawyer: Bankruptcies on a Credit Record Timeline
Bankruptcies on a Credit Record
A Chapter 7 bankrutpcy may display on your credit for 10 years from the date of filing. Chapter 13 may stay for 10 yeas also, but it is customary for those to be removed after 7 years.
Here is more specific advice and input from various FAQ Farmers:
- Seven to ten years from the date of discharge.
- All discharged bankruptcies whether a state or federal filing remain on a CR for 10 years. A dismissed chapter 13 remains for 7 years, a dismissed chapter 7 remains for 10 years.
- Chapt.7-11-12 will remain for ten years. A chapter 13 will remain for seven years if successfully completed, for 10 years if dismissed.
- Ten (10) years for a discharged chapter 7 or 13. Seven (7) years for a dismissed chapter 13, ten (10) years for a dismissed chapter 7.
- Although it is true that the federal Fair Credit Reporting Act does provide that bankruptcy entries will remain for 10 years, there are some creditors that will only leave a chapter 13 bankruptcy on your record for 7, rather than 10 years. They do this to encourage people to pay part of their debts rather than discharge it all under a chapter 7. More importantly, the effect of bankruptcy on one's ability to get credit is vastly overstated. The key to getting the credit you need has far more to do with the amount of present income you have rather than any negatives on your credit report. In short, if you have good present income, the creditors will look past your credit report to your wallet in the sense that it is possible, even with a bankruptcy on one's record, to get credit for cars and new credit cards as soon as you are discharged in a chapter 7 (about four months after you file), and after a year or so, you can even get a mortgage on a house. They may not give you the best rate, but if you have good present income, even a person with a bankruptcy on their record can get the credit they want in almost all cases.
- You will not qualify for a FHA until a chapter 7 has be discharged for 2 years. A chapter 13, you will only have to wait a minimum of 1 year from filing date.
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Students from both private and public universities all over the country may also provide low cost or free advice. The sessions will only achieve directing clients to the right legal path in filing the right papers. Note that with the new bankruptcy laws taking into effect making the bankruptcy filing process more difficult than usual, an experienced bankruptcy attorney will be worth your money.
Many people who enter the bankruptcy process worry about the fate of their credit. This is actually unnecessary as the bulk of credit damage happens before the bankruptcy process is even initiated. While no one wants the added hassle of rebuilding their credit after resolving debt troubles, doing so can put you leaps ahead of others in the credit game.
Americans are now filing Chapter 7 or 13 Bankruptcy to get their debts under control. Bankruptcy in itself is designed for debt elimination. Chapter 7 bankruptcy functions to cancel out unsecured debt such as utility or medical bills, credit card, etc. Chapter 13 Bankruptcy on the other hand is designed to give individuals more time in repaying all their debts.
Filing for bankruptcy is good news whenever you are struggling with your credit card debt, mortgage or medical bills. Bankruptcy laws help families and individuals in their debt struggles. You have two options on how to deal with your debt problems, Chapter 7 (debt elimination) and Chapter 13 (reorganization). Always remember that you can regain credit again after successfully filing your bankruptcy.
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