Question by Whitney: What does a credit report resemble following bankruptcy?
I needed to get info on what your credit report looks like following filing ch 7 bk. Does it nevertheless list all your accounts with the balances simply with discharged on each, or is your credit report blank with simply the bk on it?
Best answer:
Answer by Sparkles
Believe me, it is not blank.
A Chapter 7 bankrutpcy will display on your own credit for 10 years from the date of filing. Chapter 13 might remain for 10 yeas additionally, however it is customary for those to be removed following 7 years.
Seven to ten years from the date of discharge.
All discharged bankruptcies whether a state or federal filing stay on a CR for 10 years. A dismissed section 13 remains for 7 years, a dismissed section 7 remains for 10 years.
Chapt.7-11-12 might stay for ten years. A section 13 can stay for seven years when effectively completed, for 10 years when dismissed.
Ten (10) years for a discharged section 7 or 13. Seven (7) years for a dismissed section 13, ten (10) years for a dismissed section 7.
Although it is true that the federal Fair Credit Reporting Act does offer that bankruptcy entries can stay for 10 years, there are several lenders that might just leave a section 13 bankruptcy on your own record for 7, instead of 10 years. They do this to encourage individuals to pay piece of their debts instead of discharge it all below a section 7. More importantly, the effect of bankruptcy on one’s ability to get credit is greatly overstated. The key to getting the credit you want has more to do with the amount of present money you have instead of any disadvantages on your own credit report. In short, if you have good present money, the lenders might look past your credit report to the wallet in the sense it is potential, even with a bankruptcy on one’s record, to get credit for cars plus brand-new credit cards because soon because you’re discharged in a section 7 (about 4 months following we file), and following a year or thus, you may even get a mortgage on a home. They may not give you the greatest rate, however when you have good present money, even a individual with a bankruptcy on their record may get the credit they need in all cases.
You won’t qualify for a FHA till a section 7 has be discharged for 2 years. A section 13, you’ll just have to wait a minimum of 1 year from filing date.
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