How far will it fall?

[downthetube]

Hi. I am getting ready to file 13 sometime in the next month or so. I am trying to get a feel for how far my credit will fall and how quick it will rise.

Current on everything. Filing 13 because 9 rental properties have drained all cash and started into the credit cards. Too many repairs, low market for renters. summary: no end in sight and no $$. There is no value in the properties (80/20 loans) so they will be taken over by the trustee. One credit card will be on the 13, the other 4 with nothing on them will not be, especially the ones open for 17 years. Home (1st/2nd) will be kept as will the 2 cars.

Current average score is about 750. We think our trustee payment will be $2000 per month for 36 months.

So in 3 years, what will my score possibly be and will the $2000 per month availible after the 3 years help accellerate my recover?

Any thoughts?

[tinroofrusted]

750 is an amazing score....................

[copper2]

How far will it fall...

Hi, this may give you somewhat of an idea - my FICO was at 700, credit of 19 years, and one card fell into an R9 charge-off out of six current accounts. My score dropped roughly 100 points. The BK is the only other worse thing than an R9. Good luck, I hope you do okay.

[Minnymouth]

A good long-time history of "good credit" pays off, folks!
My credit score changed roughly 25 points from 750 to 725 after I filed BK.

I had had an excellent credit rating for 30 years or more.

My past history of "good credit" has really helped my financial status coming out of BK.

Really BK did not affect my "getting credit" a whole lot.

I really consider myself fortunate in this, I figured my credit was shot to hell - but it wasn't.

Just be sure to check your credit report and make sure everything included in you BK says "included in BK $.00 balance."

Minny