Hello! New here, new to Bk...looking to file asap to stop the harassment and get out of our 25k cc debt...we plan to keep the house and cars as it's easy to make those pmts! My question: how long does BK stay a part of your credit history? Forever? X-amount of years?
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A Chapter 7 is on your report for 10 years. -
I understand that the BK stays on your credit for 10 yrs, but how long before getting offered decent rates? I am really unhappy living in the rural area that we are in, and the commutes to work and family are 45min-1hr each way. Last summer, we listed our house, had a LOT of showings, but no offers. If we could have sold and moved, a chapter 13 would have been OK with us, but the market dipped even more and our home is no longer for sale. We hope to file in October or Novemeber, depending (mainly because our lawyer said that the tax refund we received in March absolutely counts as income divided by six). I hear of people getting a FHA home loan 2 years after Chapt 7 discharge, but yet my lawyer gave me the strangest look when I said my reasons for not wanting a 13 at my current residence. (5 yrs repayment, 2 more years to get another home loan). Am I misunderstanding something?Comment
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Welcome to the forum! I suggest you get some free BK consults from BK lawyers for the best approach to your filing for bk. Like the other posters said, a CH7 bk stays on your credit report for 10 years. Please keep in mind with filing for CH 7 the trustee will look into assets such as the house and cars that you have. Since your cc debt is relatively (sort of) on the low side, a CH 13 might be better especially if you want to keep your cars and house. Best wishes!Originally posted by Stacia0517 View PostChapter 13 filer since Feb. 2018 under a 60 months payment plan
Please think positive and do not give up!Comment
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