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If you apply for credit 7 years after a bankruptcy and bank says to say no to the bankruptcy question on the form what are the legal implications?
Wiki User
∙ 8y ago
Bankruptcy stays on your credit reports for 10 years not 7. I wouldn't give false answers on any application cause they are going to see it when they pull a report and this is considered fraud.
Examine the application carefully. It may say, "have you filed bankruptcy within the past 7 years?"
The bank may have just been telling you the time period on the application, not suggesting that you falsify the application.
Wiki User
∙ 8y ago
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How long after a bankruptcy can you apply for credit?
Do not worry about applying for credit after bankruptcy. The applications will come to you before the ink on the court documents has dried.
How much does a bankruptcy negatively affect your credit score?
A bankruptcy stays on your credit report for 10 years and you may have to answer about it for the rest of your life. Who knows what effect it has on your credit score? Companies that lend money. Only when you apply for credit after bankruptcy will you know the full detrimental effect.
Can a person get a credit card for going through bankruptcy?
After bankruptcy one has to rebuild their credit rating. If or how fast one will get a new credit card depends on the issuing company. Alternatively one can apply for a pre-paid credit card.
Can you keep a few small credit cards after filing for bankruptcy?
Yes; however, the issuer is not required to continue to extent you credit (can close the account).
Does bankruptcy eradicate credit card debt?
NO... the debt remains on file with the creditor. If you apply for credit at a later date (after the bankruptcy has been resolved) - your history will still be available to anyone who does a credit search on your name. Creditors can still come after you for their money if you re-start a credit account.
How can one get a loan if they have declared bankruptcy?
Getting a loan after bankruptcy can be difficult depending on what type of bankruptcy one files. A Chapter 13 bankruptcy, one cannot even apply for credit during the length of the bankruptcy. In a Chapter 7 bankruptcy, that is a different story. One can file Chapter 7 bankruptcy and as soon as it is discharged can apply for credit. The only problem with getting a loan after bankruptcy is that you may have to have a co-signer until you build up some positive credit.
If you marry someone who files bankruptcy to get rid of debt from his first marriage will your credit be affected even though nothing is in your name?
Your personal credit will not be affected if your spouse files bankruptcy alone. Be careful though in future transactions if you apply jointly for credit later... it will show up there.
Why is the bankruptcy still on your credit after 10 years?
Its permanent its just that after 3 you can apply for an early release and after 7 you are automatically released.
How long do you have to wait to apply for a credit card if you filed for bankruptcy?
you would most likely have to wait for a few years until your credit can start to steadily go up again.
If you are about to get married and you are filing Chapter 7 bankruptcy will this bankruptcy affect your spouse in any way after the marriage?
It will only affect the non-filing spouse if the couple apply for some type of joint credit, such as a home mortgage. It will not affect the new spouse's credit report/score.
How long have to apply for a credic card after bankrupt?
You can apply for a credit card immediately after filing for bankruptcy. You are more likely to receive a secured credit card after filing however. If you can wait 6-12 months after filing, you will have a better chance of receiving a positive response.
How long after a chapter 13 has been discharged can you apply for credit?
Between five (5) and six (6) years, depending on how long it took to discharge the chapter 13 bankruptcy. Generally a total of ten (10) years after the bankruptcy appears on your credit report is required before applying for prime credit. The average chapter 13 takes 4-5 years to be discharged, leaving about 5 years of having the bankruptcy still on your credit report.
