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Can a foreclosure and chapter 7 bankruptcy appear on your credit report?
Wiki User
∙ 11y ago
Yes. And the bankruptcy will stay on your credit report longer than other debts.
On the other hand, many bankruptcies are due to catastrophic losses, such as a child born with severe medical problems, rather than spending money like a drunken sailor on leave. Once you go through Chapter 7 bankruptcy, you can't go through it again for years. so you start getting lots of ads from car dealers who want to sell you a car on credit.
Timing is important. File too early, and you still may
be paying off those
catastrophic bills, Struggle too long to pay off the bills, and you'll come out of Chapter 7 with too few assets to get a good start on rebuilding your life.
Wiki User
∙ 11y ago
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Would filing chapter 7 bankruptcy clear foreclosure from your credit report?
No, in fact it will leave a Bankruptcy record on your credit report for 10 years.
Will foreclosure hit credit report after it was discharged at chapter 7 bankruptcy?
Yes, it will show as included in bankruptcy and also foreclosure. You get a double whammy. Sorry probably not what you wanted to hear.
How does surrendering your house in chapter 7 affect your credit report?
If you are surrendering your house anyways, it is usually better for your credit score if you do it through bankruptcy. If your house is foreclosed on before you file bankruptcy, then your credit score is hit by both the foreclosure and the bankruptcy. If you let your house go back through bankruptcy, instead, then your credit score is only hit by a bankruptcy.
How long after chaper 7 bankruptcy does it no longer appear on your credit report?
10 years for a chapter 7.
How long does it take after a bankruptcy is discharged to show on your credit report?
The amount of time a bankruptcy stays on your credit report after discharge differs between Chapter 7 and Chapter 13 Bankruptcy. With Chapter 7 bankruptcy, the Chapter 7 stays on your credit report for 10 years. Chapter 13 bankruptcy, after discharge, it shows for 7 years on your credit report.
Would filing chapter 7 bankruptcy clear foreclosure from your credit report?
No, in fact it will leave a Bankruptcy record on your credit report for 10 years.
Will foreclosure hit credit report after it was discharged at chapter 7 bankruptcy?
Yes, it will show as included in bankruptcy and also foreclosure. You get a double whammy. Sorry probably not what you wanted to hear.
Does a timeshare foreclosure hurt your credit after a bankruptcy has been discharged?
Any foreclosure or bankruptcy affects your credit. And for anywhere from 7 -10 years.
How does surrendering your house in chapter 7 affect your credit report?
If you are surrendering your house anyways, it is usually better for your credit score if you do it through bankruptcy. If your house is foreclosed on before you file bankruptcy, then your credit score is hit by both the foreclosure and the bankruptcy. If you let your house go back through bankruptcy, instead, then your credit score is only hit by a bankruptcy.
How long after chaper 7 bankruptcy does it no longer appear on your credit report?
10 years for a chapter 7.
If you are an additional card holder on a parent's credit card account and you file bankruptcy will the bankruptcy appear on their credit?
The bankruptcy will appear on their credit if you include this card in your bankruptcy. If you leave the card off the bankruptcy, it will not effect their credit.
How long does it take after a bankruptcy is discharged to show on your credit report?
The amount of time a bankruptcy stays on your credit report after discharge differs between Chapter 7 and Chapter 13 Bankruptcy. With Chapter 7 bankruptcy, the Chapter 7 stays on your credit report for 10 years. Chapter 13 bankruptcy, after discharge, it shows for 7 years on your credit report.
Will a deed in lieu of foreclosure appear on your credit report?
From what I have gathered so far, a forclosure is the worst thing for your credit next to bankruptcy, and a deed in lieu is just better than a forclosure.
How is your credit affected by a chapter 13 bankruptcy verses a chapter 7 bankruptcy?
Both have the same negative impact on your credit.
Is it better or worse for your credit to let the bank foreclose on a mortgage of a second property while facing bankruptcy?
A foreclosure or bankruptcy is never good for your credit, this is something you'd be better off discussing with an attorney. You can avoid foreclosure by filing bankruptcy.
Can bankruptcy be taken off your credit report if the bankruptcy was dismissed through the courts?
Bankruptcies are a matter of public record and this is why they appear in credit histories. A Chapter 13 listing will remain on your credit report for seven years from the filing date and a Chapter 7 will remain on the credit report for 10 years from the filing date. The credit report entry will state the bankruptcy was filed and dismissed, not discharged.
How long will it take to buy a home after foreclosure and chapter 13?
Unfortunately there is no specific answer. There are many things that are factored in. It will depend on if foreclosure was the only negative thing on their credit, did they file file bankruptcy, what is your current situation, etc. It all varies from situation to situation. Your best bet is to ask an experienced bankruptcy attorney who understands foreclosure and your rights.
