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Does a chapter 7 bankruptcy affect your credit the same as a chapter 13?
Wiki User
∙ 10y ago
Yes.
Wiki User
∙ 10y ago
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How is your credit affected by a chapter 13 bankruptcy verses a chapter 7 bankruptcy?
Both have the same negative impact on your credit.
If you file for chapter 7 bankruptcy and have no assets will it still affect you later?
Yes, a Chapter 7 bankruptcy is a Chapter 7 bankruptcy. The exact details are irrelevant, it will remain on your credit report and prevent you from refiling for the same length of time either way.
If you filed Chapter 7 six years ago and it was dismissed but the credit bureaus will not take it off how do you get it removed?
A CHAPTER 7 BANKRUPTCY TAKES 10 YEARS BEFORE THIS IS REMOVED OFF OF YOUR CREDIT REPORT. THE GOOD NEWS THIS DOES NOT AFFECT YOUR CREDIT ANY LONGER! *********************I filed Chapter 7 in 2003 and depending on what your state court's definition of "dismissed" is it CAN affect your credit. For instance, some courts definition of "dismissed" is the same as "discharged." In Ohio it is "discharged" and I no longer owe any debt, however it DID IN FACT AFFECT MY CREDIT. I can NO LONGER get any. I received denial letters stating the reason for being denied, "Bankruptcy." So do your homework according to your state.
Does filing bankruptcy remove bad marks from your credit report?
No. What will happen is all the defaulted accounts listed in the bankruptcy will be marked as such.."included in bankruptcy". The credit history, late payments, judgments, etc. will remain the same. In addition to the scenario in the above answer: The bankruptcy filing itself will be listed in the "public records" portion of your credit report. The disposition needs to be listed also (the discharge). The "bad marks" (i.e., the accounts) will show on your credit for 7 years. The bankruptcy listing will show for 7 years for a completed and discharged Chapter 13 bankruptcy and 10 years for a discharged Chapter 7.
How do foreclosures affect your credit?
Same as a bankruptcy There are actually companies that will work with you for free to buy your mortgage away from your mortgage company and avoid your foreclosure.
What is the process on how to declare bankruptcy?
First consult a lawyer for which bankruptcy chapter you qualify for and let him/her assist you with the bankruptcy procedures as bankruptcy procedures are not the same in every case. Chapter 7 and Chapter 13 bankruptcies are the most common. For more information, visit these websites: http://howtodeclarebankruptcy.net/ and filepersonalbankruptcy.org/how-to-declare-bankruptcy/.
Can bankruptcy be removed from your credit report if you filed for Chapter 7 but did not complete the proceedings?
No. A bankruptcy becomes a public record as soon as it is filed. Its the same as any other type of lawsuit. Even if they are dismissed, they will still show up when searching for your name. The fact that a bankruptcy was not completed does not negate the fact that it was filed.
What are the benefits of chapter 7?
Chapter 7 bankruptcy comes with advantages as well as disadvantages. As soon as a debtor files for bankruptcy, there is an automatic stay and most creditors must stop their collection efforts. Thus, the debtor can begin rebuilding his credit; financially-speaking, the debtor can start over.It is true that filing for bankruptcy ruins a debtor's credit from a number of years and may cause embarrassment. However, incurring more debt and facing the harassing phone calls, letters and potential lawsuits from creditors can have the same effect. Filing for bankruptcy will allow many debtors to get started sooner on rebuilding their credit in peace
Can you file a chapter 7 bankruptcy and a chapter 13 bankruptcy?
not at the same time, and you'll have to wait a certain period of time after being dismissed/discharged from one before filing the other.
If you had a bankruptcy removed from your credit report would you still be able to challenge that dispute in the same manner after 6 years?
If the bankruptcy was removed from your credit report, you may not be able to challenge it as a dispute in the same manner after 6 years. The information should no longer be present on your report if it was successfully removed, so there would be nothing to dispute. It's important to regularly check your credit report to verify that the bankruptcy has been properly removed.
If you had a bankruptcy six years ago but have rebuilt your credit and now your scores are over 700 why would you still be turned down by the same bank for credit?
While 700 is a decent credit score, extending credit is still a risk and a discretionary judgment call. The BK will be on your credit for several more years and you are almost eligible to file for Chapter 7 again if you needed to. The creditor might not want to take the risk, especially if a debt to this bank was included in your old bankruptcy.
I am filing for chapter 7 bankruptcy and wondering if I also surrender the house in the proceeding will it affect my credit score worse than just including the credit cards. We may be able to sell.?
The best answer can only come from a licensed attorney specializing in bankruptcy law. However, as a credit and collections expert, regardless of how you default on the mortgage it is still going to hit your credit with the same amount of damage. The best option is to try to use the bankruptcy process to get a loan modification or attempt to get the lenders acceptance to forgo any foreclosure actions to attempt to sell or short-sell the property. Selling the house will not fix any late payment history for the loan, but will take the sting out of just walking away from the house.
