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How long does it take for a person who has filed a Chapter 7 and has been discharged to apply for a credit card and or to finance a new car?
Wiki User
∙ 17y ago
While a Chapter 7 filing stays on your credit report for 10 years, it's important to remember that after filing for bankruptcy, you are actually less of a credit risk, since you have very little outstanding debt. Here are four tips to repairing a damaged credit rating: Apply for a secured credit card. These cards are backed by money that you deposit in a special account, so you don't run the risk of falling behind on payments. They'll make a good impression on your credit report. Ask a trusted friend to co-sign on a small loan, preferably from the bank that holds your checking account. Repayments on the loan will help your credit rating the same way they would if you took the loan out yourself. Open a savings account, if you don't already have one. Try to deposit 5% of your paycheck directly into the account. If you have the means, you should consider getting a car loan or a mortgage. To avoid a higher interest rate, you'll have to provide proof of employment.
Wiki User
∙ 17y ago
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If you filed chapter 13 7 years ago and it was discharged in Feb 01 how can you contact the credit bureau to remove this from your record if your attorney will not return your phone calls?
A Chapter 13 bankruptcy will remain on a person's credit report for the required ten years not seven.
If a person files Chapter 7 in 2000 and it was discharged how long to they have to wait to file a Chapter 13?
There are no time limits for filing a Chapt. 13.
A bankruptcy can not be wiped off your credit report until after 10 years but if the accounts on your credit report which were discharged in the bankruptcy can these be taken off?
The debts which were wiped out in bankruptcy still stay on your credit report, but they should be listed as "Discharged in bankruptcy." They will still stay on your credit for 7 years (they don't get extended to 10 years like the Chapter 7 just because they were discharged in bankruptcy). Please note that nothing in this posting or in any other posting constitutes legal advice; this is simply my understanding of the facts, which I do not warrant, and I am not suggesting any course of action or inaction to any person.
Does a person's credit score improve once all payments have been completed on a Chapter 13 and the Chapter 13 is discharged?
Not usually. Although it does look more positive than a Chap. 7 discharge. The only way a consumer's CRS will improve is by establishing new credit and showing they are a good "risk". Which means keeping payments current, and unsecured debt, minimal.
Are there any places that will finance a person with poor credit for a car?
There are several places that will finance a person with poor credit for a car, however, caution is advised. Getting approved for a car loan with poor credit is not easy, and there are many people out there who offer unreasonable rates.
What is the total dollar amount a person pays to use credit?
finance charge
What should a person do if their Chapter 7 Bankruptcy has been discharged but a vehicle that was to be surrendered has not been repossessed by the bank?
A person immediately contact their lawyer to assist on issue.
Can a person finance another car if his car was repossessed?
yes if you can find someone that will finance it for you... good luck look for places that don't do credit checks
How long after a discharged Chapter 13 can you get an automobile loan?
Not to be circular, but one can get a car loan after a Chapter 13 discharge as soon as one can get some lender to give him or her a loan. Typically, a bankruptcy affects a debtor's ability to get credit 12 to 36 months after the filing date, so by the time a Chapter 13 is discharged, at least 36 months have passed so getting a loan isn't generally affected by the bankruptcy. This is not to say that other factors won't affect one's ability to get a loan, such as employment history, debt to income ratio, credit score, etc. Please note that nothing in this posting or in any other posting constitutes legal advice; this is simply my understanding of the facts, which I do not warrant, and I am not suggesting any course of action or inaction to any person. Some institutions will finance you while still in an open chapter 13. Check with a credit union....great rates...great service. As long as you have been current on your current bills and are at least two years into the bk.
Can a person discharged from chapter 7 bankruptcy purchase real property after discharge?
Unlikely, because no lender will give the person a mortgage. There is no legal barrier to buying real property if the person can get the funding.
When does one eliminate bankruptcy debt off of their credit record?
When a person files for bankruptcy and their case is discharged they can immediately begin rebuilding their credit. It isn't unlikely for a person's credit score to bounce back to 750 or higher within the matter of a couple years.
Will a request for a voluntary dismissal of a chapter 13 appear on the person's credit report?
Yes.
