I would guess that it would initially cause your credit score to go down a few points ... but look on the bright side -- you would be immediately and permanent OUT OF DEBT! I filed a Chapter 7 four years ago and already my FICO score is back in the 700s, and I have no problem getting credit cards, car loans, etc. All the money I used to put toward debt now goes into investments, and my future looks bright ...
On my website, I have an article on 10 tips to rebuilding your credit after bankruptch: http://www.chs-law.com/2005/05/rebuilding-credit-after-bankruptcy.html
One day. You can apply any time. However, your chapter 13 stays on your credit report for 10 years.
Yes.
Yes.
You can't. A valid entry for a dismissed chapter 13 bankruptcy will remain on a credit report for seven years from the date of dismissal.
Yes converting a Chapter 13 to a 7 will further lower your credit score. It will show up on the public records section at the begining of the credit report. Once as an terminated chapter 13 and a second public record showing the filing of the Chapter 7. Each public record reduces your score. You can potentially be discharged from a Chapter 7 sooner and that's will be the time the clock will start ticking to eventually make it disappear from your credit report which I believe is 7 years for most derogatory entries
Yes. For at least 10 years.
An unfavorable item should be on your report for seven years. A co-debtor's chapter 13 should not affect your liability on the debt.
You cannot get it removed from your credit report. It will be on your credit report for 10 years and it will affect your ability to get loans and other type of credit accounts.
The cosigner's credit will only be affected if the person that they cosign for defaults on the loan. The bankruptcy will not affect the cosigners credit.
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.
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.