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You can still buy a house based upon the partner with the 700 score, however the amount that you may be financed for could be substantially lessened. The reason being that creditors will see the the bankruptcy as an inability to handle oneself financially. They will also make the assumption that in a marriage, both parties have equal influence over one another. This being the case without knowing either of you personally, the bank has to assume to some degree that the spouse with the bankruptcy could negatively influence the spouse with the higher score and ultimately default on the loan. Really it depends on the financial institution, but it would almost always be in the best in the couple's best interest to apply for the loan alone, adding the spouse after the fact in order to help build their credit score later. Once approved the bad credit spouse will no longer affect the loan, however the good credit spouse can benefit the bad credit spouse by adding them to that loan. With only one income the amount you can borrow will go down, but it will result in a much more favorable interest rate, which could ultimately save you thousands of dollars annually.

2006-07-19 04:33:27
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Related Questions

Can the bankruptcy court take your tax refund for 2004 if bankruptcy was filed in Dec 2004 if this was not discussed at the Creditors Meeting?

I think it depends on when your debts are discharged. If they were already discharged, it was a Chapter 7 bankruptcy, and it wasn't discussed at the creditors meeting, then the refund is yours. Besides, imagine if you filed on April 15th. You might not get your refund until later June or almost July, and that's months from when your debts were discharged. I'm pretty sure it's yours.


If one spouse recently had a Chapter 7 bankruptcy discharged and the other has a credit score of almost 750 will the couple be able to buy a house?

You can buy anything you want. Getting someone to give you a loan is another story. If your expecting to use the BK persons income to qualify, or have him on the title...it's going to be very, very difficult.


What is the difference between chapter 11 vs chapter 7 bankruptcy?

The major difference between Chapter 11 bankruptcy and Chapter 7 bankruptcy is that Chapter 11 offers more flexibility so that debtors can negotiate terms without having to sell their assets. Under Chapter 7 bankruptcy, the debtor's assets are almost always sold to pay off their debt. Chapter 7 also features a level of debt forgiveness, whereas Chapter 11 does not.


If your vehicle was listed in your Chapter 7 bankruptcy almost a year ago and the bankruptcy has been discharged and you are current on your payments can you still turn it in?

Yes you can still turn it in. They told me that because it was involved in the bankruptcy, I could stop paying at any time and either call them to come get it or take it to the nearest dealer. I chose to keep my vehicle at the time but have since traded in for another.


My fiance filed chapter 11 bankruptcy and now we want to get married can the court trustee demand more money?

Make sure that it was a chapter 11 and not a chapter 7 or a chapter 13. Many times there are no trustees in a chapter 11 and chapter 11 is almost always a larger business bankruptcy.


Filing for Bankruptcy?

No one ever plans to file for bankruptcy, but if you ever find yourself in a financial bind, filing for bankruptcy to remove most of your debts may be the only alternative you have to start over again and reclaim your life. By filing for bankruptcy, you can protect yourself from creditors that may try to repossess your property and who often make harassing calls to your home. In the United States, individuals that need to declare bankruptcy can file for either chapter 7 or chapter 13 bankruptcy protection. Chapter 7 bankruptcy protection is the typical bankruptcy that everyone thinks of when they hear the word. In chapter 7 bankruptcy, the courts will try to liquidate your assets in order to pay off your creditors. Once all your assets have been sold off, the rest of your debts will be discharged by the bankruptcy court. Chapter 13 bankruptcy is slightly different. Chapter 13 bankruptcy is often called a working man's bankruptcy and is intended for people that have jobs. In chapter 13 bankruptcy, your bills become reorganized and consolidated. You will then have to work out a payment plan for the courts. Once the court has approved your plan, you have a certain amount of time to pay off your debt according to the plan. Should you fail to adhere to the plan, your bankruptcy protection will be nullified, opening you up once again to creditors. In order to qualify for chapter 7 bankruptcy protection, you need to pass what the government calls a means test. In order to pass the means test and meet the qualifications for chapter 7 bankruptcy, you need to earn less than the median income of the state in which you reside. If you earn more than $167 over the median income of the state you do not qualify for chapter 7 bankruptcy. Many people want to qualify for chapter 7 because it discharges most of their debts instead of making them repay it later as in chapter 13. Chapter 7 and chapter 13 bankruptcies can eliminate most debts, but some debts can almost never be discharged by bankruptcy courts. This includes student loan debts, lawsuit awards, spouse and child support, and most taxes. Also before filing for bankruptcy it is important to know how a filing can affect the rest of your life. For one thing, chapter 7 stays on your credit report for up to 10 years. Chapter 13 bankruptcy will remain on your credit report for 7 years. Having a bankruptcy on your credit report will make it difficult to obtain loans, get credit cards, find housing, or even gaining employment.


Can you withdraw from a 401k during chapter 13 bankruptcy?

No you can't it will be almost impossible to do so don't try to.


Who can file for a Chapter 11 bankruptcy?

Chapter 11 applies to individuals, partnerships, corporations, unincorporated associations, and railroads, although corporations are almost always the petitioners.


Does bankruptcy attorney keep rental property income?

The answer to this question depends on whether you are filing Chapter 7 or Chapter 13 bankruptcy. In Chapter 7 bankruptcy, if the rental property has equity, meaning that the value of the property exceeds what is owed on the property, the trustee would almost definitely seize property and sell it to satisfy some or all of your unsecured debts.


Is there any Criminal liability if your car has not been picked up after bankruptcy has been discharged it has been almost 7 months?

Presuming you weren't instructed to drop it someplace or such, no.


After emerging from Chapter 11 bankruptcy how soon before you can file again?

C-11 is almost exclusively for Corporations. It is available almost without restraint. However as it is a re-org, a company that exited one recently will most certainly have to satisfy the Court to an even higher degree that the next plan is really able to succeed.


Can the terms of your Chapter 13 bankruptcy be changed if you become pregnant unexpectedly?

A "motion to modify" a chapter 13 can be filed for almost any reason. Contact the BK trustee for the exact procedures required.


How do you get rid of student loans?

The only way to make student loans go away is to pay them off. Recent changes in bankruptcy laws makes it almost impossible for student loans to be discharged in a bankruptcy filing. Or simply avoid students loans, check out the Related Link.


How do you file a motion to dismiss a chapter 13 if you want to pay the creditors off?

The exact procedures will vary by the rules of your local bankruptcy court, but a Chapter 13 debt can voluntarily dismiss a bankruptcy at almost anytime. Where I practice law, the debtor just needs to complete and sign a one page form and submit a proposed order. Both are forms you can get from the local bankruptcy court. The website for your local bankruptcy court should have the forms you need.


If you filed chapter 11 in January 2006 when are you eligible to refile chapter 11?

Under the bankruptcy laws effective on October 17, 2005, Chapter 7 cannot be filed unless the debtor was discharged from the previous Chapter 7 or bankruptcy more than eight years ago. The debtor cannot file a Chapter 13 unless: (1) the debtor received a discharge under Chapter 7, 11 or 12 more than four years ago; or (2) the debtor received a discharge under Chapter 13 more than two years ago. The above notes discharge dates However, C11 is almost exclusively for Corporations - and there really aren't limits on how many times or when they can file again...but the court will become increasingly interested in making sure the plan that is proposed is actually fair and able to work.


If you are planning to file Chapter 7 can you obtain a loan to buy a car before the filing?

You can but 1, if your financial situation is such that you're considering bankruptcy, you almost certainly won't get approved and 2, it wouldn't necessarily be forgiven or dismissed as part of the bankruptcy.


How long will chapter 7 bankruptcy stay on your credit report in IN?

In almost every state, bankruptcy will stay on your record for 7-10 years. This is something to consider when filing because this can have a major effect on your ability to get a house, car, etc in the future.


How long does bankruptcy last in the UK?

Nowadays bankruptcy usually lasts about a year. Once your bankruptcy is discharged you will be free to start re-building your debt free life. You will probably find it almost impossible to get unsecured credit for a number of years. Mortgages are more available, but the rates will be higher. It pays to shop around, because the rates on adverse credit loans can vary widely.


How long does a bankruptcy stay on your credit report?

A Chapter 7 bankruptcy may display on your credit for 10 years from the date of filing. Chapter 13 may stay for 10 years also, but it is customary for those to be removed after 7 years.Here is more specific advice and input from various contributors:All discharged bankruptcies whether a state or federal filing remain on a CR for 10 years. A dismissed chapter 13 remains for 7 years from date filed, a dismissed chapter 7 remains for 10 years from date filed.Chapt.7-11-12 will remain for ten years. A chapter 13 will remain for seven years from date filed if successfully completed, for 10 years from date filed if dismissed.Ten (10) years from date filed for a discharged chapter 7 or 13. Seven (7) years from date filed for a dismissed chapter 13, ten (10) years for a dismissed chapter 7.Although it is true that the federal Fair Credit Reporting Act does provide that bankruptcy entries will remain for 10 years, there are some creditors that will only leave a chapter 13 bankruptcy on your record for 7, rather than 10 years. They do this to encourage people to pay part of their debts rather than discharge it all under a chapter 7. More importantly, the effect of bankruptcy on one's ability to get credit is vastly overstated. The key to getting the credit you need has far more to do with the amount of present income you have rather than any negatives on your credit report. In short, if you have good present income, the creditors will look past your credit report to your wallet in the sense that it is possible, even with a bankruptcy on one's record, to get credit for cars and new credit cards as soon as you are discharged in a chapter 7 (about four months after you file), and after a year or so, you can even get a mortgage on a house. They may not give you the best rate, but if you have good present income, even a person with a bankruptcy on their record can get the credit they want in almost all cases.You will not qualify for a FHA until a chapter 7 has be discharged for 2 years. A chapter 13, you will only have to wait a minimum of 1 year from filing date.Seven years in AustraliaDetails of a bankruptcy order in the UK will stay on your credit file for 6 years.7 to 10 years depending on the state you live in. Most lenders will consider loans after 2 years. If information is still on you credit history after this time frame you need to dispute with all three major credit bureau agencies.


Who may file Chapter 7 bankruptcy?

Almost any individual, partnership, or corporation may file a chapter 7 bankruptcy petition if he or she live in, has a domicile, a location of business, or property in the United States. If you filed a prior bankruptcy petition and the prior proceeding was dismissed within the last 180 days, you may not be able to file a second petition. If you pass the "means test" and complete the required credit counseling within six months prior, most people can file a Chapter 7.


Once the bankruptcy has been discharged how do you get the creditors that you filed bankruptcy on to show as satisfied or closed on your credit record?

First, get your discharged letter from the bankruptcy court and send it to the credit agencies. No matter what you have put in your bankruptcy, it will not come off your credit report until the bankruptcy is taking off. Make sure you keep all your bankruptcy records that list all items. Soon as I was discharged from my Chapter 13 the very next day my credit score went up very high. Anyone claiming they can remove or change the accurate history of your past should be considered a scam artist. As all conumer affairs and agencies keep on trying to make everyine aware of. YOU can improve your future, but the past is and will remain what it is . Bankruptcy, on a credit report will remain for at least 10 years. In fact, credit reports are provided by indepndent, private companies that are paid to report things they can find. Most requests follow a standard format which ask for it as above. However if someone requests a history for a longer time, they are happy to do so, for a fee. Your BK as a Federal court record, is available and on record for an almost perpetual period of time. No one (except the BK court and judge) can have that history changed or expunged. Period.


How has filing chapter 7 bankruptcy changed over the past year?

The new bankruptcy reform will go into effect in October (I believe it is the 17th). When that happens it will become almost impossible for the average citizen to file a "7". BK attorneys are working almost non-stop to keep up with the rush of people trying to beat the reform deadline.


Can a small claims judgment be discharged under chapter 13?

It depends on the natures of the debt, but the answer is almost always yes. There are a few types of debts that are automatically nondischargeable (i.e. child suppport) and other types that are nondischarge if the creditor takes the proper legal steps to avoid the discharge (i.e. fraud). However, most civil judgments are dischargeable. One word of caution: even if if a judgment is discharge, any judgment liens are NOT automatically discharged and may require further proceedings to be filed with the bankruptcy court.


Your Chapter 7 bankruptcy was discharged in Oct 2002 will it be off your record in Oct 2009 going by the old law for Chapter 7 rather than 10 yrs?

BK, as a matter of Federal Court records, is available almost indefinately. Virtually all credit reports from the major credit agencies will report it for 10 years from discharge, in their normal format. As information services, a longer, or shorter, time period may be requested and provided, depending on what the requester wants to pay for.


Can a debt consolidation help you pay off my child support debt?

Debt consolidation schemes are almost never a good idea. Also, keep in mind that there is no statute of limitations on collecting unpaid child support, and unpaid support is not discharged in bankruptcy.