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Chapter 13 is a reorganization of debt. I wouldn't think so as long as you reaffirmed the loan. Yet read the contract and see if this is even possible
Not IF you reaffirmed the loan with the creditor.
it will show the balance & the bankruptcy followed there after.so the answer is NO. GOOD LUCK
No, it will probably hurt your credit. The Chapter 13 is on your credit report for 7 years from the date the Order for Relief is entered, which is the day the case is filed. So, even if you dismiss it the credit hit from the 13 has already appeared on your credit (a 75 to 150 point drop). And, if you dismiss it, then all the creditors included in it suddenly come back to life and would start billing you, making your debt to income ratio worse. And, if you fail to pay them, then the late payments would make your credit even lower. Once a 13 is filed, it's best - creditwise - to finish it.
I can only speak from my own experience. It does indeed appear on our credit report and also states that the mortgage company is filing a claim against us--even though we did not reaffirm the loan. Completely wrong and I've disputed it many times with ALL the credit bureaus but they will not remove it. I'm not sure if there's a government organization that can help force the mortgage company to report correctly to credit bureaus or one that can force the credit bureaus to actually DO an investigation when you dipute it. No win situation, I'm afraid
Yes. Its even unofficially called a Chapter 20
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.
Adding to below--it shouldn't even be on your report after 7 yrs. Lots of times it drops off before that. Yes, but having the bankruptcy on your credit report is not as bad as most people would think. After a year or so following the bankruptcy discharge (about 4 months after you file) a person can get credit for new cars and for new credit cards even with a bankruptcy on their record, and after another year can even get a home loan, but that is only if they have good present income.
You can make steps to help your credit even before you file! And certainly, each and every action afterward is vital. How long it will take to get to where you have some level of actually functional credit depends...along with, credit depends not only on your history of paying exactly as agreed, of soing so showing some financial and business wisdom (meaning not even getting involved with very expensive and dumb credit provided to fools and the otherwise NOT credit worthy), but also your current financial status - your income level, expenses (not just credit expenses), etc., etc.
You can, but be careful. If your credit score has gotten worse, they could even LOWER your credit limit. Happened once to me long ago. And by the way, they can automatically check your credit and change your credit limit or interest rate. Without you even knowing it.
If you are getting a Federal Student Loan credit is not an issues. I just got a Federal Student loan and my credit is BAD!!! The thing is, is that it's a Federal Loan so you will always owe that money, even if you claim chapter 7 or 13. I was worried about that too, but I got one just fine.
Even with bad credit you can get financing. However, bad credit will require a larger down payment and perhaps even a co-signer with better credit.