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Generally a bankruptcy filing (Chapter 7 or Chapter 13) reduces your credit score by around 75 to 150 points. There is no exact amount since how credit reporting agencies determine your credit score is a big industry secret, but a 75 to 150 point drop is what you can expect. So, this means you usually need to wait 12 to 15 months after filing bankruptcy to get a car loan and 2 years after filing to get a mortgage (though of course other factors affect this too, such as length of employment, income amount, debt-to-income ratio, post-bankruptcy credit acquisition, etc). Please note that nothing in this posting or in any other posting constitutes legal advice; this is simply my understanding of the facts and law, which I do not warrant, and I am not suggesting any course of action or inaction to any person. Speak to a lawyer for specific advice. If you have any questions, please refer to a lawyer in your jurisdiction. Thanks!
What else can I help you with?
If you are about to get married and you are filing Chapter 7 bankruptcy will this bankruptcy affect your spouse in any way after the marriage?
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.
Can i get credit card after filing Chapter 7?
I filed Chapter 7 last year and when I applied for a credit card this year I was denied and the reason was "bancruptcy".
How long does a chapter 13 converted chapter 7 stay on credit report?
Ten years from the date of original filing.
Can bankruptcy hurt you?
Whether you are filing Chapter 13 or Chapter 7 bankruptcy, your credit score will be directly impacted for 7-10 years AFTER you exit protection.
If you convert a chapter 13 bankruptcy to a chapter 7 will this further affect your credit scores?
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
If you are about to get married and you are filing Chapter 7 bankruptcy will this bankruptcy affect your spouse in any way after the marriage?
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.
Can i get credit card after filing Chapter 7?
I filed Chapter 7 last year and when I applied for a credit card this year I was denied and the reason was "bancruptcy".
What can be done to attain employment at 60years old after filing chapter 7 bankruptcy What if there is reasonable reason for filing chapter 7 Could the reason for bankruptcy be told to the employer?
How to get after job filing chapter 7 bankruptcy once it appears on the credit report
Does a chapter 7 bankruptcy affect your credit the same as a chapter 13?
Yes.
How long does a chapter 13 converted chapter 7 stay on credit report?
Ten years from the date of original filing.
Can bankruptcy hurt you?
Whether you are filing Chapter 13 or Chapter 7 bankruptcy, your credit score will be directly impacted for 7-10 years AFTER you exit protection.
If you convert a chapter 13 bankruptcy to a chapter 7 will this further affect your credit scores?
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
Can bankruptcy be taken off your credit report if the bankruptcy was dismissed through the courts?
Bankruptcies are a matter of public record and this is why they appear in credit histories. A Chapter 13 listing will remain on your credit report for seven years from the filing date and a Chapter 7 will remain on the credit report for 10 years from the filing date. The credit report entry will state the bankruptcy was filed and dismissed, not discharged.
When does the 7-year removal from your credit apply?
7 years from discharge (not filing, but actual date of discharge) of a Chapter 7. Don't know about a 13.
Mortgage lates after filing chapter 7 Can a mortgage company report lates after filing of a chapter 7 and before a discharge?
Yes. That reporting to a credit agency of an item of fact, is not an attempt to collect the debt. Your not expecting you mortgage debt to be discharged are you?
How long does a chapter 13 conversion to a chapter 7 stay on your credit report in Wisconsin?
A chapter 7 bankruptcy filing remains on your credit report for 10 years. Chapter 13 bankruptcy remains for seven years. Under chapter 13 bankruptcy you repay at least a portion of the debt, so it is removed a little sooner.
Would filing chapter 7 bankruptcy clear foreclosure from your credit report?
No, in fact it will leave a Bankruptcy record on your credit report for 10 years.
