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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 7 bankruptcy stay on your credit record in Louisiana?
In Louisiana, a Chapter 7 bankruptcy stays on your credit report for 10 years from the date of filing. This can affect your credit score and ability to secure new credit during that time. However, after the 10-year period, the bankruptcy will be removed from your credit report, allowing you to rebuild your credit history.
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 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
How long does a chapter 7 bankruptcy stay on your credit record in Louisiana?
In Louisiana, a Chapter 7 bankruptcy stays on your credit report for 10 years from the date of filing. This can affect your credit score and ability to secure new credit during that time. However, after the 10-year period, the bankruptcy will be removed from your credit report, allowing you to rebuild your credit history.
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.
