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Additional Details<... |
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thegeodeman2005 | Does bankruptcy destroy your credit for life? |
With the rise in the cost of everything I'm getting close to having to claim bankruptcy. Is this going to destroy my credit for life? |
 |
 
SPIFIMAN1
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Not at all.
I went through a chapter 7 back in late 2000 and re-established my credit using credit cards to the point that I was able to purchase a new car 1-years later with no money down and a 3.9% rate.
1-year later I bought a new home again with no money down and a fixed 6.5% rate so it can be done it just takes a little hard work.
My BK will not drop off my credit until early 2011 and all of my scores are over 750.
Additional information: It was Ford, I worked for a Ford dealer at the time. |
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Sgt Big Red
 |
It won't ruin you for life, but might make it a little bit harder to buy a house or get a decent interest rate.
Depending upon the chapter filed for, the length of time it is reported is as follows (as per the FCRA)
Example Chapter 7:
You file bankruptcy on January 10, 2003 and receive a discharge on May 30, 2003. The bankruptcy remains on your credit report until May 2013. (10 years)
Example Chapter 11:
You file bankruptcy on January 10, 2003. You receive confirmation of your chapter 11 plan on March 15, 2003. The bankruptcy remains on your credit report until March 2013. (10 years)
Example Chapter 12 and 13:
The court normally grants the discharge as soon as practicable after you complete all payments under your repayment plan (typically 3-5 years).
Hope this answers your question. |
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Crazyjester9
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Spifi is right. Doing your homework before and after filing will help you get back on your feet quicker. Visit Lifeafterbankruptcy.com where they have some excellent free newsletters.
You can also click on my profile and find "Studly" in my contacts and go through his old answers. He gives alot of good advice for people who file BK.
Edit - Richard B says " .... If a creditor pulls your credit in the at any time during the 10 years it will stay on the credit report for another 10 years as it if just appeared new! This is a trick passed by congress that most people don't know about."
Most people don't know about it, because that law doesn't exist. |
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Softball Mom
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It does have some repercussions, but it won't destroy you for life. I filed in 2006. I had no other choice. Right after I was discharged (and even before) I started getting credit card offers like you wouldn't believe. I have been very careful about credit cards and can manage my debt. I have never regretted it. I have to wait another year before I can buy a house, but that's okay. Good luck! |
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bdancer222
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Bankruptcy will stay on your credit file for 10 years. But it won't ruin your credit for life. Initially you will have very high interest rates. If you pay your bills on time, you will eventually establish good credit. The older the bankruptcy, the less impact on your score. |
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Just M
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7 - 10 yrs . |
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Jason S
 |
It might for a shot time but once you get it discharged and start a new positive credit you will see your score start to rise. My parents declared way back and they have a perfect credit score now. It will probably take a couple of years of starting your credit history over before you start to see a great improvement.
http://creditcardwarehouseonline.com |
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haidee
 |
No, bankruptcy would not hurt your credit for life.
You can do something about this, here is the thing you need to do:
First of all, before you dispute a bankruptcy you should first dispute every negative account that was included in that bankruptcy. Try to get as many removed as you can. Only after you have done that, then dispute the bankruptcy itself.
If the credit bureaus have verified the bankruptcy, then you should not disputed again for at least another three or four months, six would be better.
For more credit solution you can visit this site:
http://www.erasingbadcredit.com/ |
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Seneca
 |
There are some places you can call that offer financial counseling free and they can often consolidate all your debts and even eliminate some of them. They also can negotiate lower interest rates in some instances, and I believe you end up making only one monthly payment to them. I would look into this first. They can also advise you if you need to file for bankruptcy, as sometimes this is the best solution depending on the situation. Filing bankruptcy does not destroy your credit for life. |
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Richard B
|
No, but make sure to go Chapter 7 or a carefully done Chapter 13. Chapter 13 is the Lawyers favorite for long term fees.
Bankruptcy will stay on your credit file for 10 years thanks to Bush!
The reason why you will get new credit offers is that you in your bankruptcy have promised the court that you will make good on all your new credit for a period of 7 years!
AND .... If a creditor pulls your credit in the at any time during the 10 years it will stay on the credit report for another 10 years as it if just appeared new! This is a trick passed by congress that most people don't know about.
If you go thru Bankruptcy some people get credit again and some don't - a lot of times it is based on your credit history prior to the discharge.
I learned the hard way also and now I have 2 corporations with credit, they cost money to form, but I have no personal guarantees nor is my personal credit affected. On one I got $50,000 loan in 5 months with a corporate credit program.
http://aged-corporations.com
Question for Spifi - What lender gave you 3.9% on a car loan with a BK and zero down?
PLEASE, PLEASE, Tell me the Banks Name!!!!!
I have been a Car Dealer Finance Manager for 20 years and have worked for Ford, Honda, Suzuki , BMW and currently a multi franchise organization with Audi, VW and Mercedes Benz and have never seen anything under 12% for a fresh BK - Normally a BK requires a HIGH DOWNPAYMENT and what we call in the industry a large hedge fee - premium - discount to the lender of 30% of the loan and 20 to 29% interest!
I see bad credit all the time! |
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RD
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no, you can rebuild your credit in time ...but the bankruptcy will stay on your credit report for at least 7 years. |
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