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How Many Years Does A Bankruptcy Stay On Someone’s Credit Report?

A Chapter 7 bankruptcy typically stays on a person’s credit report for up to 10 years, and a Chapter 13 stays on for up to 7 years.

How Does A Bankruptcy Affect Someone’s Credit Score?

Filing of a bankruptcy is a major hit on anyone’s credit score. However, the bankruptcy wiping out the debt will actually improve most people’s income to debt ratio and give them the ability to improve their credit very quickly. In many cases, if someone takes the necessary steps to re-establish their credit after a bankruptcy, they will see an increase of 100 points or more within one year after the bankruptcy. Also, many clients report to me huge increases in their credit scores while in a Chapter 13.

How Many Years Will It Take To Rebuild My Credit After A Bankruptcy?

If you take the necessary steps, such as timely paying for a house or a car, and you get credit and make payments on time, your credit will rebuild much quicker than someone who doesn’t get any type of credit or doesn’t pay on time. Most people see a major increase in their credit score within a year.

Do I Have To Pay Income Taxes On Debt Discharged In My Bankruptcy?

Any debt discharged in a bankruptcy is protected from any type of income taxes.

How Long After Filing For A Bankruptcy Might I Qualify For A Mortgage?

Most mortgage companies want to see two years post-bankruptcy that the person is taking necessary steps, such as having a steady job, and having some type of credit that they are paying on time to rebuild. If you want to go through VA, FHA or other government programs for your mortgage, they may want to see three years post bankruptcy.

How Soon After A Bankruptcy Might A Person Finance A Car?

Some car companies will get you a car while still in bankruptcy, so there is no waiting time. You can finance a car either while in, or right after, a bankruptcy.

What Happens If I Fall Behind On Payments After Filing A Chapter 13 Bankruptcy?

If you fall behind on payments in a Chapter 13, you should immediately have a consultation with your bankruptcy attorney to determine why you fell behind and whether or not you have the ability to catch up. The trustee will file a motion to dismiss for failing to make appropriate payments. If it looks like you are going to be able to make your payments then you are put on probation. If you continue to miss payments, then your bankruptcy case will be dismissed.

What Is A Reaffirmation Agreement? How Does It Work?

A reaffirmation agreement is a mutual agreement between the creditor and the debtor saying that you wish to continue on with the contract under the terms as written. It does require both the debtor and the creditor’s consent. If the creditor doesn’t consent, then you just continue to make your payments even without the reaffirmation agreement if you are keeping property such as a house or a car.

Can I Make Payments On a Discharged Debt Without A Reaffirmation Agreement?

Typically, a creditor will continue to accept payments and will continue to keep collateral once your bankruptcy is over. There is nothing preventing you from paying a discharged debt. However, you are not legally obligated to.

What Steps Should I Take Post Bankruptcy To Close Out The Process?

Once you’ve had your meeting of creditors there is usually nothing else to do, other than to wait, in a Chapter 7 bankruptcy. In a Chapter 13, there is going to be a discharge that you have to sign, stating that you’ve completed everything needed in order for the discharge to be granted.

For more information on Post-Bankruptcy Facts In Ohio, a free initial consultation is your next best step. Get the information and legal answers you are seeking by calling (937) 247-6447 today.

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