Are we living in the best place (USA) at the best time (they're still soliciting me to accept credit cards!!), or what? How long does personal bankruptcy last, and is it only then that I should be looking at to begin rebuilding my credit history?
I'm liking not using the cards, tho' . . .
2006-11-20 04:29:41 · 10 answers · asked by Zeera 7 in Business & Finance ➔ Credit
A Chapter 7 bankruptcy proceeding takes about 3-6 months to complete.
A Chapter 13 bankruptcy (repayment plan) can take 3-5 years.
Both will most likely remain on your credit report for up to 10 years. However, if you make an effort to re-establish, your credit score will improve way before then.
The kind of debt you want to establish is mortgage and installment (car loan). Don't go out and open a bunch of credit cards.
Usually you will start getting credit card offers as soon as your bankruptcy is discharged. Be careful, they are higher rates and you usually have to pay some extra fees. Just don't let the balance exceed 50% of your limit and this should help your credit.
2006-11-20 05:08:01 · answer #1 · answered by jenay672001 3 · 0⤊ 0⤋
At this site you can find solutions from different companies: SMARTFINANCESOLUTIONS.NET-
RE How long is personal bankruptcy?
Are we living in the best place (USA) at the best time (they're still soliciting me to accept credit cards!!), or what? How long does personal bankruptcy last, and is it only then that I should be looking at to begin rebuilding my credit history?
I'm liking not using the cards, tho' . . .
2014-10-01 19:34:22 · answer #2 · answered by Anonymous · 0⤊ 0⤋
Bankruptcy last on your credit history for 7 years. Yes after you go through Bankruptcy many creditors want to (HELP you RE-BUILD ) your credit. ? Ha Ha Funny.
Some are legit. Be careful and read all the fine print.
It is best to start with one card to help you keep get back into the groove of things, and usually they offer a 250.00 spending limit and is more manageable. Just remember never buy anything that you can't pay off when your statement arrives. This is the best way to begin rebuilding your credit status legitimately.
Good Luck. Just play it smart, and read everything before you commit yourself.
2006-11-20 12:43:23 · answer #3 · answered by Jeff L 1 · 0⤊ 0⤋
It may depend on where you are, but I believe a backruptcy stays on your credit report for 10 years before it can be removed. My aunt filed for bankruptcy--and yes, you'd be surprised how many offers you can still get. You can even buy a home when you're bankrupt! Get ONE secured card and start building your credit from there. Make ONE or TWO small purchases each month and pay it off immediately. You'll want to anyway because the interest rate and finance charges for someone with poor credit is likely to be sky high. Some creditors offer incentives such as unsecured credit line increases to card holders who pay off their debts in a timely manner, so keep that in mind when shopping for a card. It can help to boost your credit score. However, don't let a credit line increase become an excuse for you to start making larger purchases. Remain frugal and keep your eye on the prize. The idea here is to re-establish your creditworthiness without piling on additional debt.
2006-11-20 12:49:30 · answer #4 · answered by ginajai2000 2 · 0⤊ 0⤋
Well, in California, personal bankruptcy lasts 7 long years :-(
2006-11-20 12:32:05 · answer #5 · answered by Tavannah 1 · 0⤊ 0⤋
chapter 7 filings 8 years from the time of discharge and the time for filing a chapter 13 after a chapter 7 discharge 4 years.
2014-10-10 02:11:25 · answer #6 · answered by Anonymous · 0⤊ 0⤋
Each state provides options for a debtors to retain some property for their fresh start. Its take a long process only your bankruptcy lawyer could estimate it all.
2014-10-30 20:33:41 · answer #7 · answered by Anonymous · 1⤊ 0⤋
Not sure about the states, but your neighbours to the north, I think it is 7 years
2006-11-20 12:34:39 · answer #8 · answered by teapreacher 4 · 0⤊ 0⤋
personal bankrupcy last 7 years at least...but then it also matters on what kind of bankrupcy, chapter 11 or others
2006-11-20 12:33:47 · answer #9 · answered by BiggBoss05 2 · 0⤊ 0⤋
it depends to the case or chapter on what he/she filed minimum of 3yrs
2014-10-14 22:09:24 · answer #10 · answered by Anonymous · 0⤊ 0⤋