2006-12-09 23:18:27 · 4 answers · asked by cbkingone 2 in Business & Finance ➔ Credit
A chapter 7 remains on your credit file for 10 years from filing date. A chapter 13 remains for 7 years from the filing date if discharged. If a chapter 13 is dismissed or incomplete, it remains for 10 years from filing date.
2006-12-09 23:22:28 · answer #1 · answered by RedSoxFan 4 · 1⤊ 0⤋
Although it won't stay on your credit report for more than 7-10 years, it will be on your mind for the rest of your life and shouldn't be the first thing to consider when overwhelmed by debt. There are occasions where bankruptcy is necessary in order to give people a frest start from debt like in the cases of serious illness or disability, extreme loss of income, divorce, etc. and should only be considered for several hundred thousand dollars worth of debts. I have known people filing bankruptcy for a few thousand dollars and they've been sorry because usually the interest rates after bankruptcy are so high that paying off the original debts would have made more sense.
2006-12-10 07:51:02 · answer #2 · answered by Anonymous · 1⤊ 1⤋
No....most are overlooked within 7 years...it's funny that when you go and file bankruptcy you end up with all these credit card offers trying to help you restablish your credit within the first year of filing! With our economy being as it is, many are filing right now. You can rebuild your credit after filing...it is more acceptable now than ever.
2006-12-10 07:30:52 · answer #3 · answered by auntcookie84 6 · 1⤊ 1⤋
no, I am not sure what the statue of limitations is now, but it eventually falls off your credit report.
2006-12-13 01:24:07 · answer #4 · answered by luciousgreeneyedlady 5 · 0⤊ 1⤋