some people tell me it only took 2 yrs. to clear my name and some say that i have to wait 7 to 10 yrs. to be able to clear my name.....which one is true? and what are the advantages and disadvantages of it?
2007-01-30 09:44:26 · 12 answers · asked by nofool 1 in Business & Finance ➔ Personal Finance
Bankruptcy will stay on your credit reports for 10 years. Any derogatory trade lines on your credit reports should be deleted after 7 years.
2007-01-30 09:50:04 · answer #1 · answered by Ti 7 · 0⤊ 0⤋
Clear Bankruptcy
2016-09-29 01:05:08 · answer #2 · answered by ? 4 · 0⤊ 0⤋
I think the answer to you question is 7 years according to the law. There is no advantages to filling bankruptcy. It puts a bad mark on your credit record, and as far as I know it will never go away. You can borrow money the next day after you file for bankruptcy, but you cant file for another 7 years.
2007-01-30 09:54:48 · answer #3 · answered by Hank 1 · 0⤊ 0⤋
It's basically seven years. That's when the record of it will clear. If you want good credit, though, it's not just going bankrupt then waiting for it to clear. You have to make good on any debts after, like paying credit cards and car payments on time. If you file, as stated above you will get TONS of credit card offers, car loan offers, mortgage loan offers, because they know you can't file again for seven years and so if you go deliquent they can take you for all your worth. They do NOT give people who've filed for bankruptcy an even break, or any leeway. If you do end up declaring, make sure you don't accept any of that crap you get in the mail. Go for reasonable loans one at a time that you know you can fulfill.
2007-01-30 09:59:27 · answer #4 · answered by mina_lumina 4 · 0⤊ 0⤋
The bankruptcy laws have changed and only professionals are qualified to fully answer any of your questions. Also, bankruptcy is not exactly a quick fix and should be considered a last resort after any other options have become unmanagable.
That being said, it has always been typically 7 years to *fully* clear your name through all appropriate channels, particularly from a credit standpoint.
2007-01-30 09:49:16 · answer #5 · answered by CoolFin69 2 · 0⤊ 0⤋
Technically, the 'official' record only last seven years. But it will actually follow you forever. If you ran a business, and were good friends with the business next door, would you not warn them if a customer tried to get credit that had ripped you off seven years and a day ago?
Bankruptcy will follow you forever.
Bad idea...
2007-01-30 09:57:33 · answer #6 · answered by Anonymous · 0⤊ 0⤋
if I file bankruptcy how long will take to clear my name
2014-07-07 06:43:40 · answer #7 · answered by ? 1 · 0⤊ 0⤋
While the bankruptcy will remain on your credit for up to 10 years, I've known people who have gotten their credit back up to the 700 range within a year or two after receive their discharge. I've written an article on my blog about rebuilding your credit and you can read it at the link below.
2007-01-30 15:03:30 · answer #8 · answered by Carl 7 · 0⤊ 0⤋
7 YEARS...........
How to Improve Your Credit Rating After Bankruptcy::
Bad credit and bankruptcy are the two most dreaded words in the financial world. These two things can greatly impact your financial situation. But what you are not aware of is the fact that you can improve your credit rating after bankruptcy.
2007-01-30 22:31:43 · answer #9 · answered by Anonymous · 0⤊ 0⤋
10 years
You should talk to a Bankruptcy attorney. Usually the initial consultation is free. They will explain what is best for you, even if you decide not to file, they might be able to help.
2007-01-30 10:48:15 · answer #10 · answered by Darth Vader 6 · 1⤊ 0⤋