Someone just told me that she and her husband filed for bankruptcy, and after 2 years her record was clean and they were able to buy a house...... but i thought it stayed on your credit for 7 years?
2007-02-08 08:14:30 · 15 answers · asked by kel 2 in Family & Relationships ➔ Marriage & Divorce
Think 7!!
2007-02-08 09:07:37 · answer #1 · answered by IveBeenThere 4 · 0⤊ 0⤋
No, it remains on your record for a very long time, but normally you can't claim bankruptcy again for 7 years. They may have been able to buy a house but I'm doubtful that their record was "clean". In fact, people who claim bankruptcy often have many solicitations by loan companies before the 7 years is up because they can't bankrupt their way out of the obligation during the interim. Also, they get hit with huge interest rates because they are poor risks.
2007-02-08 16:17:03 · answer #2 · answered by Yo' Mama 4 · 0⤊ 0⤋
No - it does not clear in 2 years - it clears in 9-10 years - been there done that. But a house is something that most banks will take a chance on a couple of years after. It's been almost 9 years for me - I've bought a few cars and a house since then - I have had perfect credit since I got that mess done that happened due to my divorce.
2007-02-08 16:18:32 · answer #3 · answered by lifesajoy 5 · 0⤊ 0⤋
no .its on for 7 years
2007-02-08 16:18:05 · answer #4 · answered by destiny r 2 · 0⤊ 0⤋
It will stay on your Credit for 10 years as a "Public Record"
You can acctually buy a house the day after discharge, but you will need a down payment and you will pay a higher interest rate.
2007-02-08 16:41:29 · answer #5 · answered by Anonymous · 2⤊ 0⤋
Just because you have a bankruptcy on your record doesn't mean that you can't buy a house. You'll probably get charged a huge interest rate, but there are a ton of lenders out there willing to take advantage of that.
2007-02-08 16:19:53 · answer #6 · answered by Colo33 3 · 2⤊ 0⤋
It stays on your record for more like 10 yrs. but you can't file again for 7 or 8 so of course creditors will give you credit and you can get a house because they know you can't file again for awhile.
2007-02-08 16:20:13 · answer #7 · answered by Anonymous · 1⤊ 1⤋
7 to 10 yrs.
2007-02-08 16:26:57 · answer #8 · answered by Lady Hewitt 6 · 0⤊ 0⤋
It'll be on a bureau report for 7 years. Doesn't mean with a good job and a good reason and a good down payment you can't find someone willing to take a chance on you.
But don't bet on it.
2007-02-08 16:18:21 · answer #9 · answered by wizjp 7 · 0⤊ 0⤋
it stays on your credit for 7 years.
but after 2 you can buy a house
you should not file though
it makes eveything much harder for the rest of us
2007-02-08 16:18:19 · answer #10 · answered by Anonymous · 0⤊ 0⤋