2007-03-30 10:58:23 · 6 answers · asked by Lynne 3 in Business & Finance ➔ Personal Finance
My brothers bankruptcy has and still shows after 16 years. the payment s have been payed off for about 11 years now.
We have learned that it stays on your permanent record for life , but the credit boroughs aren't supposed to use it after 10 years after the discharge . so he has to go back to court and have it discharged.
2007-03-30 11:18:18 · answer #1 · answered by Robert F 7 · 0⤊ 0⤋
10
2007-03-30 18:28:25 · answer #2 · answered by shorty21 5 · 0⤊ 0⤋
It depends what you mean by "stay under". I assume you are speaking of chapter 13. Your commitment period is 5 years in most cases, but can be only 3 years if you make less than the median income or otherwise are not bound to a 5 year period under the "means test" but still feel you need the protection of a chapter 13 plan.
The 10 year period is the time after your bankruptcy it will remain on your credit report. This would be true in both chapter 7 and chapter 13 cases.
2007-03-31 03:07:02 · answer #3 · answered by DLeibowitz 5 · 0⤊ 0⤋
It depends what chapter of bankruptcy you file under. Chapter 7 stays for 10 years; chapter 13 for 7 years.
There's a website here which gives an explanation of the eligibilities for chapters 7 and 13 according to the latest legislation. I hope this helps.
Good luck!
2007-03-31 12:19:40 · answer #4 · answered by Anonymous · 0⤊ 0⤋
I always thought that it was 7 years, although they may have changed it to 10. The best thing to do is to look up your state's laws and see what chapter of bankruptcy stays on your credit information for how long. Sorry if I didn't help much...
2007-03-30 18:07:43 · answer #5 · answered by Dark Dragon of the Never 2 · 0⤊ 0⤋
Chapter 13 re-payment plan is either 3 or 5 years and stays on your credit report for 10 years. Chapter 7 charges off all debts and sells your assets to pay them which also stays on your credit report for 10 years.
2007-03-30 18:08:53 · answer #6 · answered by tripledavis 2 · 1⤊ 0⤋