I am trying to clean my cridet report. What will happen if I fail Chapter 7?

Answer 1

Don't file for bankruptcy, instead setup a payment plan with your creditors to pay off your balances. If you do file for bankruptcy it stays on your credit report for 10 years. And becomes public record, and will stay on county records for 20 years.

Answer 2

If you FILE chapter 7, your score will plummet. Granted, your credit 'slate' will be wiped clean, but at a high price!
The bankruptcy laws have changed and whether you are eligible to file Chapter 7 (total forgiveness) or Chapter 13 (repayment plan) depends on your income and your ability to pay.
From a lending standpoint, a bankruptcy is not seen as "cleaning your credit". It is seen as "I give up and want to start all over". Weigh all your pros and cons to see if it's right for you. Seek the advice of a reputable bankruptcy lawer or reputable credit counselor.

Answer 3

Bankruptcy doe's not clean your credit report. All of your accounts still show up they just read "Included in bankruptcy". And will continue to show for 10-years from your discharge date.

Try Consumer Credit Counseling Services. They are free and will work with your creditors to both lower your monthly payment as well as your interest rate. Your accounts will read "Managed by credit counseling" but that's a whole lot better than bankruptcy of any kind.

I used them several years ago and was debt free in 36-months.

Answer 4

do not file for chapter anything if you have too much dept there are many ways to fix it . you cxan set up payment plans with your creditors and still keep or bettert your credit rating also you can start clean with a new credit file and a little bit of work you can be on your way is 3 monthns with clean credit this does not free you of your depts but gives you flexibility email me for more info [e-mail]