Chapter 13 What to expect

[Mklangelo]

I'm seriously considering filing a 13. What can I expect when it's paid off? One lawyer told me my credit rating stood a good chance of improving? Anyone as any stage of the process, feel free to tell me your experiences. I haven't filed yet so I'd like to hear from someone who has no interest in the situation.



Thanks in advance.

[lrprn]

I'm seriously considering filing a 13. What can I expect when it's paid off? One lawyer told me my credit rating stood a good chance of improving? Anyone as any stage of the process, feel free to tell me your experiences. I haven't filed yet so I'd like to hear from someone who has no interest in the situation.

Thanks in advance.

If you are asking how good your credit will be after Ch 13, Ch 13 bankruptcy stays on your credit record for seven years after the filing date. After any bankruptcy is successfully discharged, if your credit scores are really bad before you filed, the scores can actually go up. Now whether that overcomes having a bankruptcy on your record is debatable.

Some lenders like to lend to newly emerged bk'ers because they know they can't file bk again for at least two years. Lots of mortgage and loan predators out there so you need to be really careful about the debt you choose to take on.

Bottom line - there is life after bankruptcy...you can buy a house, cars, etc...just may not get very good APRs and terms for 1-2 years after discharge and you've proven yourself to be responsible financially again.

[Mklangelo]

Thanks for the reply Irprn.

[BKnightmares]

Don't rush to file. Read this forum and glean what you can. Stop paying unsecured debt now if you know you will file. get current on what you can, I even suggest using mortgage paymnets to get things set up and put arrears onto your plan if you can. Get a vehicle that will last thru the 3-5 years of plan payments, get low deductibles on all insurance. i would have bought a neweer car with mortgage payments and waited another 12 months before filing if I knew then what i know now. Good luck.