Forum Rules (Everyone Must Read!!!) (updated: 04/28/2015)

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How bad will my credit look after Chapter 7 and still having my school loans

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  • How bad will my credit look after Chapter 7 and still having my school loans

    So I consolidated my school loans 2 years ago and have been paying monthly. I can keep up with the $60 a month payment on a $78,000 balance. It sucks but I have 4 small kids and make $50,000 a year. I have decided to file for bankruptcy Chapter 7 because of alllll the medical bills and falling behind on credit cards about 4 years ago when I got divorced. My fiancé only works part-time so he can stay home with the little one's during the week so we are making about $63,000 a year for a family of 6. I would like to know more or less how my credit will look after I file bankruptcy, having everything taken off except my school loans? We want to buy a home under USDA in about 2 years and my fiancés credit is about 630 right now so his will be much better in 2 years but I'm wondering how bad this bankruptcy of mine will impact that having only my school loans on there. Thanks! any experience on this would be awesome.

  • #2
    Having your student loans current will actually probably help -- at least compared to what the bankruptcy will do to your credit. Expect your credit to drop quite a bit due to the bankruptcy. Many of the negative items will also disappear but from what I hear I think it is Experian who will still keep the negative historical account information there for the credit cards, etc. Two years might be doable if you work hard but your student loan will always hurt you because of the debt to income ratio. It makes it look bad.


    • #3
      I would venture to say that in 2 years your credit rating will look better than it will if you don't file. Provided you don't over extend and go about rebuilding in a patient and organized approach.
      Case Closed > 2/08/2010


      • #4
        The USDA is used to lending to farmers who have rough financial situations. Just stay good for 2 years, and you should be OK.


        • #5
          I and my husband started a restaurant in 2014 in Orlando. After we moved to Florida from the Bronx in New York, we started it with the sole aim of sharing my taste of home.
          We started out in a brick and mortar location selling dry foods. We then changed our focus to prepared food on the weekends, which quickly sold out each day. “Then we started selling our prepared foods every day,Our food was a huge hit, but the increasing rent for our restaurant space made it hard to stay in business. After two years as a restaurant,We needed a small business loan to help finance our business, so i reached out to a friend of mine, a construction agent who was located in their hometown of Orlando. Explained my predicaments to him, he inturn connected us to upfrontfinance.Upfrontfinance consultant helped close a $300,000 loan for us to complete out restaurant. There and then I knew we were set up for immediate success.Business grew so quickly that we returned to upfrontfinance for a second loan in March 2018. They again to help secure the $721,000 loan for a new restaurant. There quick and personalized service helped us get our second restaurant going without missing a beat. “they was amazing, “they were straightforward and told us what we needed to provide for the loan. They are great and professional.I hope this story has inspired you. Need help securing any loan contact them via email at [email protected].


          • #6
            USDA requires 640 credit score and some lenders/banks have overlays that can make the score requirement higher. Next hurdle, the student loan debt calculation if you in a repayment plan it may help if they are deferred the banks/lenders take 1% of the total amount owed and used that amount against the debt to income ratio. 2 yrs FHA would be the way to go on a loan there is a grant called the CHENOA grant requires a 620 credit score (today) gives 5% towards down payment and closing costs.


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