Is Chapter 13 harder on your credit than Chapter 7, anyone know?
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Bankruptcy, foreclosure and repossession are the worst things on a credit report. It doesn't matter if the BK is a 13 or a Chapter 7; however, some financial folks will state that a Chapter 13 is viewed more favorably than a Chapter 7 because there is some payback of the debt. Also, a Chapter 13 is on one's credit reports 7 years from the date of filing compared to 10 years for a Chapter 7. Right there shows a difference in how they are compared._________________________________________
Filed 5 Year Chapter 13: April 2002
Early Buy-Out: April 2006
Discharge: August 2006
"A credit card is a snake in your pocket" -
Hi,
Our feeling is that what does it matter about your credit score now. We once had scores in the 700's then 600's as we accumulated more and more debt. We were never late until the chickens came home to roost.
Now we have no interest in obtaining any form of debt. That is what got us here in the first place.
We just want to pay our trustee, cars and home each month until we are through the 13.
Our now sane thinking is that if we can't pay for it in full then we don't need it. The craziness of easy credit and our own irresponsibilty got us here. Time to start again.
I used to follow our credit scores way to much. Now I don't care if it is zero.Comment
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