Im just wondering how long, on average, will it take our credit to recover so we can purchase a car, home, etc? My husband and I are both unemployed at the moment, but he should be starting a job soon. Staying with my parents and hoping we will be able to have a fresh start after the bankruptcy is finalized. - [name removed by moderator]
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It depends upon your definition of "recover". The fact is, you can buy a car not long after your discharge, but you will be on the hook for a high interest rate. As for a home, there are lots of guidelines on getting a mortgage after a bankruptcy, assuming a Chapter 7 here, as a general rule, two years is typical.Chapter 13 (not 100%):- Burned: AMEX, Chase, Citi, Wells Fargo, and South County Bank cum Bank of Southern California
- Filed: 26-Feb-2015
- MoC: 01-Mar-2015
- 1st Payment (posted): 23-Mar-2015
- 60th Payment (posted): 07-Feb-2020
- Discharged: 04-Mar-2020
- Closed: 23-Jun-2020
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Welcome to BKForum.
If you are actually posting your real name I would ask that you remain anonymous. While many friendships are forged here on BKForum, we like to keep things anonymous to prevent any issues with your identity. Thank you and Welcome to BKForum!Chapter 7 (No Asset/Non-Consumer) Filed (Pro Se) 7/08 (converted from Chapter 13 - 2/10)
Status: (Auto) Discharged and Closed! 5/10
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Any advice provided is not legal advice, but simply the musings of a fellow bankrupt.Comment
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