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chapter 7 bk questions
My credit score is very very low and I am about to file for chapter 7 bk. If I pay the rest of my bills on time (ex: rent, utilities) will my credit score go up in time? I do realize that filing bk will hurt my score but it cant be as bad as all this debt that I have on there now, right?
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jve9521
1 year ago
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Rent & utilities are not going to help your credit score go up as they aren't reported. Filing bk will keep your score low, but it will eventually go back up, you will need to re-establish credit and make sure that you pay on-time, etc.
tweetymac 1 year ago
If your credit score is already low, filing a chapter 7 will likely increase your score almost immediately. You do not need to worry about credit immediately as you are filing a bankruptcy, pay cash, hello. You need to keep your debt low and make sure you pay on time.
choptop 1 year ago
Rent and utilities are not debt, and thus are not reflected on your score. But, for many people, once the debts are discharged, even though the bankruptcy now shows, your score goes up because a number of the bad things no longer report some of the bad information.
For example, for those items where you have missed payments, those items that are discharged no longer count on your payment history. There are other small positive bumps, as a result. When you get your discharge, you may see your score make a positive jump. The amount of that jump will be determined by your situation.
phnxangell 1 year ago
Sit it out.wait a couple of years, let the creditors call you. don't respond. it will come off of your credit report. your credit is already bad. it want hurt anything. you will just have more money in your pocket. If you file bank rup. it last 7 to 10 years and have a longer effect on your credit report and job applications. Never agree to pay any collections or debt lawyers and you will be fine. Just simply ignore everybody. trust me its stressful at first, but it works.
phyllistravis 1 year ago
Pre-Ch 7 my credit score was 530, due to maxed out credit cards, but on-time payments. After my discharge in Feb 2010 my FICO credit score was 632 and now six months later 692, even after opening a credit card and auto loan! So there is life after Bankruptcy.. yes, it will be on my credit report for the next 10 years, but if you pay on-time and manage your credit (stay below 30% of your limits) you should do well and keep improving your credit score over time!
GWNorris3rd 1 year ago