QUESTION
How many years does a bankrupcy stay on my credit report?
Asked on May 27th, 2012 on Bankruptcy - Texas
More details to this question:
After filing a chapter 7 bankruptcy. How soon can I apply for a house loan..
22 ANSWERS
Commercial Bankruptcy Attorney serving Davie, FL
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Law Office of Jeffrey Solomon
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The bankruptcy would likely stay on your credit for 10 years, but that does not mean you have to wait that long to obtain credit. You might be able to obtain home financing in 2 years. You should contact a mortgage broker.
Answered on Jun 11th, 2012 at 10:39 PM
Criminal Defense Attorney serving Deltona, FL
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R. Jason de Groot, P.A.
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It will be on your credit report for a minimum of 7 years, perhaps more. You can apply for a house loan at any time. It is up to the lender to give you a loan. It would probably be best to wait until 2 years after the discharge in bankruptcy.
Answered on Jun 07th, 2012 at 8:45 PM
Marriage & Prenuptials Attorney serving Charleston, SC
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Evan Guthrie Law Firm
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A Chapter 7 Bankruptcy will stay on your credit report for 10 years. You can still apply for a house loan but the chances of getting one without help from someone else co-signing would be small.
Answered on Jun 07th, 2012 at 8:34 PM
You can typically get an FHA loan about four years after bankruptcy discharge
Answered on Jun 07th, 2012 at 8:08 PM
Expect that the bankruptcy will be on your credit report for at least ten years. You can apply for a new loan anytime. After one year of good credit history (all on-time payments) you should qualify for a good interest rate too.
Answered on Jun 07th, 2012 at 5:07 PM
William C. Gosnell
That would be 10 years.
Answered on Jun 07th, 2012 at 4:01 PM
The bankruptcy stays on your credit for 10 years. You can apply for a house loan the day after your discharge comes in, but it is unlikely it would be approved. The only hard and fast rule is that FHA insured loans will not be approved until 2 years have passed from discharge. Remember that the main issue is not how long it has been since your bankruptcy but what you have been doing in the meantime. Income and debt are still the biggies when it comes to getting a home loan approved. Much more important than how long since you filed will be all the other obligations you have and have taken on in the meantime.
Answered on Jun 07th, 2012 at 3:32 PM
Barbara A. Fontaine
Ten years. It is up to the mortgage company to determine whether they want to loan you money. Maybe in four or five years if you earn enough and are more financially stable.
Answered on Jun 07th, 2012 at 2:48 PM
Burton J. Green
10 years. You can begin trying to apply for a house loan immediately after your case is closed. There may be some programs available to. Used to be that the rule of thumb was no loan until 2 years after discharge. I think that may have changed.
Answered on Jun 07th, 2012 at 2:24 PM
Chapter 7 stays on your credit report "up to 10 years." You can apply for new loans at any time- up to the mortgage company to decided if you are eligible for the loan or not. FHA, VA loans, etc. generally make you wait 2 years.
Answered on Jun 07th, 2012 at 2:11 PM
Bankruptcy Attorney serving Livonia, MI
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Charles J. Schneider, P.C.
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It may remain for 10 years.
Answered on Jun 07th, 2012 at 1:55 AM
Bankruptcy Attorney serving Phoenix, AZ
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Law Office of D. L. Drain, P.A.
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10 years, but most creditors will work with you on a new home loan within 4-5 years of filing your bankruptcy. That assumes you rebuilt your credit during that 4-5 years.
Answered on Jun 07th, 2012 at 1:37 AM
A bankruptcy will normally stay on your credit report for ten years. If you maintain good credit practices after your bankruptcy, you can apply for an FHA loan in three years. Some conventional and non-conventional mortgages can be applied for in two years.
Answered on Jun 07th, 2012 at 1:22 AM
Estate Planning Attorney serving Fremont, CA
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Anthoor Law Group, A Professional Corporation
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It stays on your record for 8 years. After discharge you should proactively try to build up your credit and it is possible that you might be able to apply to a house loan in a few years.
Answered on Jun 07th, 2012 at 1:21 AM
Bankruptcy Attorney serving Columbus, OH
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The Needleman Law Office
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It stays on your credit report for 10 years. You can apply for a home loan whenever you want after discharge. If you have a lender, even before discharge.
Answered on Jun 07th, 2012 at 1:20 AM
Alternative Dispute Resolution Attorney serving Ventura, CA
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Zahn Law Office
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Bankruptcy will stay on your credit for 7-10 years. You can apply for loans immediately after the case is closed, but you aren't likely to obtain them for some period of time. It will be necessary to rebuilding your credit first.
Answered on Jun 07th, 2012 at 1:15 AM
Bankruptcy & Debt Attorney serving Syracuse, NY
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Theodore Lyons Araujo
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It would take ten years.
Answered on Jun 07th, 2012 at 1:15 AM
Criminal Law Attorney serving Fremont, CA
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Steven J. Alpers, A Professional Corporation
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Generally it stays for 10 years. House loans will be hard to get for at least that time. You can apply but the loan may not be approved.
Answered on Jun 07th, 2012 at 1:11 AM
Bankruptcy Attorney serving Overland Park, KS
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The Smalley Law Firm, LLC
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A bankruptcy can remain on your credit report for up to ten years.
Answered on Jun 07th, 2012 at 1:10 AM
Bankruptcy Attorney serving Concord, CA
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William Rubendall Attorney at Law
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A bankruptcy stays on your credit report for 10 years and then automatically is deleted. You can apply for a home loan at any time after filing bankruptcy. Some lenders will want a 2 year time to have elapsed after the bankruptcy discharge.
Answered on Jun 07th, 2012 at 1:04 AM
Daniel James Wilson
Stays on your credit reports ten years. You can qualify for FHA conforming loan in 3 years.
Answered on Jun 07th, 2012 at 1:02 AM
Immigration Attorney serving Arlington, TX
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Law Office of Pho Ethan Tran, PLLC
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It should stay for 10 years.
Answered on Jun 07th, 2012 at 1:01 AM