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Banruptcy


BTO429
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A BK7 slows you down for about 2 years. On the one hand, you'll be getting "come buy a new car" offers in the mail as soon as you file (they know you can't file again for 7 years, so they're pretty confident they'll get paid). You can probably get a miortgage after 2 years (we did). You probably won't get any major credit cards (particularly the ones you IIB'd) for quite awhile, although HSBC gave us one after 2 years.

A BK13 slows you down for the life of the plan. And then, see the above...

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I found this site four months after my BK7 discharge. Followed the advice and opened a lot of new credit. No success getting any accounts removed (they are reporting accurately). 2.5 years after discharge, my scores were all above 700. I bought a house with no questions asked (3 years after discharge). 15 new credit cards, most platinum. The recent score dip is due to the 12 inquiries I put on my credit last summer (see signature).

So it depends. Some people sit on their hands after a BK and have crappy credit 5 years later. Others have great credit 2 years after BK.

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