I touched on this issue recently.
Your bankruptcy filing will stay on your credit report for a long time. It may be a decade, and if you file a Chapter 13, it may be longer, because your case will last five years in cases in which you didn't pass the Mean, Mean Means Test.
Now, I'm not a credit expert; I'm an Arizona Bankruptcy Attorney.
But the topic of credit repair comes up in my office from time to time, because that's a topic that relates to your life after bankruptcy.
And every now and then I get to talk to somebody who is a professional in the mortgage industry, who needs to scrape off two hundred thousand in debt, or twenty million, depending on the day.
While I'm not a credit expert, those guys actually are, because they get paid when they find a way to get somebody a new mortgage.
So I ask them questions, the same way I quiz somebody who visits me and works as a telephone bill collector, or a credit manager at a car lot, because I want to know what they can tell me about conditions at the front lines in the Debt Wars.
And the last series of mortgage guys I talked to were consistent in the songs they sang; they told me that some banks wouldn't play, but that in general it took two years after a bankruptcy until somebody would qualify to buy a new home, if their income and other metrics met the relevant standards.
If I were filing a bankruptcy tomorrow, I would first get ten books from Amazon with titles like "How to Develop a Super-Powered Credit Score" (note: that's only an example; as far as I know today, a book with that exact title does not exist).
Then I would read them and relentlessly execute the plan that emerged from the ten books.
And after I filed a bankruptcy, and made some surplus income, I'd save like a crazed weasel, because retirement is good.
But that's just my suggestion; feel free to ignore that, and save, or not.
Your choice!
Your bankruptcy filing will stay on your credit report for a long time. It may be a decade, and if you file a Chapter 13, it may be longer, because your case will last five years in cases in which you didn't pass the Mean, Mean Means Test.
Now, I'm not a credit expert; I'm an Arizona Bankruptcy Attorney.
But the topic of credit repair comes up in my office from time to time, because that's a topic that relates to your life after bankruptcy.
And every now and then I get to talk to somebody who is a professional in the mortgage industry, who needs to scrape off two hundred thousand in debt, or twenty million, depending on the day.
While I'm not a credit expert, those guys actually are, because they get paid when they find a way to get somebody a new mortgage.
So I ask them questions, the same way I quiz somebody who visits me and works as a telephone bill collector, or a credit manager at a car lot, because I want to know what they can tell me about conditions at the front lines in the Debt Wars.
And the last series of mortgage guys I talked to were consistent in the songs they sang; they told me that some banks wouldn't play, but that in general it took two years after a bankruptcy until somebody would qualify to buy a new home, if their income and other metrics met the relevant standards.
If I were filing a bankruptcy tomorrow, I would first get ten books from Amazon with titles like "How to Develop a Super-Powered Credit Score" (note: that's only an example; as far as I know today, a book with that exact title does not exist).
Then I would read them and relentlessly execute the plan that emerged from the ten books.
And after I filed a bankruptcy, and made some surplus income, I'd save like a crazed weasel, because retirement is good.
But that's just my suggestion; feel free to ignore that, and save, or not.
Your choice!
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