Believe it or not, you will be bombarded with unsecured credit card and auto financing offers after a few months of
your bankruptcy discharged date.
If you are seeking home loans with a bankruptcy, you may be able to get approved for financing one to two years after
your bankruptcy discharge date.
Your bankruptcy filing date (July 2011) is the date the official paperwork was filed that opened your case in bankruptcy court, while
the bankruptcy discharge date (September 2011) is the date you were released from personal liability for debts included in the bankruptcy.
For a Chapter 7
bankruptcy the discharge date must be at least 24 months in the past in order to be approved.
Bankruptcy discharge date's effect on score Here is where, in answer to your question, you might be surprised and perhaps disappointed to learn that next month's discharge is not likely to have any impact on your score — only the date filed.
Not exact matches
What
bankruptcy actually does is it improves your credit rating because it puts a stop
date on collections and it typically says once you're
discharged from
bankruptcy those debts are
discharged.
Your
bankruptcy will stay on file for six years after your
discharge date, but you can (and are encouraged to) start rebuilding your credit immediately.
Borrowers with a previous
bankruptcy may still qualify if they've maintained a clean history for at least 2 years from the
date of
discharge.
Bankruptcy will stay on your credit report for 10 years for the
date it was dismissed or
discharged.
A
bankruptcy is a public record that lists the
date filed and
date discharged.
For Chapter 7
Bankruptcy, 12 months must have elapsed since the date on which the bankruptcy was d
Bankruptcy, 12 months must have elapsed since the
date on which the
bankruptcy was d
bankruptcy was
discharged.
Collections
discharged in
bankruptcy: 7.5 years from the
date the debt first became delinquent, whether Chapter 7 or 13.
Judge Pappas noted that Brunner was decided in 1987, at a time when the
bankruptcy code allowed
discharge of student loan debts on either of two grounds: first, if the student loans had been in repayment status for five years or more on the
date the
bankruptcy was filed, or second, if repayment of the student loans would constitute an undue hardship on the debtor.
If your chapter 13
bankruptcy is 2 - years after
discharge date and you have good re-established credit, you may now qualify for an standard conforming loan.
If your chapter 7
bankruptcy is 2 - years after
discharge date and you have good re-established credit, you may now qualify for a VA loan.
The government law is that student loans are not
discharged (eliminated) in a personal
bankruptcy unless the person has been out of school for 7 years from the
date their studies were completed.
The four - year waiting period following a Chapter 7
bankruptcy is measured from the
discharge date, as is the two - year waiting period following a Chapter 13.
Generally, the filing
date is used in credit reporting and scoring, and the
discharge date is used as the starting point for the required waiting period for a new mortgage, with the length of time depending on whether it's a Chapter 7 or 13
bankruptcy, and whether the loan is conventional, FHA, VA or USDA.
A
bankruptcy discharge is a legal release from the requirement to pay debts as of the
date of filing
bankruptcy, with some exceptions.
At least two years must have elapsed since the
discharge date of the borrower and / or spouse's Chapter 7
Bankruptcy, according to FHA guidelines.
For
bankruptcies the
date starts at the time of
discharge - not filing.
The
bankruptcy is
discharged after you complete the repayment plan, and it stays on your credit report for seven years from filing
date.
One common ground for denying a
discharge is when the debtor — with intent to hinder, delay, or defraud a creditor — transfers, removes, destroys, mutilates, or conceals property within one year before the
date of filing for
bankruptcy or any time after the
date of filing.
You have been subject to any of the following conditions during the five years preceding the
date of the credit report: Repossession; Default Determination;
Bankruptcy Discharge; Tax Lien; Wage Garnishment; or Write off of a federal student loan debt.
Ted Michalos: So, if this was your first
bankruptcy likely it will be displayed in the legal section for up to seven - years from your
date of
discharge.
VA borrowers will typically need to wait two years from the
date of their Chapter 7
bankruptcy discharge to pursue a VA home loan.
When the judge grants a Chapter 13
bankruptcy, you must submit your credit counseling certificate to the court by the
date of your last payment in the repayment plan or the
date the Motion for a
Discharge is filed.
A consumer proposal is different than a
bankruptcy filing, because the note about filing
bankruptcy in Canada remains on your credit report for six years from the
date of
discharge.
For
bankruptcies the clock starts ticking on the day you file for protection, not the
date of
discharge.
If the government files a foreclosure claim, then you may need to wait three years from that
date, regardless of the
bankruptcy discharge.
Consumers must have re-established their credit after the
discharge date, have an installment loan for a minimum of 2 years and can not have any derogatory credit after the
bankruptcy.
Under current regulations, a PLUS loan applicant is considered to have an adverse credit history if the credit report shows that the applicant is 90 days delinquent on any debt, or has been the subject of a default determination,
bankruptcy discharge, foreclosure, repossession, tax lien, wage garnishment, or write - off of a title IV, HEA program debt in the five years preceding the
date of the credit report.
After
discharge, if you gain new assets within four years of the
date of your
bankruptcy, the trustee will be able to claim them.
If you go bankrupt under other rules, you may be
discharged at any time after one year from the
date of your
bankruptcy.
Discharge with respect to student loan indebtedness only available where (1) discharged bankrupt ceased attending school seven years prior to filing for personal bankruptcy, or (2) once a discharged bankrupt has been out of school for five years after the date of filing for bankruptcy a debtor can apply for a court - ordered discharge of their student
Discharge with respect to student loan indebtedness only available where (1)
discharged bankrupt ceased attending school seven years prior to filing for personal
bankruptcy, or (2) once a
discharged bankrupt has been out of school for five years after the
date of filing for
bankruptcy a debtor can apply for a court - ordered
discharge of their student
discharge of their student loan debt
In Ontario, credit reporting is governed by the Consumer Reporting Act which states, in subsection 9 (3)(e), that a consumer reporting agency shall not include in a consumer report «information as to the
bankruptcy of the consumer after seven years from the
date of the
discharge except where the consumer has been bankrupt more than once.»
In a Chapter 7 case, if there are no objections to
discharge, the debtor receives the
bankruptcy discharge within about four months from filing
date of the case.
If you file for personal
bankruptcy more than five years after the
date of the «end of your education» then you are entitled to bring an application before a court seeking a «court - ordered
discharge» pursuant to a «hardship provision» under federal
bankruptcy law
Once you are
discharged, the
bankruptcy will be removed from your credit report after 6 years from the
date of
discharge.
The applicant has been the subject of a default determination,
bankruptcy discharge, foreclosure, repossession, tax lien, wage garnishment, or write - off of a Title IV debt, during the five years preceding the
date of the credit report.
Most Chapter 7 debtors receive their
discharge about four months after the filing
date of the
bankruptcy petition.
Equifax, the largest credit reporting agency in Canada, will put a note on your credit reporting stating that you filed
bankruptcy, and that note will remain on your credit report for six years from the
date you are
discharged from a first
bankruptcy.
Your
discharge date will then depend on the chapter of
bankruptcy that you file.
In simple English: a student loan is automatically
discharged in a
bankruptcy if, at the
date of
bankruptcy, more than seven years has elapsed since the
bankruptcy ceased to be a student.
In accordance with the
Bankruptcy & Insolvency Act (Canada), no active collection activity can occur between now and the
date you are
discharged....
Section Section 178 (1)(g) of the
Bankruptcy & Insolvency Act states that an order of discharge does not release a bankrupt from: Any debt or obligation in respect of a loan made under the Canada Student Loans Act, the Canada Student Financial Assistance Act or any enactment of a province that provides for loans or guarantees of loans to students where the date of bankruptcy of the bankrupt
Bankruptcy & Insolvency Act states that an order of
discharge does not release a bankrupt from: Any debt or obligation in respect of a loan made under the Canada Student Loans Act, the Canada Student Financial Assistance Act or any enactment of a province that provides for loans or guarantees of loans to students where the
date of
bankruptcy of the bankrupt
bankruptcy of the bankrupt occurred:
A — A personal
bankruptcy discharges you from the debts that you had incurred as of the
date of filing your assignment in
bankruptcy.
However, a notification of a first
bankruptcy will remain on the individual's credit report for a period of seven years after the
discharge date.
The waiting period for these Chapter 13
bankruptcies is two years from the
discharge date.
For conventional financing, basic guidelines at this time show a waiting period of four years after a Chapter 7 or 11
Bankruptcy, two years with extenuating circumstances; after a Chapter 13
Bankruptcy, it would be two years from the
Discharge date, four from Dismissal
date (two from Dismissal with justifying circumstances).