Filing Ch13 BK with a credit score in the 400's and multiple collections

[hippychic823]

I'm entertaining the idea of filing for Ch13 BK but I'm curious as to the effect on my credit afterwards. I would be going into the BK with a score in the low 400's. At this point my credit report is nothing but collections and a foreclosure. The only positive trade line reporting is my auto loan . I have about $8K worth of CC collections and a $47k foreclosure. Had anyone went into bankrupcy with scores this low and this many collections? If so, how was your score after the discharge of the BK and how hard was it to rebuild after the BK?

[pizza1]

you score will only improve from here. mine were low to mid 400's when I filed BK7. Talk with your attn., you might qualify for a Ch.7. depending on your income vs debt

[hippychic823]

I spoke with an attorney who advised me that I would have to file Ch13 due to income. My original an was to slowly try to pay everything off but once I realized that paying off collections doesn't improve your score I have started thinking that BK is the way to go for my situation.

[Anonymous]

What is the "time interval" you will be doing you payment plan over?

3 years?  5 years?  Will it be a 100% payment in full?

Best Wishes!

[hippychic823]

It would be 100% repayment over 5 yrs

[hippychic823]

The 5 years is what we discussed yesterday but I'd rather do 3 yrs but he didn't bring that up, he was talking in the 5 yr time frame

[Anonymous]

The length of the plan is based off of the means test.  If you make too much for a 36 month, then you get 60 month.  

[hippychic823]

I didn't know that. I guess that's why he told me Ch7 wouldn't be an option (that's what I originally wanted) and I guess that why he never brought up a 3 yr plan. So going into a Ch13 with all these collections and a foreclosure, how will this all look on my CR after the bk? Will it all still be on my report? I'm under the impression that it will all still be on there. And secondly, with a score in the 400's prior to filing bk what kind of score will I be looking at after bk if I still have all the collections, the foreclosure and a bk on my CR?