New Contributor
Posts: 69
Registered: ‎10-13-2012
Re: Filing or Discharge date to count number of years post bk?

Also the 2 filings carry different weight. Consider that a Chpt 7 is considering yourself insolvent and you are "liquidating" your assets. With a Chapter 13 you are restructing debt and repaying it. Most Chpt 7 filers walk away paying nothing to their creditors and Chapter 13 filers pay back smaller portions but nevertheless they spend years paying back the creditors. I am sure it is filed date for Chapter 7also with the clock. 


Putting yourself in the creditors shoes who would you extend credit to first the person that says I have so much I can't pay anything (Chpt 7) or the one that says I have a lo but will pay (Chp 13). 


I filed Chapter 7 but was immediately approved for some credit cards, new car, and all other kinds of debt-worthy tools lol even before discharged. Once the BK hit my credit report offers started coming and even more after discharge. YMMV for most people. Everybody who files BK of course doesn't always down in the crapper credit scores or credit history. Unforeseen lost jobs or medical expenses can take a 700+ credit member to BK but based on credit history can save them from becoming a 400 credit score member and salvage their score which can litterally take just a few months to bounce back from.



Starting Score: 467
Current Score: 661
Goal Score: 795

Take the FICO Fitness Challenge

Post BK Wallet: Target VISA $10,000 (AU) | NFCU Credit Card $5,000| Walmart $1100| Cap One Platinum $3000 | Amazon $1150 | Discover It Card $500 | Cap One Secured $500 | PayPal Smart Connect $500 | Lane Bryant $1130| Dressbarn $750 |NY & Company $250| Victoria's Secret $250 | Target Store Charge $200 |Capital One Auto Finance