I've been wondering this for a while now, but if someone in a chapter 13 had enough money to pay off all the creditors included in their bankruptcy, would it be worth it to voluntarily dismiss it? I believe it would still stay on your credit report for 10 years I think compared to the 7 years if it were a completed plan, but does that seem logical? So here are my questions: 1. For someone who could afford to do it, should they? 2. Do creditors look at a voluntary dismissal better when all creditors were paid back? 3. Does dismissing it hurt your credit even more? I know it would if creditors are not paid back but would the dismissal alone do it? 4. For the accounts included in the bankruptcy, do you still get to keep them if they sold off but instead report as Open-Derogatory IIB?
FYI, I'm not debating dismissal it's just something that crossed my mind. I would appreciate any input!
No its not will stay on credit report 10 years instaed of 7 and is not looked at well. Once you file your hooked on your credit report. Might make the individual creditor happy but you will still have adverse actions across the board and most accounts already closed. Ride it out an you will be free and clear in 7 years.