Considering it

[heavenscent]

What is the name of your state? KY

I am currently considering filing chapter 7 bankruptcy, can someone give me a quick run through of how all this works. I mean, like am I able to keep my car? I'm getting married in July as long as his name isn't on anything will this affect his credit? How long does all this usually take? Just the basics if you can. Thanks

 

[Ladynred]

Have you tried Google at all ?? How about the FAQs on this site ?? That's a REALLY broad question. Try reading at www.thebanruptcysite.com, then come back and ask specific questions.

YOUR bankruptcy will NOT hurt your new husbands credit unless you have joint debts already.

A typical Chapter 7 can be over in approximately 3 months from the day you file. Its the pre-filing documents that will take you some time to get done.

 

[itsacatsworld]

If you dont own your own home a thing to consider is that most LLs wont rent to you for 2 years after the discharge. Your BK will affect his credit cus your married to him unless he never puts your name on anything. Any time me and the wifey do any thing they want both of us to go through hoops. I dont know how some people do by themselves when married. Im talking major purchases here not CCs.

 

[Ladynred]

I'm sorry, but that's just incorrect. His credit will NOT be affected by HER bankruptcy. Marriage does not grant creditors and the credit bureaus permission to intermix your credit files. Unless you incur joint debt before the marriage, they cannot touch HIM.

Attempting to get joint credit will be an issue for a while until you repair YOUR credit and start rebuilding it with good credit habits. If you clean up your credit and rebuild wisely, you could qualify for an FHA mortgage at a decent rate in as little as 2 years.

Renting an apt at most of the larger complexes will present a problem, as they DO check your credit and they don't much like bad credit and bankruptcies. Any professionally-managed property is likely to be the same way. If you are going to rent, look for properties owned by individuals, most of the time they're not going to check your credit, the most they'll ask for is references.

 

[jetskiscott2]

I got lucky in regards to renting. The first apartment complex I came accross approved me with a BK in 2004. The management company didn't seem to care about my BK. They were more interested in my ability to pay rent. Having the same job for 13 years was a real plus in addition to no debt and a good income.

Good luck heavenscent with your BK process.