Legal Question in Bankruptcy in District of Columbia
Life After Bankruptcy
After filing bankruptcy can you get credit (house, car, loans or credit cards). I understand bankruptcy stays on your credit report for ten years is this true?
Asked on 6/23/03, 11:24 am
1 Answer from Attorneys
John Sawyer
Sawyer & Azarcon, P.C.
Re: Life After Bankruptcy
Indeed, there clearly is life after bankruptcy and it is almost always much better financially, including credit, than before. That is because typically all of your debts have been discharged and you are ineligible for another discharge for 6 years.
Typically, basic credit such as credit cards and higher interest auto loans are immediately available. Competitive home mortgage loans typically require a waiting period after Chapter 7 from 6 moths to 2 years depending on the particular lender requirements.
Answered on 6/23/03, 11:36 am
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