How long does a Chapter 13 bankruptcy stay open?

Bankruptcy is a legal process that can stay on your credit reports for up to 10 years, showing up even after your debts are discharged and the bankruptcy is completed….Share:

Type of bankruptcy	How long it stays on your credit reports (from date of filing)
Chapter 7	10 years
Chapter 13	7 years

When to get married to someone who has bankruptcy?

The best way to probably do this is to wait to tie the knot until his bankruptcy judgment is final. Then, you’ll know exactly what you’re getting into. If your soon-to-be-groom goes with a Chapter 13 bankruptcy, his debts won’t be discharged. He’ll still be paying them up after the bankruptcy is final.

What happens when a groom goes to bankruptcy?

If your soon-to-be-groom goes with a Chapter 13 bankruptcy, his debts won’t be discharged. He’ll still be paying them up after the bankruptcy is final. And even if he qualifies for Chapter 7, not all his debts are likely to be discharged. Once the judgment is final, you’ll know exactly which debts he’ll still be dealing with.

Why does my fiance want to file bankruptcy?

While some people file bankruptcy for reasons beyond their control, it doesn’t sound like that’s the case here. It sounds like your fiance has made some serious financial errors in the past. He likely overextended himself to purchase too many properties. And he failed to plan for the future. This may not be a deal breaker, either.

What should I do if my husband went bankrupt?

If you’re already living together, you should go ahead and consult and attorney now to determine if it’s possible to commingle your property while keeping you out of his financial mess. If he still has significant debt post-bankruptcy, having this conversation with a lawyer is definitely worth your while.

What happens if I file Chapter 13 bankruptcy?

Usually, when that happens, you will not be granted a discharge of your debts (unless you are eligible for and request a hardship discharge.) Instead, your case will be dismissed. If your Chapter 13 case is dismissed, you can file another case right away.

How does filing jointly for bankruptcy affect a spouse?

How Filing Jointly for Bankruptcy Affects a Spouse. Whether you file for bankruptcy under Chapter 7 or Chapter 13, you have the option of filing alone or filing jointly with your spouse. If you file jointly, all property both of you own, whether you own it separately or together, will be part of your bankruptcy case.

Can you receive a discharge in a chapter 13 case?

You cannot receive a discharge in a Chapter 13 case if you received a discharge under a Chapter 7 case filed in the last four years or a Chapter 13 filed in the last two years. If didn’t received a discharge in the previous bankruptcy filing, depending on why this is the case, you can file and receive a discharge without any time restrictions.

How long is the waiting period for Chapter 13 bankruptcy?

Chapter 13 bankruptcies in which filers made all payments as required are considered “discharged.” The waiting period for these Chapter 13 bankruptcies is two years from the discharge date. Note that it can total seven years from the filing date before you can get a conforming loan when you add both the: