KY Turbo debacle going down on Tech

[35th-ANV-SS]

I guess if you have no self-pride or a conscious it wouldn't matter so I would have to agree with that aspect of it.

Are you saying with filing bankruptcy after 7 years you have no issues getting a loan for a home? car? anything of significant value? I would find that difficult to believe. Seems something like that would be on your financial record indefinitely.

[KahanaReef]

I guess if you have no self-pride or a conscious it wouldn't matter so I would have to agree with that aspect of it.

Are you saying with filing bankruptcy after 7 years you have no issues getting a loan for a home? car? anything of significant value? I would find that difficult to believe. Seems something like that would be on your financial record indefinitely.

According to experian...

A chapter 7 bankruptcy filing remains on your credit report for 10years. Chapter 13 bankruptcy remains for seven years. Under chapter 13 bankruptcy you repay at least a portion of the debt, so it is removed a little sooner.

Bankruptcy remains on your credit report for up to 10 years

[35th-ANV-SS]

Yeah, I'll pass on poor/no credit for 1 year let alone 7 or 10.

Would that mean then after that time lapses you basically have 0 credit? Meaning no established credit and you have to start all over again?

[allbaugh_04]

Yeah, I'll pass on poor/no credit for 1 year let alone 7 or 10.

Would that mean then after that time lapses you basically have 0 credit? Meaning no established credit and you have to start all over again?

The only reason I know about it is because of all the news documentaries and reports that are out there. I think just about everyone is using it to get out of their mortgage and two new SUVs they couldn't actually afford.

People think, well why bother actually working for all of this legitimately when I can just declare bankruptcy and live off the govt. for 7 years. Yeah it's sick, but it happens all the time.

[35th-ANV-SS]

Oh, I'm sure it does. Just can't stomach the thought of it.

[jrbonds]

Ok, coming from someone that does bankruptcies for a living...they can stay on your credit report for a lifetime, depends on the debtor and whether they ask for it to be removed after 7 years. It's on them.

Then your credit isn't totally shot. If you reaffirm a debt, such as a car or house, that instantly starts to rebuild your credit. You can also buy a vehicle fairly easily, just that your interest rate and down payment are going to be outrageous.

And repaying your debt in a chapter 13 is more for debtors that have to much income to file a chapter 7 and the chapter 13 still destroys your credit.

Most of our clients are overcome with medical bills.

[allbaugh_04]

Might be a dumb question, but I wonder what happens with those bills when this legislation takes effect?