Q: A Bky will appear on your credit report for 10 years? I thought it was for 7 years. I filed in 2004
A: Prior to the BAPCPA, 7 years was the amount of time required to file an other Bky. 10 years is presently the amount of time that a Bky will appear on your credit report. However, this does not mean you will not have credit. Once your Bky is Discharged, you will receive a ton of applications. Be careful of those you accept, because you cannot file again for 7 years, so they have you on the hook. If you diligently pay on time and your income is sufficient, in about two years you could qualify for a mortgage.
A: It will appear on your credit report for 10 years but you can usually rebuild your credit within 2 years and you are generally eligible for a new mortgage within 3 years of the discharge.
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