Laurel, MD asked in Bankruptcy for Maryland

Q: How long does it take for everything to disappear after filling bankruptcy ?

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3 Lawyer Answers
Timothy Denison
Timothy Denison
Answered
  • Bankruptcy Lawyer
  • Louisville, KY

A: It doesn’t disappear ever. When a Chapter 7 is filed, the automatic stay is created. If the 7 goes to fruition, debts are discharged in about 90 days. If it is a Chapter 13 repayment plan, it can be up to five years.

Bruce Alexander Minnick agrees with this answer

Mark Oakley
Mark Oakley
Answered
  • Rockville, MD
  • Licensed in Maryland

A: Not clear what you mean by “disappear”. You mean the obligation to pay? As soon as you file, all creditor actions must cease, and in about 90-120 days you may reach final discharge if the debts when your bankruptcy concludes in a Chapter 7 (Chapter 13 is a payment plan up to 60 months). As far as credit reports go, the discharged debts appear as well as the bankruptcy filing. Derogatory entries cannot be viewed past 7 years, but Chapter 7 full bankruptcies remain on your credit for 10 years, Chapter 13 plans for 7 years. State civil court docket entries and case filings remain forever, even if the debt is discharged and the case is closed.

Bruce Alexander Minnick agrees with this answer

Terrence M. Nolan
Terrence M. Nolan
Answered
  • Bankruptcy Lawyer
  • Baltimore, MD
  • Licensed in Maryland

A: Generally it stays on your credit report for 10 years from the date of discharge. However, you will begin receiving solicitations for credit cards, "You have been pre-approved" soon after your case closes. If, as you should, refrain from getting any credit cards, and save some money, you will be eligible to qualify for a mortgage with most companies about 2 years after discharge.

Bruce Alexander Minnick agrees with this answer

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