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