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After filing bankruptcy, credit reports include an adverse entry for
up to ten years. In most cases, rating reports contain the dreaded entry
for the maximum time allowed by law, yet the impact is hardly the
death-nail that most creditors would lead you to believe. In most cases,
mortgages are available the day after discharge, depending upon the
equity value of associated real estate securing notes. Other secured
credit is equally available, with even unsecured credit cards widely
available at expensive, risk prone interest rates. Reporting bankruptcy
on a spouse's credit report probably has little effect, because all three reporting agencies automatically include all filings, and
the effect dims with each passing month if maintaining good credit after
receiving a discharge.
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