Build credit back up?

[ltandcrew]

What is the name of your state? Utah
This may not be the right forum, but I'll ask anyway.... I filed a 13, my creditors meeting is next week. Anyone the best way to build my credit rating back up. Is it going to be more difficult with a chapter 13 than it would for a 7?
Thanks

 

[bigun]

The best way is to pay your bills on time and in the agreed amount.
The last thing you need right now is access to more credit. You'll need to get the permission of your trustee to borrow money while you're in a Chapter 13. Just forget about rebuilding for awhile and try and digest these Chapter 13 payments.

 

[i'llBEback]

Was thinkin' the same thing...

Itandcrew -

Just got over the jitters & got back my head, I will hold off a couple more months before filing CH7 unless I find a summons @ my door. Right now I've "thankfully" taken some words of advice & am being much less a lamb to the slaughter.

Re: CH13... did some reading & found that it is bad... but not as bad as CH7. @ least you will be paying your debts back. Not sure if it's on your CR as long as CH7 as well. (ladynred? bigun?)

FWIW: One creditor who was not hostile (as I had many years of great standing, incl. large balance payoffs & always on time) told me that when I'm in a position to pay-back... "we will remove our neg. reports after 5 mos. of being "on time". -- strangely enough, it's been over 180 days & all they do is send a statement w/ latefee etc. added. I do intend to pay off, fees & all, but currently have zero reg. job & zero assets. Maybe the're givin' me a little more time? Givin' me rope to hang myself? Dunno.

BTW: can you negotiate to have "paid as agreed" left on your CR when you file CH13?

 

[Kodiak]

Itandcrew -

Just got over the jitters & got back my head, I will hold off a couple more months before filing CH7 unless I find a summons @ my door. Right now I've "thankfully" taken some words of advice & am being much less a lamb to the slaughter.

Re: CH13... did some reading & found that it is bad... but not as bad as CH7. @ least you will be paying your debts back. Not sure if it's on your CR as long as CH7 as well. (ladynred? bigun?)

FWIW: One creditor who was not hostile (as I had many years of great standing, incl. large balance payoffs & always on time) told me that when I'm in a position to pay-back... "we will remove our neg. reports after 5 mos. of being "on time". -- strangely enough, it's been over 180 days & all they do is send a statement w/ latefee etc. added. I do intend to pay off, fees & all, but currently have zero reg. job & zero assets. Maybe the're givin' me a little more time? Givin' me rope to hang myself? Dunno.

BTW: can you negotiate to have "paid as agreed" left on your CR when you file CH13?

I filed a Chapter 13 back in 1998 and payed it off in 2001. Whoever told you it's not as bad as a Chapter 7, I am going to disagree with. I live in Utah also by the way.

I couldn't even start to rebuild my credit until that 13 was discharged in April of 2001....3 years after I filed! We tried to buy a home and were told constantly 2 years from the date of discharge to qualify for a decent loan. We ended up getting a home in late 2003. I was forced into a 13 due to late mortgage payments back then, if you are in this boat you will have to do a 13 also. But if you can qualify for a Chapter 7, I would highly recommend it over a 13 as it discharges in about 3 months instead of 3-5 years. 13's and 7's stay on your credit report the same amount of time here in Utah.

As far as "paid as agreed" on your credit reports, everything stays on them. Most items you dispute can easily be removed from the 3 credit bureaus if you have some persistance and patience except the bankruptcy. These are next to impossible to remove, you just have to wait until the 7 years is up.