How JustAnswer Works:
  • Ask an Expert
    Experts are full of valuable knowledge and are ready to help with any question. Credentials confirmed by a Fortune 500 verification firm.
  • Get a Professional Answer
    Via email, text message, or notification as you wait on our site.
    Ask follow up questions if you need to.
  • 100% Satisfaction Guarantee
    Rate the answer you receive.
Ask WALLSTREETESQ Your Own Question
WALLSTREETESQ
WALLSTREETESQ, Attorney
Category: Bankruptcy Law
Satisfied Customers: 17080
Experience:  14 years exp., CH 7 AND 13 Bankruptcy cases, AFL-CIO UNION PLUS, UFT NYSID AND ALL MAJOR UNIONS
16356563
Type Your Bankruptcy Law Question Here...
WALLSTREETESQ is online now
A new question is answered every 9 seconds

my spouse and i have completed a bankruptcy in august of 2010.

This answer was rated:

my spouse and i have completed a bankruptcy in august of 2010. we completed all payments as ordered for 5 years. we are 63 and 76 years of age. will our credit ever be restored at our age?

WALLSTREETESQ :

Hello I am a licensed attorney here to help you with your question, please review my response and do not hesitate to ask for clarificati on

WALLSTREETESQ :

If this is a chapter 13 case, your credit would be repaired after every year of payments made to your creditors and to the trustee,

WALLSTREETESQ :

It will be reported on your report for 7 years, however since it is a chapter 13 and not a chapter 7, you would be able to obtain loans after one year or two.

Customer:

that is comforting to hear. we had a loss of 50% income due to illness and prior to that had excellent credit. i appreciate your response to my concern. i suppose it was a chapter13 as we paid $1000.00 a month for 5 years for a debt burden of $120,000 to forgive the debt. does that sound like a ch13?

WALLSTREETESQ and other Bankruptcy Law Specialists are ready to help you
Yes, you are in a chapter 13 payment plan, and it is not as bad as compared to a chapter 7 bankruptcy which stays on your record for 10 years.

Related Bankruptcy Law Questions