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Ask WALLSTREETESQ Your Own Question
Category: Bankruptcy Law
Satisfied Customers: 17252
Experience:  14 years exp., CH 7 AND 13 Bankruptcy cases, AFL-CIO UNION PLUS, UFT NYSID AND ALL MAJOR UNIONS
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my spouse and i have completed a bankruptcy in august of 2010.

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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?


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


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,


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.


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.