What could I do after my 7 years from the bankruptcy are up? 9 Answers as of September 17, 2015

My 7 years are up in 2015, what do I do now? Can I go out and purchase a car?

Ask a Local Attorney. 100% Anonymous. Free Answers.

Free Case Evaluation by a Local Lawyer: Click here
A Fresh Start
A Fresh Start | Dorothy G Bunce
Actually, 7 years has no meaning in the bankruptcy laws. You could have purchased a car, or even financed the purchase of a car, ten minutes after you filed bankruptcy. I am sorry to hear you have deprived yourself of one of the necessities of life as a result of misinformation.
Answer Applies to: Nevada
Replied: 9/17/2015
Ronald K. Nims LLC | Ronald K. Nims
There are no restrictions imposed by the bankruptcy law on you after the case is finished. Usually, it takes two years to rebuild your credit after filing a bankruptcy.
Answer Applies to: Ohio
Replied: 9/17/2015
Janet A. Lawson Bankruptcy Attorney
Janet A. Lawson Bankruptcy Attorney | Janet Lawson
You could have always gone out a bought a car. It depends on your credit rating and what your income is now. FYI - the bankruptcy will remain on your credit report for 10 years, not 7.
Answer Applies to: California
Replied: 9/16/2015
Patrick W. Currin, Attorney at Law | Patrick Currin
Yes, but you could have in year one.
Answer Applies to: California
Replied: 9/16/2015
The Orantes Law Firm
The Orantes Law Firm | Giovanni Orantes
You don't have to wait 7 years from the filing of a bankruptcy to re-start your credit life. The best approach is to accept some of the credit cards that you are offered about 3-4 months after you file for bankruptcy protection and keep a good payment history on them while leaving at least half of the credit line unused. Car loans are one type of credit you usually can get as soon as you get your bankruptcy discharge (which is usually about 4 months after you file your petition). If you have already waited 7 years anyway, you should go ahead and start re-building your credit.
Answer Applies to: California
Replied: 9/16/2015
    Eranthe Law Firm
    Eranthe Law Firm | Cate Eranthe
    Assuming you have some money and have built some credit you can purchase a car. You could have done this for some time. A chapter 7 bankruptcy stays on your credit report for 10 years. A chapter 13 stays for 7 years. When that time is over I would suggest you get a copy of your credit reports and make sure it's dropped off.
    Answer Applies to: California
    Replied: 9/16/2015
    Richard B. Jacobson & Associates, LLC | Richard B. Jacobson
    Two points: Since 2005 the law has been that eight years must pass between an earlier Ch. 7 filing and a new one, if you got a discharge the first time around (and almost everyone does). Second, there is no legal bar to your getting credit or a loan after filing a BR, and you certainly do not need to wait 7 years. It is true, of course, that the more time which passes after a bankruptcy discharge the more chance you have to improve your credit scorebut if you are willing to pay whatever interest rate your lender demands, you could go ahead today.
    Answer Applies to: Wisconsin
    Replied: 9/16/2015
    Charles Schneider, P.C.
    Charles Schneider, P.C. | Charles J. Schneider
    You could have done it 7 yrs ago. There was no legal prohibition.
    Answer Applies to: Michigan
    Replied: 9/16/2015
    Law Office of Barry R. Levine | Barry R. Levine, Esq.
    You didn't have to wait that long.
    Answer Applies to: Massachusetts
    Replied: 9/16/2015
Click to View More Answers: