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you'd think it would look better

Posted By: but it doesn't on 2006-03-07
In Reply to: I know the feeling - We're enrolled with CCCS

My husband went through Chapter 13 (if I have that right - the one where you pay off the debt) before I met him through one of those credit counseling services and had just finished paying it off when we went to get a mortgage.  The mortgage broker told us that lenders don't look at Chapter 13 or 7 any differently, even though you are trying to do the right thing and pay back the debt, in fact, sometimes they even favor Chapter 7 because you don't have any current financial obligations.  Oh, and I think it is 7-10 years to wipe the bankruptcy off your credit, but that starts once the debt is paid off, not when you file.  It seems all backward to me.  I still say paying back the debt is the right thing to do anyway (extraordinary circumstances excluded).


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