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A Chapter 13 Bankruptcy Lasts for 5 Years and in that Duration the Credit is Frozen

July 27, 2017

So what are some items of misinformation that you have to dispel from time to time with the people that have concerns with credit issues? Some people, for example may believe that they will not be able to buy a house again, or something along those lines. What would I tell that individual?

Well, frankly, it all depends at what stage that individual is. If an individual is losing his or her home to foreclosure, they don’t need to worry about buying a home; they need to worry about saving the home they have. One of the downsides to Chapter 13 is that you will be in the bankruptcy for 5 years. And while you are in the bankruptcy, your credit is frozen. You cannot borrow money, and to some people, that is a relief. Some people look at and they say “that’s how I got into this mess in the first place–borrowing money.”

Look to us for guidance in this. We would like to help.