billytide asked:
I need to know what looks better on a consumer credit report, a chapter 7 bankruptcy dismissed or a chapter 7 bankruptcy discharged. Forget about all other factors, how much it cost to file, if a lawyer was used. Looking at someones credit report and you see either a dismissed bankruptcy or a discharged bankruptcy which would look better? which would less negatively impact a score. Please ONLY answer this question if you have either
I need to know what looks better on a consumer credit report, a chapter 7 bankruptcy dismissed or a chapter 7 bankruptcy discharged. Forget about all other factors, how much it cost to file, if a lawyer was used. Looking at someones credit report and you see either a dismissed bankruptcy or a discharged bankruptcy which would look better? which would less negatively impact a score. Please ONLY answer this question if you have either
1. been through a chapter 7 bankruptcy yourself
2. work in a profession that deals with consumer credit
thanks
November 14th, 2009 at 8:28 pm
Discharge because dismissed means your bankruptcy was dismissed by the court for some reason and you are still seriously in debt.
With a credit score of 450, trust me the last thing you need to be concerned about is ‘what looks better on a consumer credit report’. A score of 450 is bad in and of itself.
November 18th, 2009 at 4:17 am
You already have horrible credit, the discharge will at least improve your debt to income ratio whereas the dismissal will probably have no impact at all on your credit, aside from letting your creditors know you are fair game for being sued and garnished.
The purpose of a bankruptcy is to give you a fresh start, and you definitely need one. It will be a lot easier to rebuild your credit with no debt.
November 20th, 2009 at 8:09 pm
do not worry about the past — look to the future and get you act together and start on the path to raising your score!!!!