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Jun 2, 2023 — The Bottom Line — You can rent after bankruptcy, but it may take a little more work on your party. The good news is that you are in a better 

Can I spend money during Chapter 13?

You can also move money around in your budget. If you end up spending less on groceries, for example, then you can do whatever you want with the remainder. As long as you're making your Chapter 13 payments, nobody's going to question what you do in your free time.

What does a Chapter 13 budget look like?

For example, a family of four is allowed to spend up to $1740 on food, clothing, housekeeping supplies, personal care, and miscellaneous. That means if you can keep your grocery budget under $1000 every month you will have $740 to spend across all these other categories.

What would my Chapter 13 payment be?

To calculate your monthly payment amount in a Chapter 13 bankruptcy, calculate your income for the six months before your bankruptcy filing. Deduct allowable expenses to determine your disposable income. Pay your priority debtors and any secured debts that you want to keep after the bankruptcy.

Does Chapter 13 save you money?

Chapter 13 Bankruptcy does, however, allow you to pay these non-dischargeable taxes over a period of 3 to 5 years without further Penalty or Interest. In addition, in a Chapter 13 Bankruptcy, you won't have to pay any past penalties even if the underlying taxes are non-dischargeable. These savings can be enormous.

What can you not do in Chapter 13?

Also do not not incur debt, use credit, credit cards, or enter into leases while in Chapter 13 without Bankruptcy Court approval, except in the case of an emergency for the protection and preservation of life, health or property. Contact your attorney if you need to sell property or incur debt.

What is the difference between Chapter 7 and Chapter 13 bankruptcy?

The biggest difference between Chapter 7 and Chapter 13 is that Chapter 7 focuses on discharging (getting rid of) unsecured debt such as credit cards, personal loans and medical bills while Chapter 13 allows you to catch up on secured debts like your home or your car while also discharging unsecured debt.

Frequently Asked Questions

Why do employers ask about bankruptcy?

A bankruptcy check can be requested by employers who are concerned about their employees' financial stability and want to make sure they are not experiencing financial difficulties that could affect their ability to work coherently and conscientiously in the future.

Can you rent a house with a bankruptcy on your credit report?

Hear this out loudPauseWhile bankruptcy may stay on your credit report for up to 10 years, it doesn't mean you won't be able to find or be allowed to rent a property. Many homeowners are willing to work with individuals who have gone through bankruptcy as long as certain requirements are met.

Does bankruptcy clear housing debt?

Hear this out loudPauseA Chapter 7 bankruptcy wipes out your financial debt, including your mortgage, but you could lose your house. A Chapter 13 bankruptcy is more of a reorganization, and you can even catch up on payments as long as these are included in your plan.


Can you get an 800 credit score after Chapter 7?
Keep your balances low or at zero and pay on time. Though it will take a few years to achieve an 800 credit score after bankruptcy, you can begin to rebuild your credit successfully.
What can you not do in Chapter 7?
Some types of debt generally aren't dischargeable through a Chapter 7 bankruptcy, including child support, alimony, court fees and some tax debts. You also often can't discharge student loans through bankruptcy, although a process change in November 2022 might make it easier.

How to rent a house during bankruptcy

Can Chapter 7 be removed early? You can't remove bankruptcies from your credit report unless they are inaccurate. Bankruptcies will automatically be removed from your credit report after seven or 10 years.
Can you have a 700 credit score after Chapter 7? The reality is that most of our clients have a score in the low 600s, or even higher, within one to two years after they file bankruptcy and obtain a discharge. Some of our clients end up with a 700 score within 2-3 years after their case is filed and they receive a discharge.
  • How long does it take to get 650 credit score after Chapter 7?
    • Over this 12-18 month timeframe, your FICO credit report can go from bad credit (poor credit is traditionally less than 579) back to the fair range (580-669) if you work to rebuild your credit. Achieving a good (670-739), very good (740-799), or excellent (800-850) credit score will take much longer.
  • How many points does a Chapter 7 drop credit score?
    • If you know your score and file for bankruptcy, get ready to watch it plunge. A person with an average 680 score would lose between 130 and 150 points in bankruptcy. Someone with an above-average 780 score would lose between 200 and 240 points.

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