Comments on: Filed bankruptcy 11+ years ago. Loan app is asking if I have ever filed bankruptcy. Do I need to be honest?

By: FLIPDOUT2

FLIPDOUT2 — Wed, 15 Jul 2009 19:17:13 +0000

Of course you need to be honest–they are going to find out anyway! besides, after 11 years, hopefully it has been discharged.

Others will tell you they only go back 7 years and I am here to tell you that’s a big fat lie. I know this from personal experience. Also, since legally they are not supposed to hold it against you after that time, they don’t have to tell you that’s the reason you were denied a loan.

Good luck!

By: CSI Calleigh

CSI Calleigh — Wed, 15 Jul 2009 19:17:13 +0000

nope the statute of limitations is up, don’t even mention it, they can only hold it against you for 7 years.
GOOD LUCK!

By: Dan

Dan — Wed, 15 Jul 2009 19:17:13 +0000

You do not have to list it. It should be off your credit by now and you do not have to list it.

Most lenders only go back 7 years.

By: nightserf

nightserf — Wed, 15 Jul 2009 19:17:13 +0000

You need to be completely honest about past bankruptcies. They do not automatically disqualify you for a loan, but dishonesty does. Read the question carefully. If it asks whether you have ever filed for bankruptcy with out including a phrase like "in the past seven years," you should answer truthfully.

Ignore the nonsense about a "statue of limitations." There’s no such thing in this context. A statute of limitation sets a time limit beyond which a person cannot be prosecuted for a crime committed in the past.

By: fadingrosepetals

fadingrosepetals — Wed, 15 Jul 2009 19:17:13 +0000

if your credit is impeccable it shouldnt matter but if they asked this question they will probably do a background check and find out anyway so you best tell them