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Top Bankruptcy Tips from AskMrCredit.com
Negative credit report information
Type of negative informationMaximum time on credit report General civil judgments7 years from the date filed Tax liens7 years from the date paid (If tax lien is not paid, it will remain on the ...Read moreWill my spouse be affected by my personal bankrupcy?
Your wife or husband will not be affected by your bankruptcy if they are not responsible (did not sign an agreement or contract) for any of your debt. If they have a supplemental credit card they are ...Read moreI went through a bankruptcy last year - will i ever be able to get credit again?
Yes. You can rebuild your credit history following a bankruptcy with a secured credit card. Many secured card companies will accept people who have gone through a bankruptcy more than six months ago, ...Read moreWill i ever get credit again?
Yes! A number of banks now offer "secured" credit cards where a debtor puts up a certain amount of money (as little as $200) in an account at the bank to guarantee payment. Usually the credit ...Read moreAbandonment and relief from stay
The automatic stay prevents secured creditors from enforcing their lien rights. However, the stay will end when the bankruptcy case is closed, which usually occurs within five to seven months after ...Read moreThe creditors' meeting
The first event of importance after the filing of the petition is the creditors' meeting, which will be held approximately one month after the filing of the case. At this meeting, creditors may ...Read moreWill i have to give up any of my property to my creditors?
The vast majority of filers get all or most of their debts discharged (wiped-out) without giving up any of their own property. This is because federal as well state laws provide exemptions for your ...Read moreWhat is a chapter 13 bankruptcy?
Under a chapter 13 bankruptcy, a debtor proposes a 3-5 year repayment plan to the creditors offering to pay off all or part of the debts from the debtors' future income. The amount to be repaid is ...Read moreBankruptcy - commencement of case
A Chapter 7 case begins when the debtor files a Chapter 7 petition in the clerk's office of the appropriate bankruptcy court. Shortly after filing the petition, the debtor must file schedules, which, ...Read moreCan my boss fire me for filing bankruptcy?
No. U.S.C. Sec. 525, prohibits any employer from discriminating against you because you filed bankruptcy.Showing 11 to 20 of 41 Facts
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What's Chapter 7?
Chapter 7 bankruptcy, sometimes call a straight bankruptcy is a liquidation proceeding. The debtor turns over all non-exempt property to the bankruptcy trustee who then converts it to cash for distribution to the creditors. The debtor receives a discharge of all discharageable debts usually within four months. In the vast majority of cases the debtor has no assets that he would lose so Chapter 7 will give that person a relatively quick "fresh start".
What is a chapter 13 bankruptcy?
Under a chapter 13 bankruptcy, a debtor proposes a 3-5 year repayment plan to the creditors offering to pay off all or part of the debts from the debtors' future income. The amount to be repaid is determined by several factors including the debtors' disposable income. To file under this chapter you must have a "regular source of income" and have some disposable income. Like in a Chapter 7, corporations and partnerships may not file under this chapter.
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