Need Serious help on Bankruptcy

I am sorry to hear about your distress...bankruptcy is an option for anyone overwhelmed by debt...I am willing to discuss this with via email if you like...my email is sealeighsea@hotmail.com.

clc

 

here is an answer I posted on another thread...if you have any other questions...feel free to email me

Here is the site that I found to be best for answering bk questions http://www.prairielaw.com/messagebo...nelId=25&mbId=7

It is actually moderated by attys and they are very good about responding. Read the posts first and then do a search on your specifics...like "keeping a car lease"....

In answer to your questions what will be looked at first is what you did 90 days immediately preceding the bk...charges, payments, transfer of assets.

Then they look out a little farther to 180 days...and then they ask abount gifts you made, accounts you closed one year preceding the filing.

Chapter 7s usually last from date of filing to discharge about 4-6 months...and it will only discharge debts that were acquired pre-petition.

Make sure that you have all the info...do a google.com search on Chapter 7 bks and you will have hours of reading...once you file it is on your credit record....even if you change your mind and decide to have it dismissed...it still shows up on your credit report.

Another time frame to be concerned about is the status of the Bankruptcy Reform bill...as when it passes the laws will be markedly different and Chapter 7 discharge of cc debt will be tougher to do.

This is not advice to file or not file...just some info you asked for...hope it helps.

clc

 

HI there
I'm going to tell you some things i've learned from my recent bankruptcy. First of all, if you are having that difficult a time paying back the debt, I can assure you the LAST thing you need is yet another loan. If you are going to file bankruptcy, you need to know that you are only allowed a certain amount of exemption($$) that you can keep, anything beyond that (at least for chapter 7) is sold by the trustee and used to pay your debtors, and this is esp true of land. To be quite frank with you, your scores are way to low to qualify for a mortgage, and with the CCCS on your report, you can pretty much forget any sort of credit for a bit...this is nearly as bad as a chapter 13. Even after bankruptcy, you need to pause and consider what habits got you in that situation, and do something to remedy that. I know, because I've done some hard self scrutiny, and come out better for it. Lay off the credit for a bit after, and concern yourself with cleaning up your report, and educating yourself on the proper use of credit.

I would recommend getting a consultation with a good bankruptcy lawyer. You can often get a free consultation if you look around.

 

I BEG YOU!!!!

You need to stop doing business with CCCS as quick
as a pigs hoof on a hot buttered skillet!

Please do a keyword search for CCCS on this site and weigh the preponderance of the evidence for yourself.

 

Hi CLC,

You said that if one files a BK and then changes their mind to dismiss it stays on the report. Is that the case with Ch13?

I thought if you dismissed your own case within a certain time it would be removed.

Please Advise,

 

CH13 that is.

 

If you file ch 13, and change your mind,or if it is dismissed for ANY reason before final adjudication, it stays on your report for TEN YEARS,instead of the normal 7.

 

Mine (CH13) was dismissed and shows it will be removed after 7 years.

Butch, changing your mind or dismissing won't remove it from the report.

 

Butch,
In answer to your questions re:Chapter 13 and your credit reports...here is a quote from the BK court of Northern California:

=====================================
Question:
How do I get the Bankruptcy removed from my credit report?


Answer:

The bankruptcy court has no jurisdiction over credit reporting agencies. The Fair Credit Reporting Act, 6 U.S.C. Section 605, is the law that controls credit reporting agencies.

The law states that credit reporting agencies may not report a bankruptcy case on a person's credit report after ten years from the date the bankruptcy case is filed. Other bad credit information is removed after seven years. The larger credit reporting agencies belong to an organization called the Associated Credit Bureaus. The policy of the Associated Credit Bureaus is to remove chapter 11 and chapter 13 cases from the credit report after seven years to encourage debtors to file under these chapters.

=====================================
here is the site:http://www.canb.uscourts.gov/canb/F...d01c7f637445faf3882567300068907c?OpenDocument

Given this researched information I now feel free to tell you what bk attys told me in direct response to that very question.

If one reads the FCRA Section 605 carefully one can see that there is nothing in the section that states bk 13s are different than bk 7s...let me quote from the FCRA, Section 605, Paragragh(a) 1:
=====================================

The Fair Credit Reporting Act

This version of the FCRA is complete as of July 1999. It includes the amendments to the FCRA set forth in the Consumer Credit Reporting Reform Act of 1996 (Public Law 104-208, the Omnibus Consolidated Appropriations Act for Fiscal Year 1997, Title II, Subtitle D, Chapter 1), Section 311 of the Intelligence Authorization for Fiscal Year 1998 (Public Law 105-107), and the Consumer Reporting Employment Clarification Act of 1998 (Public Law 105-347).


§ 605. Requirements relating to information contained in consumer reports [15 U.S.C. § 1681c]

(a) Information excluded from consumer reports. Except as authorized under subsection (b) of this section, no consumer reporting agency may make any consumer report containing any of the following items of information:

(1) Cases under title 11 [United States Code] or under the Bankruptcy Act that, from the date of entry of the order for relief or the date of adjudication, as the case may be, antedate the report by more than 10 years.

=====================================

Therefore by law the credit reporting agancies can report bks, whether they be 7 or 13, for the full 10 years. Due to their own policies they delete discharged 13s in 7 years...as stated above...in order to encourage filers to file 13 repayment plans instead of 7 liquidations.

There are many reasons a Chapter 13 is dismissed...the overwhelming one is that the filer falls behind in their pmt plans. Other reasons include but are not limited to voluntary dismissal, failure to appear at 341a meeting, fraudently filing and conversion of a 13 to a 7.

Given these facts WhyChat is exactly right about "dismissed" 13s....they can and many times are reported for the full 10 years.

I know there are some people here who have been successful in getting dismissed 13s off their reports and for their efforts and successes I applaud them...but in attempting to do this I would not recommend citing the FCRA.

Hope this helps.

clc

 

My advice is use a lawyer for the BK even if costs you a grand. We had to BK early in our marriage. The lawyer only accepted a cashier's check for payment. When you get a job apply for the subprime cards listed here at creditnet or for a secured card at the credit union. As soon as the car dealers find out you did the BK, you will get offers in the mail to buy a car.

Things won't all come up roses with a BK. But you can only rise from where you are now.

 

lsvong-
nice chatting with you....remember cancel CCCS and any direct pays like citi....and come back here after the bk to learn how to clean up those reports.

Good luck!

clc