Apparently it started out as a bankruptcy chapter 13 however the final paperwork is a chapter 7. Any difference? on the credit report it states dismissed. What is the difference between discharged and dismissed?
133133
Mr. Leibowitz is certainly the most accurate, although I'm going to have to differ with him on a couple of small points.\n\nI think you've got that dismissal is bad and discharge is good (from the debtor's viewpoint).  From the creditor's viewpoint, dismissal is good, discharge is bad.\n\nThe federal bankruptcy courts have an excellent system known by the acronymn Pacer (Public Access to Court's Electronic Records).  With the debtor's name or social security number, it is a fairly simple process to look up the status of any person's bankruptcy.  Do not rely on any of the credit bureaus for information, they are notoriously inaccurate.  I've included the Pacer website in the sources, however, it is a pay site and you have to sign up for an account.  The service is usually free if you care to visit the local bankruptcy court.\n\nAs for the effect of Chapter 7 versus Chapter 13 on the credit, my experience is that Chapter 7 is far more beneficial on the credit than Chapter 13.  You are completed with the bankruptcy within three and a half months, rather than three to five years.  You can immediately start working on improving your FICO scores and getting your life back with a Chapter 7 and you can't do that with a Chapter 13 where you are tied to the court.\n\nAlso, misinformation abounds about how long items must remain on your credit.  The definitive source is the Fair Credit Reporting Act.  I've included the FTC site with the full transcript of the act, but the applicable term for any bankruptcy is ten years.  The applicable code provision reads as follows:\n\na) 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:\n\n(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. \n\nSorry, that is probably way more than you asked for, but the misinformation was mindboggling.
112206
You should check out www.lifeafterbankruptcy.com. Stephen Snyder is the expert on helping people recover from Bankruptcy and begin the process of rebuilding their credit. He conducts free seminars nationwide and sends out an excellent newsletter for people to learn what's happening in the credit world.\n\nIn fact, many people who haven't filed bankruptcy subscribe to his newsletters because he is one of the few people that know what's going on in the "inside" of the credit industry.\n\nAs far as credit reporting goes, go to www.annualcreditreport.com and get copies of all 3 of your credit reports. You should begin by disputing any items that are not reporting correctly. Your immediate goal should be to get any account that was discharged in your bankruptcy to report as "Included in Bankruptcy" or to be deleted.\n\nOnce you have done that you should begin the process of rebuilding your credit. \n\nI would start with secured cards. The best programs are from Wells Fargo & Bank of America. They are have low annual fees, no application fees, no maintenance fees, and lower interest rates. They are available in all 50 states. Both Wells Fargo and Bank of America report their accounts to all 3 credit bureaus.\n\nStay away from the "Sub Prime" crap like First Premier, Aspire & Orchard Bank. They have lots of hidden fees.\n\nYou can review lots of programs at www.bankrate.com\n\nYour goal should to be have 3-6 revolving accounts with a balance of less than 35% of credit line. (Zero balance is best) and 1-2 installment accounts (car, mortgage)\n\nIt can be done within 2 years!\n\nGood Luck
399237
IamIntresting is absolutely wrong.\n\nWhen they refer to the "last transaction" on an account, it means the last time you made a payment, or put a charge on the account.  Please refer to many of the state statutes as it does specifically state this.  A charge-off has nothing to do with re-aging a debt's SOL.\n\nNow, let me ask you a question.  Would you rather pay off this debt and get it off your credit report......or would you rather collect $1000 from them for listing a debt past the 7-year reporting period required by the Fair Credit Reporting Act?\n\nHUH???\n\nPlease read section 809c of the FCRA.  It clearly says that debts can not be reported longer then 7 years, starting from the date of the delinquency.\n\nNOT the charge off date.  NOT the last transaction date.  \n\nSo what you need to do is the following:\n\n1) Read the FCRA link below.\n2) Send a dispute letter to the Credit Bureau\n3) Send a validation demand letter to the creditor\n4) If it's not removed within 30 days, send one last letter to the creditor.\n5) File a small claims lawsuit (you don't need a lawyer)\n6) Spend your $1000
17208
Tough luck. \nThey just changed the bankruptcy laws in October '05. \nNow it costs more to file, but before you can even file, they make you jump through a bunch of hoops, and I guess their pushing chapter 13 (the payback plan)...\n\n\nGood luck!
633676
If he filed bankrupts on the house it belongs to the bank, i do not see how she can owe that money because the bank does not take only a portion of the loan of the house for bankrupts they take possession immediately. all of it. something doesn't sound right. I would call a lawyer for advice. But i am not sure about the new laws for filing bankr. They are different now. I heard your dept is not dissolved.
154977
The purpose behind Chapter 13 Bankruptcy filing is rehabilitation of the debtor. Meaning you are given the opportunity to repay some or all of your debts, but under generally better terms (lower or no interest). Rather than having to liquidate assets to pay off debts, this process is designed to allow the debtor to use future income to pay off creditors. Chapter 13 Bankruptcy is basically an adjustment or reduction of debts for a debtor with regular income.\n\nThe United States Bankruptcy Code provides the debtor an opportunity to pay back their creditors over a period of time of up to five years. This process is completely supervised by the court. Your attorney will ensure that your interests will be protected. \n\nChapter 13 Bankruptcy allows the debtor to keep all of their property. However, an interest-free plan for repayment must be developed and approved by the court. The debtor begins to make payments within thirty to forty-five days after the case has begun. Unlike Chapter 7 Bankruptcy, the payments are made to the trustee who will then pay the appropriate creditors. Chapter 13 Bankruptcy prevents creditors from collecting from the debtor. The creditors are required by law to strictly follow the terms of the repayment plan..a plan which is, of course, prepared by your attorney preparing the Chapter 13.
172755
If you fail the means test it is still possible that you might be able to file under Chapter 7 rather then Chapter 13 bankruptcy provisions.  If this is not an option you could try credit counseling.\n\nIf you are unhappy with the current bankruptcy law you should let your Federally elected Congresspeople know.
91752
You can dispute it through all three credit bureaus and also contact the bankruptcy trustee and let them know. They can help you also.
428574
I'm with Zach on this...You are confused somewhere.\n\nFor starters, when you file chapter 13 you will be making monthly payments to the trustee for 3 to 5 years (not 6).  The money you pay the trustee is used to pay the lawyer, the secured creditors, and the unsecured creditors (in that order).  If there is not enough money in your "plan" to pay everyone, the unsecured creditors only get a fraction of what you owed them.\n\nIf you failed to make payments to your trustee, then the trustee files for a "dismissal" which cancels your bankruptcy and allows your creditors to come after you again.  Money you paid to the trustee is deducted from what you owed them.\n\nSo from your description, I'm going to assume that you were making payments for 2 years, and quit paying.  Your bankrutpcy was dismissed.  I don't know how this attorney can fix it for just $500 without filing for a new bankruptcy.
578971
YES YOU CAN DO IT!!. I work for a bankruptcy attorney. I myself even have gone through bankruptcy back in 2005. You send all three credit report agencies a copy of your discharge along with a copy of your creditor matrix. At that point they will remove those debts from your credit report. They will then send you an updated credit report. It may take a few times to get it all removed. However, your credit report will state that you had filed bankruptcy and it states that way up to 7 years.
165064
Without a doubt, its meant as a protection that was not awarded in England thus the term 'debtors prison.'  As a result people without the ability to file for bankruptcy were thrown into prison to die and later during colonial times sent into indentured servitude to pay off debts.  Almost all abuses of the bankruptcy system are perpetuated by corporations under 'reorganizing' and other businesses that get to curtail debt through a court approved settlement.  Or Donald Trump filing repeatedly because he puts his name in companies when he buys for himself. Most bankruptcy now, since chapter 7 is so limited by recent legislation never absolves the debt, but only gives an easier repayment plan to the debtors under different chapters of the bankruptcy code.  So in 95% of all instances for individuals, it merely makes a payment option that is afforable; hopefully for them as to have ability for food and shelter still.  Instead of taking everything from them, making them homeless, we allow people to live and not be thrown into prison, it was one of the major complaints of the colonists about English rule and strictly prohibited and why US started bankruptcy.  But for corporations, its just a way to screw another corporation generally...\n\ni.e. I'm a corporate, securities. bankruptcy lawyer for corporate clients...  When I die, I will be going to hell...
342501
Was your bankruptcy a no-asset case?  If so, you might not have to worry.  In some jurisdictions, the courts will consider all debt discharged even if it was unintentionally left off the creditor list.  \n\nDo you still have your papers from your bankruptcy?  If so, dig out the letter that tells the date and time of the meeting of the creditors and mail a copy to the creditor.  It might be all that is needed to take care of the matter.
324228
it should be cleared, as well as all attempts to collect it after 7 years of default. you will have to do the leg work as creditors won't do it on their own, so push them and keep pushing them to remove it.
194084
You should check out www.lifeafterbankruptcy.com. Stephen Snyder is the expert on helping people recover from Bankruptcy and begin the process of rebuilding their credit. He conducts free seminars nationwide and sends out an excellent newsletter for people to learn what's happening in the credit world.\n\nIn fact, many people who haven't filed bankruptcy subscribe to his newsletters because he is one of the few people that know what's going on in the "inside" of the credit industry.\n\nAs far as credit reporting goes, go to www.annualcreditreport.com and get copies of all 3 of your credit reports. You should begin by disputing any items that are not reporting correctly. Your immediate goal should be to get any account that was discharged in your bankruptcy to report as "Included in Bankruptcy" or to be deleted.\n\nOnce you have done that you should begin the process of rebuilding your credit. First off you need to be educated about how credit works in the U.S.  Every credit decision a lender makes is driven by FICO credit scores. You can go to www.myfico.com and look in the Credit Education section to learn how FICO credit scores are determined. To build your credit you have to place positive credit items on your file that will report positively for 6-12 months minimum. If you want your credit to be in the Excellent category (FICO score 750+) then your goal should be to have 3-6 revolving accounts(dept. store, gas cards, Visa. etc.) WITH NEAR ZERO BALANCES and 1-2 installment loans(car, mortgage) that are reporting positively.\n\nI would start out with a Bank of America or Wells Fargo secured Visa card. Both banks have great programs with low annual fees, low starting amounts ($300.00) and no junk fees. After 12 months of positive on time payments you will graduate to an unsecured status. Then you will probably be approved for other cards such as dept. store and gas cards.\n\nIt can be done within 2 years!\n\nGood Luck
76625
As previously stated, it will depend on what kind of debt you are talking about.\n\nStudent loans, child support, taxes, and other debts can not go away with a bankruptcy.\n\nMortgages and car loans, or any type of secured loan can be included, but you still have to pay those loans or have the property repo'd.  But the interest rates and payments may be a little more favoriable.  \n\nOther loans will be handled in a bankruptcy, including the judgements.\n\nBut.....(yeah, there are always "buts")\n\nThey do not get erased unless you file for a Chapter 7.  The new bankruptcy laws passed last year make it more difficult for people who currently have an income to file Chapter 7's.  You will be forced into a Chapter 13, which means you have to pay back a portion of the debt.  The amount depends on your current income, and the state you live in.\n\nPlease take the time to read the link below.  It has info on the new bankruptcy laws.\n\nIn my opinion, unless you owe a whole lot of money, it's not worth filing bankruptcy.  You need to find a way to negotiate with the creditor.
488726
You are actually better off than people who just break a lease and run.  Because you included the debt owed to the previous landlord as a part of your discharged debt from your bankruptcy, it should not be held against you for future rentals.  Most all landlords will run your credit when you apply for an apartment and a  recent bankruptcy isn't going to look good, but it might be a little better than an unresolved judgment against a deadbeat tenant.  As a safeguard a landlord might require a larger deposit considering the risk of your recent behavior, or you could suggest it to change a "I won't rent to you" into a "when do you want to move in".  Don't harp on the "emergencies" that you endured, but rather how much more financially stable you are today than ever before.
529160
I have not seen the documents you recieved,and therefore, I can't tell exactly what's going on here.  You did not give sufficient detail.  \n\nWas this a summons from a bankruptcy court?  If so, its possible that the bankruptcy court is notifying  you, as a co-debtor (NOT co bankrupt debtor) that there is property to which you may have an equitable interest, that is subject to the bankruptcy estate.  \n\nIf this is a house that your sister was in joint tenancy on, the laws protecting the house from the bankruptcy estate will vary depending on your state.  You must IMMEDIATELY consult with a qualified bankruptcy attorney.  DO NOT consult with a bankruptcy software program, or with a site advertised here.  Also, do not consult with your sister's bankruptcy attorney.  He/she does not represent your interests, he/she represents your sister's interests.\n\nFor a referral to a bankruptcy attorney in  your state, contact your local or state bar association.