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.

A bankruptcy filing generally remains on your credit for ten years following a Chapter 7 filing, and seven years following a Chapter 13 filing. A bankruptcy filing will of course negatively impact your credit score, but if you are significantly behind making timely payments to creditors your credit rating may already be adversely affected. Given that the bankruptcy eliminates some or all of your debts, you may be in a better financial situation to pay your bills and improve your credit.

Although bankruptcy may legally be reported to your credit report for up to 10 years, you can begin to reestablish your credit immediately. Remember that "credit" is your ability to borrow money. Lenders consider many factors while determining whether to loan you money, but most importantly, they consider your debt-to-income ratio. You are probably visiting this site because you already have more outstanding debt than you have the ability to pay. So, arguably, you do not have credit.

If you want to keep a credit card through bankrucpty, contact the bank or store before you file.If you offer to reaffirm the debt, some banks or stores may let you keep the credit card. (Reaffirm = sign a statment of intention not to discharge the debt in bankruptcy and continue to make the regular payments.)

Yes. In fact you can begin repairing your credit immediately the day after you file your bankruptcy. More info...

Although bankruptcy may be legally reported on your credit report for up to 10 years, you can begin to reestablish your credit immediately after your bankruptcy discharge. In fact, it is likely that pre-approved credit cards will arrive within weeks of a bankruptcy filing. However, borrowers should wait 1-2 years before obtaining credit cards, car loans or a mortgage to avoid higher interest rates.

Secured credit cards (in which the debtor deposits funds with the credit card issuer) can be obtained to begin the process of rebuilding credit. Also, working with a debt management organization, or successfully completing debtor education programs will improve your credit risk rating.

Bankruptcies appear on a person's credit report for 10 years. However, many credit card companies will offer debtors new cards right after they receive their bankruptcy discharge. Some credit card companies deem newly discharged debtors a good credit risk because they know that the debtors cannot file another Chapter 7 bankruptcy for at least 8 more years. In most cases, debtors can start rebuilding their credit right after they receive a discharge.

Generally, no. Filing Chapter 7 bankruptcy is generally not a "tax event." A person does not incur less or more income taxes by filing bankruptcy. It has no effect. No. Creditors do not have to show up to the bankruptcy meeting and rarely do. Creditors have up till 60 days from the date of the meeting to object. Again, it is as rare as snow in May that a creditor objects to a debt, and it is usually something which you and I have talked about prior.

Anything inaccurate can be removed from a credit file including bankruptcy, judgments, collection accounts, liens, foreclosures, and late payments. Federal law requires that your credit report be ACCURATE, COMPLETE, and VERIFIABLE. Accurate means exact and precise. If it is not accurate, we will challenge everything in question with the ultimate goal of having erroneous negative information removed from your report.

No, we may challenge any items that you feel should be challenged and the credit bureau must verify these items. The only exception to this is that they do not have to verify inquiries, but if you feel that an inquiry should not be on your reports then the company that supposedly asked for your credit report can be contacted and that fact may be disputed with them

Some of the information on your credit report may just be plain wrong. Accounts may not be yours; judgments against people with similar names and duplicate items are very common. Ask the credit bureau in writing to re-investigate the information. Under federal law, the credit bureau MUST re-investigate and get back to you within 30 days. If they don’t, the item in dispute has to be removed.

It is possible in many cases, dependent on certain variables. All efforts will be made on your behalf. At the least, your improved credit scores will entitle you to preferred rates for credit cards, mortgages, bank loans, etc. If you continue having difficulty obtaining loans because of impaired credit, simply call us.

Federal law permits creditors to report credit activity for up to seven years. Bankruptcies, however, are permitted to be reported for up to ten years.

No. Although at your option, you can file an explanation with the credit reporting agencies briefly describing the events resulting in your bankruptcy. If an account is reported inaccurately, you can request the record be updated to reflect the actual situation. Return to top

Filing bankruptcy does not prevent you from getting new credit. An entire class of lenders target the recently bankrupt as customers! Immediately after a bankruptcy filing, you can expect credit to be more difficult to get. Credit is, however, available but usually from large car dealers who want to sell you a car at their price. Still, this can help you reestablish your credit.

In some jurisdictions there may be debtor education programs offered in connection with chapter 13 cases that can help debtors re-establish credit. Where such programs are not available, debtors may be able to obtain a "secured" credit card, which requires that the debtor deposit funds with the credit card issuer. This provides the opportunity to show responsible use of credit, which is a major factor in any issuer's credit decisions.

Unfortunately it will. However, most individuals are able to rebuild their credit within a few years. If you are currently contemplating bankruptcy, then it is likely that your current credit rating has already been effected. A discharge of your current debt may provide the opportunity to rebuild your credit with steady, regular payments on a new account.

No, but it is important to file a report as soon as you have enough evidence to make a good faith report. If you delay, evidence becomes stale, hampering the investigation, and then the University may not be able to resolve the problem.

Debtors who have faced obstacles to paying off their debts when due have no doubt received more than their fair share of demanding letters and phone calls, and the thought of getting rid of their debts, and thus the constant demands, through bankruptcy can be quite appealing. Before making a decision to pursue that route, which can have long-term effects on credit rating and the ability to make large purchases, like a home, debtors should consider other, less drastic alternatives.