Bankruptcy Information

Bankruptcy Information questions and answers

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Q: Bankruptcy information?
I am looking for ppl to tell me their experiences with filing bankruptcy since the laws change a few yrs ago. I am going to a consultation soon with an atty and just want to know what to expect as far as how long the process is, what is involved, etc... Also, has this had a positive or negative effect on you. I know it stays on your credit for a number of years but otherwise you can begin to rebuild credit in a year or two. Please help and be detailed in your answers. Thanks!

A: i filed bankruptcy last march, it was very quick, after we paid the money and got all of our stuff together it was quick, we had our cons. in feb, and filed in march and was discharged in june. we were able to get a new car in march as well. we were even able to keep our rebate. we had a lot of debt we had to get rid of, and a vehicle we got screwed on. we still can't get a sig. loan because of it, but it's not because of bankruptcy but because of lack of credit.

Q: bankruptcy information?
If I file a chapter 7 bankruptcy, is there any way to keep my 3 motorcycles? They are my fathers old bikes and I would like to keep them as he is gone now.

A: They would not be considered personal property for you to keep, but maybe through exemption you could keep them. They also must be valued under 10,000 dollars in order to keep. Hope this helps!

Q: What are the best websites for bankruptcy information and advice?
I'm looking for websites with information on bankruptcy. I'm considering bankruptcy and want to know what it's all about. I found one site on google that had some pretty good info (for anyone else who's looking) http://bankruptcy-info.nuggz.org But I'm looking for even more details... Thanks!

A: Hope this helps. You can even request a free guide on bankruptcy.

Q: Bankruptcy Information!!!!!!!!!?
I am filling chapter 7 Bankruptcy and have an asset (my car), the value on it is more than what the South Carolina Law allows you to have. You are allowed to have $1,200 in possesion but my car is around $2,800. I cant change the title into someone else's name, the trustee will find out, I cant put someone else's name on the title with mine. What are other things I can do to avoid having my ONLY car taken from me, and avoid having to pay to keep it? Anything?? HELP???? I dont know what value they use. What happens is that the trustee sends an apraiser and 3 dealers out and they say whatever they think they can get for it. And if I "Accidently" back it into a tree, Ive been through this all with my attorney, they will always think that it was done on purpose because it happens right before I file bankruptcy. The Jeep is considered in Good Condition, it is a 1996 Jeep Cherokee Sport/Classic no dents, rust anything. 110,000 miles. 4WD, thats low miles for being 14 years old. Sfuller94- Thats what I was thinking. I am wondering how they are going to take your car when you need to go to work and pay your bills to have a place to stay. Yeah I saw that online today about Texa's law on keeping cars. Wish it was like that In South Carolina

A: You could accidentally back into to a tree. A dented bumper is way more than $1000 damage. I was being more facieses than anything. Sorry you having trouble. Damaging it would be unethical. Basically you're stuck unless you can prove the value that the appraiser put on it was erroneous. Due to the shear number of bankruptcies these days, the folks who administer them are very good at what they do. In Texas, they let you keep at least one car. If you can't get to work, how can you pay off the bankruptcy?

Q: How long can bankruptcy information be reported by a consumer reporting agency?
This is another one of my questions from my credit worksheets. Thank you!!!

A: Most negative items are reportable for 7 years, however bankruptcy can be reported for 10.

Q: How can I get credit bureaus to remove past bankruptcy information?


A: Contact them with proof that the bankruptcy terms have been met and that the established time has passed (7 or 10 years). After the time has passed they should automaticaly remove it, but you need to check.

Q: how long can bankruptcy information be reported by a consumer reporting agency?


A: according to the federal trade commission it's 10 yrs go to ftc.gov

Q: Is there too much information to do a speech on bankruptcy?
I am doing a speech on bankruptcy and I want to include our own experience with the new information. So for a speech that needs to be 4-7 minutes is there too much information? If not is it best to begin with my own experience or the laws and reasons people file bankruptcy?

A: There is a lot in bankruptcy, but I would recomend that you stick with info on chapter 7 & 13, since these are the ones that people can use and mostly use.

Q: Where are the best scources of information about bankruptcy?
What happens? is it a helpful thing to do? What should someone know if they are considering it?

A: The best source of information on bankruptcy is DONT DO IT! It will ruin you're credit forever.

Q: Could anyone please give me any information on Bankruptcy?
I am 25 Years Old and I am around £17,000 in Debt, I cannot meet my monthly payments and I already have 1 CCJ and numerous other creditors threatning legal action, I have applied for an IVA but this cannot proceed as over 25% of my overall debt is with Northern Rock an apparantly they are not accepting any IVA proposals, so unfortunatly my only option is Bankruptcy greatly regret getting into debt and never want another Credit Car, Loan or Overdraft etc ever again, I would like as much info as possible please!

A: Sorry to hear of your money troubles. It is really frightening and draining being in debt, I know. Bankruptcy may be the answer for you but it is not the be all and end all that some people think. For example, when you apply the court will appoint a trustee to work with you to manage your bankruptcy. Usually, a bankruptcy period is about 2 years but the trustee can actually decide on a longer period, especially if s/he feels you are not co-operating fully with them. This could be because you have assets that you didn't tell them about or you have continued to apply for credit after you have applied for bankruptcy. This period can be extended for up to 16 years. Once your bankruptcy period ends, there is a further period of 6 years before you can apply for anything financial again so if the period has been extended to the full 16 years, it will be 22 years before you are out of this timeframe. This will affect not only your ability to gain credit (not that you probably will want to ever again) but also the provision of a bank account in some instances and also if you rent, some landlords particularly housing associations include a clause preventing declared bankrupts from renting from them. It will also have an effect on any assets that you have at the present time like a house, car, tv etc. The trustee can force you to sell any or all of these to offset your debts, regardless of how that leaves you. Do not be tempted to hide them in any way because if the trustee finds out afterwards, you will be penalised by having your period extended (and you don't want that!). Also, if your earning position changes like you get some fantastic promotion during the redundancy period, they can make you give up the extra income you are making to offset the debts. Also there's the little matter that all bankruptcy procedures are listed in the local paper with your name and address on them. So if you have little to lose, then bankruptcy might be the answer. There is also a deposit that you must pay to the court - I think it's about £390.00 but you can get some help sometimes from charitable organisations to pay this. In our area, funnily enough, Anglian Water cover these costs. It would be worth checking this with Citizens' Advice Bureau. If you do have something to lose, you could try writing to your creditors with details of your GENUINE income and expenditure and offer to pay it off in instalments. They will be looking for some action from you to ensure them you are serious like taking on an extra job, selling your assets and paying them the profit made, renting a room in your house, returning any cards to them cut up. It could be worth a go. Check with CAB re: this too.

Q: What information do I need from my creditors to file bankruptcy?
I know that I need the names and addresses of my creditors. Do I need to know the exact amount that they claim I owe? Do I need to know the account numbers? Do I need to know the names and addresses of all of the collection agencies involved? If I can not obtian the names of the collection agencies, but the original creditor is included in the bankruptcy, does that wipe out the debt completely or do the collection agencies still have a right to persue? I can provide the names, addresses, and account numbers, but I do not know the exact amounts that I owe. I also do not have any information on the collection agencies. If I need this information, what is the best way to go about getting it? I considered writing letters, but I was advised not to alert my creditors of my intention to file as they might increase their efforts to collect. Please help

A: You can get most of the information you need from your credit report. Account numbers, addresses, and amounts owed can be found on your credit report. It is basically irrevelvant if you have the amount owed exactly correct. If you are filing Chapter 7, it basically doesn't matter (there is no distribution of assets in most individual consumer filings). If you are filing Chapter 13, the creditors will be submiting Proof of Claims that state exactly what is owed. You are entitled to one free credit report from each agency per year. annualcreditreport.com Sometimes collection agencies do report, but not all do, so it is great if you have some bills from those collectors. However, as long as the original creditor is listed, collection agencies will NOT have the right to pursue that same debt. It is also important to remember that if you have medical bills; local, small companies; or individuals you are indebted to, they will not usually be found on your credit report. You'll have to rely on your bills for those. You may want to head to your county clerks office and check to see if you have any judgments pending against you. All of these steps should ensure that you will compile a complete and correct listing of creditors. Good Luck.

Q: Could someone point me in the right direction for some information on bankruptcy?
I would just like to read up on the different types and get familiar with them. I may be needing to file soon so I just need any info I can get. Also about how much I may have to pay to do it.

A: It will cost you between $600 and $1200 to file. Chapter 7 wipes out all debt you have, but is harder to file for now. It is based upon income. If the court deems you have enough income to make a payment structure, you may be eliminated from filing chapter 7. A Co-worker of mine tried to file Chapter 7 and was denied because they said he made plenty to cover his debts. Chapter 13 is kind of like a re-structure, where they just get your bills reduced and you still have to pay them. The new Bankruptcy laws have made it harder for people to just file Bankruptcy

Q: What information do you need to take to court when filing for bankruptcy?
Let's say I've filed for bankruptcy and I'm at the going-to-court stage. What information would the court need from me? How far back of bills would I need to bring in? Thanks! Blake

A: The names, addresses, account numbers, phone numbers of ALL creditors, including current balance owed. Decide which ones you want to keep, like your primary residence, or a major appliance loan, like a refrigerator (if you don't want it repossessed). You can keep those debts if you don't want to lose them

Q: What's the best online source of information on personal bankruptcy in the UK?
I need some independent and detailed reading on what happens during the bankruptcy process

A: http://www.citizensadvice.org.uk/ That's who I used. They give great free advice.

Q: OMG! I typed my name in yahoo search and my bankruptcy information came up! Can I remove it?
It's in my local newspapers too??!!! Thanks anyway.

A: No Way...