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What exactly is bankruptcy?
Bankruptcy is the total or partial abolishment of debts after a formal filing with the government by either an individual or a company. If bankruptcy is granted, banks are able to liquidate assets-barring ones that are exempt-and possibly garnish wages. Credit scores are also severely hit by bankruptcy. The article below goes into more detail on the specifics of bankruptcy.
Who do you remove a chapter 7 bankruptcy from your credit report?
You dont, the courts or credit companies are the only ones that can remove them. Very long process if they allow it and nowadays, they can choose to keep bankruptcy on your credit for 20 years or more.....
How hard is it to get credit after bankruptcy?
It is quite difficult to get credit after bankruptcy because after one declares bankruptcy one has to be significantly behind one ones bills to be able to do so. However after this one should be able to build their credit back up by paying things on time and not applying for loans.
Can you file bankruptcy at age 80?
I think that at your age you really need to consult with a bankruptcy attorney before filing for bankruptcy. Filing for bankruptcy is the best remedy for many debt problems. However, there are other courses of action that may be better in certain situations, allowing you to avoid bankruptcy completely. One benefit of hiring a bankruptcy attorney is that doing so might actually help keep you out of bankruptcy court. You may also want to consider the effect this may have on the inheritance for your loved ones and on your standard of living.
How do you get a bankruptcy that's not mine removed?
If a bankruptcy is showing on your credit report that is not yours, you will need to contact all three bureaus [or the ones that are reporting as such] to dispute the bankruptcy as 'not yours'. Send your dispute, registered, return receipt requested.
Can you be paid if you are not listed in a bankruptcy filing?
Assuming there is a discharge order, probably not. A discharge affects all dischargeable debts, not only the ones listed in the bankruptcy, unless the debtor deliberately tried to create a "preference." In that case, the trustee might be able to capture the payments made after the filing date and apply them to his fee and the creditors.
Do you have to pay taxs on credit card write off?
When you have a bankruptcy, you will receive a 1099 for your credit card debt that is written off. Some companies will not send one but you will have to include the ones that do on your tax return.
The term bankruptcy means?
Bankruptcy refers to having exhausted ones resources and finances.
When filing for unemolyment and ask for he bank institution what is that?
Banking Institutions are the banks or credit unions we use. Major ones, which you probably have one of them, is Bank of America, Chase, Wells Fargo.
The Importance of Choosing a Good Bankruptcy Lawyer?
Filing for bankruptcy is a complex process that involves many legalities as well as a myriad of emotions. Due to changes brought about by the 2005 bankruptcy abuse law, it is also more difficult to qualify for a Chapter 7 bankruptcy which clears almost all debts. If you are considering filing for bankruptcy, it is very important to have a good lawyer on your side who knows the laws and who is a compatible fit with your personality. This person will be involved in very personal matters in your life, so it is essential that you feel comfortable with him or her.Steps to Finding the Best Bankruptcy LawyerThere are many different types of bankruptcy, including a debt restructuring or Chapter 13 bankruptcy and business bankruptcy. The first thing you need to do is look for an attorney that specializes in the type of bankruptcy you need to file. Once you have located several candidates, you can narrow the list down further by weeding out the ones who make you pay for the initial consultation appointment. This appointment is very important, and should be provided to you as a complimentary service while you get questions answered and decide if the lawyer is right for you.Fees to file bankruptcy can vary considerably, but you should expect to pay between $1,000 and $3,000. Since you are in a dire financial situation, it is important to find an attorney who will allow you to make monthly payments and not expect his or her fees all at once. Be sure to ask for a breakdown of what services your fees cover. They should only be related to things like court fees, filing fees and the like.After you have found a bankruptcy attorney that you can afford and who can help you file the proper type of bankruptcy, don't neglect to consider how well the two of you seem to work together. You should never feel judged or looked down upon for filing bankruptcy, especially from a lawyer who you have hired to represent you. If you do feel an air of superiority, it is best to take your business elsewhere, even if all other factors seem to be a good match.
When should one file for bankruptcy?
One should file for bankruptcy when ones amount of debt is so overwhelming and the calls from creditors just won't stop. Basically when your at ones end financially. But one should consult the proper bankruptcy company to discuss all ones options.
Where can one get a free credit report instantly?
Each person is entitled to receive their credit rating, which includes ones address, bill payment history, and if one has been sued or have filed for bankruptcy once every 12 months. One can receive a free credit report at Equifax, TransUnion, and Experian.
