Bankruptcy Information





Bankruptcy in Brief a service of the Moran Law Group Credit after bankruptcy Those considering bankruptcy frequently worry that they will never get credit after a bankruptcy or that it will be years before they can get credit Neither is true If you owe money on a credit card at the time you file bankruptcy you must list the card as a debt Remember the are filed under penalty of perjury perjury in connection with your case can lead to of all of your debts It is also a federal crime If you don't owe anything on the card you don't have to give the credit card company notice of your bankruptcy Note however that they may find out through other means and cancel the card as a precaution American Express is notorious for this Most credit card companies will allow you to keep their credit card for use after bankruptcy if you agree to the balance on the card and enter into a new agreement signed after the bankruptcy filing The decision is up to the creditor but most creditors want to avoid the loss incurred when the debt is discharged and want your future business Our experience

Bankruptcy in Brief a service of the Moran Law Group Credit reports As consumers we have been trained by the credit industry to equate the contents of our credit report with our credit worthiness The two are not the same A credit report may show that you have faithfully made every payment on time for your entire life and still you are not worthy of more credit because you can't ever pay off the credit you have What is a credit report A credit report is a history Under you are entitled to an accurate history but not to a re writing of truthful history That history can properly include delinquencies or bankruptcy A bankruptcy will not erase discharged creditors or your pre bankruptcy payment history After a bankruptcy discharge the amount outstanding for each discharged account should be shown as zero Your credit report is not a reliable guide to everyone you may owe money to Not all creditors report to credit reporting agencies your credit report lists only those that do report and the contents of the public record The notation that a debt is charged off does not necessarily mean it is not legally enforceable Charge

Stephen Snyder Founder of the After Bankruptcy Foundation and author of Credit After Bankruptcy Resources Ask Stephen Got a question on bankruptcy or credit? Ask Stephen Snyder directly on his If You're Bankrupt This Is the Most Important Website You Will Ever Visit The only reason I can imagine that you're on this website is because you're bankrupt and have very bad credit and finally want to do something about it In that case congratulations Not for being bankrupt but for taking the first step to recovery and gaining back the credit you had before you filed I know exactly how you feel and what you're going through right now because I filed bankruptcy too But I recovered in only eight months And by recovered I mean I was approved for loans at the same interest rates and terms as people who never filed bankruptcy As low as with no money down for a new car The Real Secret to Recovering FromBankruptcy the Right Way On this website you'll discover everything I did to recover so quickly and many other bankruptcy recovery and credit repair strategies you'll find nowhere else If you follow the advice and suggestions on this

McDonald Law Offices PLLC L A W Y E R S On this page Credit and Bankruptcy How long may bankruptcy information be included in my credit report after bankruptcy? Both the Bankruptcy Code and the Fair Credit Reporting Act are Federal law so the same rules apply to all states A consumer credit report may include information on a Chapter and Chapter bankruptcy for years from the commencement of the case We have been advised that at least one major consumer credit reporting agency removes information about Chapter after only years although it is not legally required to do so Most other credit information may be reported for years except for civil suits civil judgments and arrest records can be reported for at least seven years but may be reported longer if the governing statute of limitations is longer For example in Arizona a court judgment is effective for years However it may be renewed at the end of that time for another year period and again after that period As a result a renewed civil judgment could be reported for as long as it is effective The restriction on reporting any credit information do not apply to



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