Bankruptcy InformationTo Help You Decide

JC asked:


I have heard this is a good way to remove a BK. See below. Has anyone tried this?

Unlike other negative information which stays on your credit report for 7 years, bankruptcy can be reported for up to 10 years.

Bankruptcy courts keep cases active for a period of two years before placing them on microfiche.

If your Chapter 7 bankruptcy has aged at least 27 months since the date of discharge, your in a great position to make it disappear forever, simply file disputes with the credit bureaus indicating that your bankruptcy was a Chapter 13 and not a Chapter 7.

You need not provide any documentation to support your dispute, the burden of proof is on the government.

Bankruptcy courts do not respond to requests for verification on cases which has been archived to microfiche, as a result the credit bureaus are required to remove the bankruptcy from your credit report.

April Myers

Peter Gitundu asked:




Filing for bankruptcy has its own few advantages. To begin with, it relieves you from your debt burden temporarily. In the meantime, you are able to work on the repayment plan. The thought of filing a petition creates fear in many people but this should not be the case. If you clearly understand what is required of you during the process, you will appreciate the fact that you are getting a relief.

Filing for bankruptcy requires that you give some personal information that will determine whether you qualify to file the petition or not. With the new insolvency laws, rules are bound to change and the process may not be as easy as it has been in the past. Just to cite an example, the new federal insolvency law in Massachusetts dictates that one cannot file for insolvency if their income is above that of the median income of most citizens in that place.

The different chapters under the law of bankruptcy automatically dictate whether you qualify to go ahead with your petitions or not. For example, it is difficult to file under chapter 13 if you do not have a stable or regular source of income. Chapter 13 requires that you may regular payments, bit by bit to your creditors. The amount is calculated depending on what your regular income is.

There are some types of debts that will never qualify you to file for insolvency. This means that you can never get relieved from such debts. They include mortgage, taxes, student loans and child support charges. Secured loans are also not discharged form insolvency and you have to pay to the very last coin.

Ted Bishop

HLMSR asked:

The great bankruptcy of the United States: America is now run like a disaster. We have politicians that do not see more than the next election, blood sucker elit and businesspersons that trumple all ethical and moral values, and sleep walking people with a strong enough shoulder to carry them. The country is now in a disasterous swirl.

Bertie Andrews