SPIFIMAN1
 |
Depends of which chapter you file.
If it's chapter 13 (wage earner) you will be put into a payment plan over 3-5 years.
If it's chapter 7 (liquidation) then everything except student loans, child support and tax liens are discharged.
They all continue to show on your credit report for the next 10 years but are listed as (included in bankruptcy).
Do not listen to the people that say you can not get credit for several years after a bankruptcy, they simply do not know what they are talking about.
As soon as your bankruptcy is discharged you will be flooded with offers to get credit cards and buy cars. |
|
skunk
|
I filed 4 yrs. ago,all debt gone.
There is new laws now.so i couldn`t say for sure.
I have better credit now. |
|
jezzebelle8282
|
i know your student loans are NOT wiped out from bankruptcy |
|
sparkles_0604
 |
from what i heard it is most of them but student loans. Also then you cant have anything under your name that is no greater value of a certain value. Like example if you own a car that is worth 30k well it can be taken away from you and then "they" set up a certain dollar amount that you cant own anything over. Like say 5k so that would mean you cant own anything over 5k in your name. |
|
Ariana
|
Yes they do. You get discharged from the debts in approximately a year after . And it stays on your credit file for 6 years. The only downside is you lose all saving and bank accounts. But you can start again after a year. |
|
alatoruk
|
UK Answer -
technically no, but the ones that are not dont tend to affect too many people, or be that much.
if you owe the government - inland revenue, CSA, tax credits - that type of thing then these are not included and cannot be written off.
There has been some talk about Student Loans. I believe at the minute they can be included, thet is what is driving up the number of people going bankrupt. Because of that it wont be long before they close this loop hole. However as Student Loans get the lowest rate of any credit, and you dont pay them back until you get a decent income I wouldnt worry too much about that.
You get to choose whether to put your utility bills in or not. So if you do they are writen off up to the date you go bankrupt and you go onto a pre-payment meter. If they are not then you can carry on paying quarterly / monthly. As an aside when I went pop I got a letter from Northern Elec saying I had to go onto a pre-payment meter. I rang them up and said "but I didnt include your bill in bankruptcy, go away or I will...." they soon backed down.
everything else would tend to be included. |
|
Judy1
 |
No. First of all, there are two types of bankrupcy - one just allows you to be protected while you pay off all or some of what you owe. Even in the type that wipes out some debts, it doesn't wipe out child support, student loans or most taxes. |
|
countryguyhfc
 |
First you tell the courts which debts you want to wipe out.
You probably won't want to wipe out your home debt or car debt as those are secured so you would lose the home and or car. Also federal student loans can not be wiped out, same for child support arrears. The courts decide if the debts can be wiped out or not. |
|
!!!
 |
very hard to get student loans wiped. |
|
kiwi
|
It costs money to file. It ruins your credit rating.
Not worth it. If you're having trouble with debts, maybe you can find a way to consolidate them and pay them off. |
|
KAY L
 |
they wiped all my debts from a buisness that didnt work but took my house and sold it for peanuts taken years to get a good credit rating but was allowed to keep joint account with my husband |
|
stephanie_hamett
|
chapter 7 is liquidation... Chapter 11 is repayment... and Chapter 13 is for business...
Chapt 7 wipes most unsecured debt, judgements, collections... (credit cards etc.)
student loans however cannot be wiped out by bankruptcy.
usually after two years you can apply for a car loan... but in some instances some car dealers specialize in financing borrowers with a bk w/in the two years but at a ridiculous rate (23+%).
hope that helps |
|
William R
|
No the court will appoint a trustee to figure how much you can pay in a month |
|
rockyfella25
|
depends on which one your going for..and since the new law about bankrupt, I'm not sure how it all goes. use to chapter 13 yes and chapter 7 no |
|
Babe
|
Yes they do all get wiped out. |
|
delfin
|
according to a Judicial Law, you must prove first to the court that you are insolvent or inability to pay dues in layman's term.. |
|
crisdeee
|
In my case all but secure debts were. |
|
D L
 |
pay your debts or dont borrow !!
simple !!
i say shame on you |
|
Valarie R
|
I am a Lender, here is the best that I can give you on this...
First and Foremost.. No, not all of your debts are taken care of. By Federal protection, there are some debts that are protected against being placed in BK, for example Student loans, and Home loans. There are other Government Loans that I have seen on peoples credit for helping to start businesses that were not allowed in that debt, however here is the biggest thing. Just because you file BK does not mean that all of the debtors have been notified. You have to watch your credit very carefully, I have seen those that have filed BK last year and things still be on there credit after the fact. There has been some instances when those people did not tell the attorney about Debts, that they are now still responsible for because they can not include it after the fact, and it can not be proven in the "Schedule F" or schedule of creditors. There are some debts that have been sold, to other collection agencies or were in the process and they were not notified, a simnple letter to the new collector lets them know that they can not collect on the debt. Most of the times the attorney sends them out. Or I have seen where customers have a general letter with a copy of their creditors to send off themselves. BK is very tricky, and it is untrue that you can not get credit for 5 years. You are told not to get credit during the process from your attorney, however I work with those eveyday on there home loans who are now exactly 2 years out from filing and are in the low rates on there home loans because they have kept a few things out or the little bit of credit that they have built they have now done it in the right manor.... I highly suggest you contact an Attorney in your state to go through what can and can not be filed. There has been so many changes in the BK laws in the last 2 years, that it has made it very hard for people to go and file now. |
|
007
|
yes but you cant get credit for about 5 or 6 years |
|
Jake
|
Yes. Theoretically when you go bankrupt (fully discharged)
you are cleared of all debts. However you start with no credit and you have to re-establish credit which may be a challenge.
The bankruptcy do stay on your record for 7 years. |
|
Becky Boop
|
Your debts do get wiped, but its only used as a last resort really. Property, shares, anything of real value or even non-essential can be sold to pay your creditors. So its only really a sensible option if you dont own any assets. Plus theres trouble with credit, employment, business and housing, not to mention the stress it would put on you. |
|
I love the flipflops
|
I do not believe so. It depends on Chapter 13 or 11. One of the two, you have to make payments on it but there is little to no interest attached. Also the laws are new on this so I think most of the time now you must pay it back. |
|
Janet B
|
No. If you are a bankrupt all your debts are on a credit file. To who you owe and the amount. you will not be able to get further credit and every now and then the companies will continue to write to you. They are only wiped when the debt is repaid in full. After several years you MAY be able to get low credit but it will be a higher interest rate. This may seem harsh but you have to remember that you had the money and could not repay it for whatever purpose.
However. most companies simply want their money back and will listen to what you have to say and most of the time they will come to some sort of repayment agreement, which is better that being blacklisted.
Good luck to you but do not worry!. |
|
TOMMY B
|
your trying to find an easy way out "eh
pay your debts ,and no they are not wiped out |
|
Platobeenz
 |
Wouldn't that be nice? |
|
nicechik
|
yes they are but you cant get credit for 5 years.
i dunno why im gettin the thumbs down this is information i got form citizens advice in scotland, so f*** you's all! |
|
| |
|
Homepage 
Financial
Forum 
Credit 
No Spam
Adult 
Gambling
Unfinished
Deception
Plagiarism
Not English
