Bankruptcy

What is bankruptcy?

Bankruptcy is a legal way of getting relief from most debts. Chapter 7 is the most common form of bankruptcy. It involves the filing of a petition in Bankruptcy Court. Your creditors are then notified and a hearing is held that you must attend. After that, the Bankruptcy Court will enter an order that you

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How do I re-establish credit after a bankruptcy case?

After completing a bankruptcy case it may be useful to obtain some credit. No law restricts the availability of credit so each lender may consider the bankruptcy filing, the credit history as shown on the credit report, and other indications of credit worthiness in deciding whether to make a new loan. Each lender is different

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Will filing bankruptcy prevent my getting a student loan?

Student loans are usually guaranteed by the federal government and are not based on the credit of the student. This type of student loan will not require a credit report and may be obtained after a Chapter 7 case is completed. If a student loan is needed during a Chapter 13 repayment plan a letter

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What is a discharge?

A discharge is a court order that says you do not have to repay your debts. A discharge can be denied if you, for example: destroy or conceal property; destroy, conceal or falsify records; or make a false oath. Creditors cannot ask you to pay a discharged debt.

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Types of Bankruptcy

Web Video Part 2 Types of Bankruptcy There are three main types of bankruptcy cases for individuals, the most common of which are chapter 7 and chapter 13. Running Time: (3:55)

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Limits of Bankruptcy

Web Video Part 3 Limits of Bankruptcy Some debts cannot be discharged in a bankruptcy. Running Time: (4:34)

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Filing for Bankruptcy

Web Video Part 4 Filing for Bankruptcy In order to file for bankruptcy, an individual must take a credit counseling course and accurately complete and file a number of documents. Running Time: (2:57)

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Creditors’ Meeting

Web Video Part 5 Creditors’ Meeting Every debtor is required to appear at a creditors’ meeting conducted by a trustee who asks the debtor questions about the debtor’s financial condition and gives creditors the opportunity to do the same. Running Time: (1:27)

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