According to a report by Fair Issaac, a company that issues FICO credit scores, Chapter 7 bankruptcy remains on a person’s credit report for up to 10 years from the date the case was filed. In contrast, completed Chapter 13 bankruptcies typically get removed faster from the credit report – …
Will the bankruptcy trustee watch your YouTube videos and check out your Facebook posts?
Maybe. The bankruptcy trustee‘s job is to make sure that he examines your financial situation carefully to see if your creditors should be paid – and if yes, how much. The trustee will prepare a report with his recommendations and give it to the judge. In most cases, the judge …
Do you have to go to court and see the judge if you file bankruptcy?
Usually, no. In most cases, the only court meeting you have to attend is the Meeting of Creditors, which is conducted by the bankruptcy trustee. The judge is not present, and the meeting is normally held in a conference room in a federal building, not a courtroom. Your bankruptcy attorney …
Can the court deny your bankruptcy petition?
The short answer is “yes.” Many bankruptcy cases are closed without discharge. Here are the common reasons: – not all of required paperwork was submitted to the court or the trustee – paperwork was submitted, but was not prepared correctly – paperwork was submitted untimely, past the applicable deadlines – …
If you have unfiled taxes for prior years, will these tax liabilities go away or get discharged in bankruptcy?
No. Prior to the changes in bankruptcy laws in 2005, the scope of the discharge of taxes was considerably broader. Discharge of debts in a Chapter 13 case was aptly called a “super” discharge. While you can still discharge some old tax liabilities, be sure that all of your returns …
If you file bankruptcy, do you have to file with your spouse?
If you are married, you don’t have to file together with your wife or husband. You can file separate cases, or you may resolve your debts through the bankruptcy case while your spouse tries another route. That said, remember that all of your household’s income, assets and expenses will be …