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NightStar
Joined: 10 Mar 2010
NightStar's page
Posts: 143
Location: Illinois
3061 Magic Points
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Subject: Bankruptcy good to know tips
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Wed Mar 10, 2010 9:40 pm
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I see bankruptcy posts in this section and wanted to contribute some good information on how to go about handing the credit reporting side of things.
Consumers need to order all 4 credit reports:
Experian
www.experian.com
888-397-3742
Equifax
www.equifax.com
800-685-1111
TransUnion
www.transunion.com
800-916-8800
Innovis
www.innovis.com
If the consumer is entitled to their free credit report for the year they should go here.
www.annualcreditreport.com
877-FACT-ACT
Once the consumer has all of the credit reports - identify all of the companies that are going to be included in the bankruptcy. Take down the name of the company, the amount owed, the account number, and the address for the company.
If you can't find companies on the credit report, then look for past statements or collection letters received and get information off of these.
If some of the data is outdated or you are still missing companies owed then call the creditor or collection agency to verify the balance, and the address where to send payment. I don't recommend telling creditors or collection agents that you are planning to file bankruptcy - a good number of times you are going to find them hanging up on you. Leave the notification to the lawyer. If they ask for payment, just tell them you will mail them soon and leave it at that.
Once you have all of the data, forward that to the lawyer.
When the bankruptcy is filed and has been discharged you need to go to the court house and pay a fee for a copy of the discharge and bankruptcy papers. You can forward a copy to the credit reporting agency of the discharge and schedule showing what all creditors where included. Ask the credit reporting agency to update judgment as discharged and all of the accounts as included in bankruptcy / zero balance.
Here is the run down on the reporting periods:
Chapter 13 bankruptcy public record will show on the credit report for 7 years from the file date.
Chapter 7 bankruptcy public record will show on the credit report for 10 years from the file date.
All of the separate accounts included in bankruptcy can show on the credit report 7 years from default.
It is so important that you find and report all companies owed, you don't want to have to go back later and re-open a bankruptcy to add companies that were missed.
If a creditor or collection agency tries to collect on a discharged debt, then notify your lawyer or the bankruptcy trustee. Sometimes you can just mail a copy of the discharge with the schedule of lenders included to the company trying to collect.
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goodnatured
Joined: 03 Nov 2007
goodnatured's page
Posts: 3927
10 Magic Points
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Wed Mar 24, 2010 2:07 am
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another great post.
what is innovis? I have never heard of it. |
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NightStar
Joined: 10 Mar 2010
NightStar's page
Posts: 143
Location: Illinois
3061 Magic Points
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Wed Mar 24, 2010 3:44 am
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Well there is the 3 main credit reporting agencies, then there are the credit bureaus that work under them reselling to local areas. Then there is Innovis. They I believe were at once time a local credit bureau out of Pennsylvania that just kept amassing their own data separate from the major credit reporting agencies until they just became an entity themselves.
They are WELL KNOWN for collecting specifically negative data, so it is always in your best interest to chuck up the extra money and see what they are reporting on you. I hear tell that a lot of collection agencies will report to them.
Now they don't subscribe to the annual free credit report once a year like the other 3 major credit reporting agencies. Least I don't think they do, the national site left them off the agencies consumers could pull from at the Annual Credit Report site.
I have not had experience with them personally myself - though I dread the idea of even looking. I don't know there inner workings like I do Experian Equifax and TransUnion. I don't know how they handle ID Theft claims or if they have issues with Mixed / Split credit files, or if they provide info to companies wanting to solicit consumers.
Actually that sounds like a good next project for me to look into.
Thanks for your question.
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ronaldeddy
Joined: 04 Aug 2010
ronaldeddy's page
Posts: 3
6 Magic Points
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Subject: Bankruptcy
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Fri Aug 13, 2010 4:57 am
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| Good one I hope it will help me out.. |
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tracy
Guest
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Mon Aug 30, 2010 11:47 am
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| Nice ..Your information will be helpful to all. |
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Aaron
Joined: 08 Feb 2010
Aaron's page
Posts: 2675
48566 Magic Points
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BankruptcyRules
Joined: 08 Dec 2010
BankruptcyRules's page
Posts: 5
114 Magic Points
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Subject: Bankruptcy Review
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Wed Dec 08, 2010 1:27 pm
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Many bankruptcy questions usually run through debtors minds once they have been declared insolvent and are no longer able to pay their creditors. One is left to wonder what is required of them next and what the situation will affect their image, credibility and career path. This article will help answer some of the most commonly asked questions about insolvency.
Who will know? In as much as this may hurt your ego or image, you need to know that once you have been declared bankrupt and you have filed for the same, your name will be published in the local dailies. Future potential business partners or employers may not take this very well. Will I ever be able to get credit again? As difficult as it may seem, you are eligible for secured credit cards.
However, this only works with a few specific banks and may not necessarily be applicable with every bank. For much bigger loans like mortgage, it will not be until after two years after your name has been cleared from the records that you will be able to access such. Do I need to take counseling classes before filing for bankruptcy? The choice is yours but it is not entirely necessary.
What you need is a good attorney who will work with you all through the filing process and who will properly represent you to your creditors. Counseling might just cost you much for nothing but with a good attorney, you have it all together. 4. How much will it cost? Different bankruptcy lawyers will charge different fees but on an average, you will part with roughly $1,000-$2,000. For you to keep the charges down, be sure you are well prepared in advance.
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