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If some of the data is outdated or you are still missing companies owed then call the creditor or collection agency to verify the balance, and the address where to send payment.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. _________________ Credit Cards Credit Reporting Information Credit Repair Info
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.
Your personal details (name, email address and phone number) will be delivered to the company advertised on the Creditmagic after ve agreed to go for the counseling session by filling out the no-obligation form. However, it is your discretion to accept or reject their services.
Not all the creditors/debt collectors agree to trim down the outstanding balances, interests, and fees payable by the consumer.
Consumers working with the debt relief companies can still be sued by the creditors/collection agencies.
Debt relief services may have a diminishing effect on the creditworthiness of the consumer. The total outstanding balance may increase as the additional fees get accrued.
The overall amount saved by the consumer through the debt relief services is considered as taxable income by the IRS.