bankruptcy

What happens when you file bankruptcy nowadays?
Q. I hear it is very hard to file for the type of bankruptcy where they abolish all of your debt. However, what about the type of bankruptcy where you pay back some of your debt? If you file this type of bankruptcy, will you definitely get accepted, even if you make a high income? How much of your debt do they make you pay back and in what timeframe? How much does it cost to file for bankrutpcy nowadays? Do you have to pay a lawyer up front? Does a lawyer guarantee you will be accepted for filing bankruptcy? THANKS!
Asked by Amber - Sun Oct 21 01:14:19 2007 - - 3 Answers - 0 Comments

A. Actually, a bankruptcy that wipes out all your debt is not much harder than before, it just requires much more documentation and there is an income "threshold" (it's a bit of a sliding scale depending on a variety of factors). If you make below the median income you can definitely file said bankruptcy (known as a chapter 7). Chapter 13, the type where you pay back some of the debt, is what you have to do if you have a high income and need to file bankruptcy. It is possible to have to pay back 100% of your debt if you really make a lot of money, so much that your disposable income for the next 60 months would be sufficient to pay off all of your debt. You only get accepted assuming you comply with every rule and requirement. You have… [cont.]
Answered by Lesley - Sun Oct 21 01:27:07 2007

Bankruptcy? How hard is it to rebuild credit after. Also I am turning in a car that i have financed?
Q. I had a very bad injury and now no income, I can not afford to pay for car or any other bills, bankruptcy is only option. How hard is it to rebuild your credit?
Asked by ? - Wed Mar 5 15:11:19 2008 - - 3 Answers - 2 Comments

A. Disclaimer: Nothing that follows is intended to be legal advice. If you need legal advice for any issue, please consult a qualified, licensed attorney in your area. What follows is simply a lay, but educated, opinion, and no warranty, guarantee, or responsibility; legal, financial, or otherwise, passes from the author to the reader. In other words, don't sue me for what I am about to say. Bankruptcy is almost never the only option. If you speak to a bankruptcy attorney, I can guess their advice to you with a very high degree of certainty (if you need a clue, think how s/he makes money). If you don't file, they don't get paid. A bankruptcy will stay on your credit for ten years. Also, you will NEVER be able to check a box on a… [cont.]
Answered by Randall Parker, MBA - Wed Mar 5 15:47:46 2008

How long after a bankruptcy is discharged (finalized) does your credit report reflect that?
Q. In other words, my bankruptcy was discharged at the end of March, when will the credit report relect which accounts were thrown out in the bankruptcy? Thanks! DAS: I know that the items stay on the credit report, but they will have a note indicating that the were included in the bankruptcy so that any future creditors can see that the debt is not outstanding.
Asked by ariel_okinawa - Wed Apr 16 18:15:17 2008 - - 7 Answers - 0 Comments

A. usually within 30 days. However, you will want to get a copy of your credit report and make sure. Also, you will need to contact all 3 credit agencies because I can guarantee you that there are things in the bk that will still show delinquent on the report. It is important that you make sure everything says "included in bankruptcy" because it reflects dramatically on your credit score if you do not.
Answered by ardeare - Wed Apr 16 18:21:27 2008