I applied for a loan from my credit union and was rejected because bankrupcy showed up on my credit. My ex-husband filed over 12 years ago and its still showing up on my credit report. How can I get rid of it? I thought it was only for 10 years that it was suppose to show up, I can’t get credit anywhere due to this, what can I do to clear my credit report?

You could write a dispute letter to the credit berues requesting to have this information taken off your credit. You can request free copies of your credit reports under the new federal Trade commision. The only thing the free credit reports do not show a beacon score. You are not required to purchase services, such as credit monitoring or your credit score, in order to receive your free annual consumer credit reports. You can go online to http://www.annualcreditreport.com or by calling (877)- 322- 8228.

I am a student , still in college, i have over 20k of cc debt and adding student debt to that as well.
i do work, but i cant dedicate myself to working 24/7 to pay my debts, I live off of financial aid from school, and not from my employment money, i am on my own, no parental assistance.

my credit right now is good, all my credit cards have good intrest rates, some are fixed at 8, others are prime plus 1.49 , or something similar.

I own no property or stuff of value.

I constantly pay the minimum and then charge for necessities like food b/c i have no money left. My rent is 800 and i have about 1000 from financial aid with wich to live on. Plus my job but in order to do well in school i cant work that much, i work very little, sometimes making less than a 100 a paycheck, soemtimes around 300………

Would i be able to file for bankrupcy?

or would i be required to quit going to school and to get a job to pay solely for my debts?
No one claims me as a dependant. I can not cut money anywhere, i dont live on campus, or in dorms.

I pay my minimum payments because i then in turn chargemy credit cards, my debt always grows bigger . I dont plan on getting my student loans excused…… my student loans are only 5500.

The short answer to your question is yes, you can file for bankruptsy if you are on your own.

If your parents are still declaring you as a dependent on their taxes (I’m not sure how old you are), you may have a problem doing so.

Will you be granted bankruptsy status? Only maybe. It sounds like you can still make minimum payments on your credit cards, so I am not sure if the court will accept your petition (you’d have to talk to a lawyer about it).

I would recommend taking a long hard look at your situation. Ask yourself a few questions.

1. What will I gain by filing for bankruptsy? Bankruptsy is a one time in 7 years thing. I believe student loans can not be discharged. If you are only in your 2nd year of college, you file for bankruptsy, and you rack up another $20K in CC debt the second 2 years, you are stuck with it. There is no way out for you again for a long time. Does it make sense to file now or file later?

2. Is college worth it? College is an investment. While you are in school, in reality you are losing a ton of money. You are probably giving up at least $20K to $30K a year by not working and going to college instead. Is your investment going to pay off in the long run? Does your major make good money and is in high demand (like nursing)? Is your major poor paying and tough to get into the field (like journalism)? Take a step back and figure out if accumulating all the debt is going to pay off or are you going to college because everyone tells you that you should. Never lose sight of the fact college is an investment. Would it make sense to keep a stock that is only going to cost you money and never make you anything?

3. What are your expenses? When I was young and busy, I fed myself for under $1 a day in college (easily). It looks like you clear at least a few hundered a month to live on (a fortune to most college kids). Do you have a cell phone? Cable TV? You smoke? You drink a lot? Is it cheaper to live in the dorms and use the school meal plan? You have a car you don’t really need? Think long and hard about what you spend money on and if you really need those things. You don’t need a car and its associated expenses if the bus will get you there. A cell phone is a luxery, not a necessity. Maybe you really make enough money if you sacrifice, or maybe you don’t. Take a long look and do some soul searching to see if you really can survive off what you make. You may have to live off of Mac and Cheese, but perhaps you can at least prevent your debt load from increasing.

Also on the line of expenses, can you cut some of the classes at the University and take them for 1/4th the cost at a community college and transfer them in? That might save you a ton of money.

4. Should I file now or later? Related to my first point, would it be better to file now or later? Perhaps you really are screwed and are sinking. If you have 6 months left in school (or even 18 months), it might be better to do your best to weather the storm for awhile longer and discharge all your debt when you are done with school and get a fresh start in the working world.

Good Luck to you. I hope things work out.

Im wondering with a bankrupcy case.. will it be easier than juggling the 10 credit cards and their minimum payments, and having collections after me?

Let me give you a tip….when you see Yahoo answers that say bankruptcy is only on your credit report for 7 years, they are wrong (it’s 10) and that is a good tip the rest of their information is incorrect also.

That said…..

As mentioned there are two types of bankruptcy. Chapter 7 will wipe out all of your unsecured credit card debt, but in order to qualify you must first meet a "means" test. They will take your income and expenses, crunch the numbers together and see if you make enough money to pay off a portion of the debt. If you do not have enough "disposable" income to pay at least $100 a month, you will be forced to file for Chapter 13.

Under the Chapter 13 plan, all of your creditors submit their claim to a trustee. The trustee will take whatever you have in "disposable" income, and divide it up between the creditors. Once you have filed, no more interest or late fees is charged.

So, in a very broad sense, you are "consolidating" your debt into one payment, and it will pay off your debts within 3-5 years. In most cases you are not paying back all of your debts. The last person I worked with had about $50k in debts ($10k in delinquent taxes)….and by the end of his "plan" he will repay only $28k of it. So again, don’t believe the people who say you pay back your debts anyway….only a small portion.

Now the bad part…..bankruptcy is reported on your credit reports for 10 years. IF you do not plan correctly, you will have a difficult time over this period. Even with good planning, the next 2-3 years will be difficult, as nobody is going to give you credit.

And under a Chapter 13 plan, you will not get very much money to live in. This is not a "quick and easy" way to get out of credit card debt. You will be forced to live on a strict budget with no frills at all. That is the price you pay to get a large chunk of debts erased and creditors off your back.

But in most cases you don’t have a lot of options.

My suggestion is to first contact a non-profit debt COUNSELING agency and get some practical advice. Sometimes if you get some 3rd party help you can put your finances back in order without having to resort to the scam artists that do credit consolidating, debt settlement, or bankruptcy lawyers. All are expense and all will hurt your credit worse then it is now.

can a person continuously file for bankrupcy and never pay a single bill?

You people smoke crack.

You will get credit again. You can usually get a credit card right away.

If you file a chapter 7 you don’t have to pay anything. If you file a chapter 13 you pay off your debts over a period of time.

Who pays the remainder of the bills. If a 7 no one, if 13 you. You are usually limited to filing every so many years, like every 7 years I think for a 7 and not sure about a 13.

The number one cause of bankruptcy is medical bills, then next credit card bills. Remember, the credit card companies pay hardly any interest yet jack you hard on what you pay them. Don’t feel sorry for them. I don’t

I may file for bankrupcy but wasn’t sure if i could be sued after the fact by the creditors

Purpose

The primary purpose of bankruptcy is: (1) to give an honest debtor a "fresh start" in life by relieving the debtor of most debts, and (2) to repay creditors in an orderly manner to the extent that the debtor has the means available for payment.

Bankruptcy allows debtors to be discharged from the legal obligation to pay most debts by submitting their non-exempt assets, if any, to the jurisidiction of the bankruptcy court for eventual distribution among their creditors. During the pendency of a bankruptcy proceeding the debtor is protected from most non-bankruptcy legal action by creditors through a legally imposed stay. Creditors cannot pursue lawsuits, garnish wages, or attempt to compel payment.

Bankruptcy fraud

Bankruptcy fraud is a crime. While difficult to generalize across jurisdictions, common criminal acts under bankruptcy statutes typically involve concealment of assets, concealment or destruction of documents, conflicts of interest, fraudulent claims, false statements or declarations, and fee fixing or redistribution arrangements. Falsifications on bankruptcy forms often constitutes perjury. Multiple filings are not in and of themselves criminal, but they may violate provisions of bankruptcy law. In the U.S., bankruptcy fraud statutes are particularly focused on the mental state of particular actions.[1]

Bankruptcy in the United States

Main article: Bankruptcy in the United States

Bankruptcy in the United States is a matter placed under Federal jurisdiction by the United States Constitution (in Article 1, Section 8), which allows Congress to enact "uniform laws on the subject of Bankruptcy throughout the United States." Its implementation, however, is found in statute law. The relevant statutes are incorporated within the Bankruptcy Code, located at Title 11 of the United States Code, and amplified by state law in the many places where Federal law either fails to speak or expressly defers to state law.

While bankruptcy cases are always filed in United States Bankruptcy Court (an adjunct to the U.S. District Courts), bankruptcy cases, particularly with respect to the validity of claims and exemptions, are often highly dependent upon State law. State law therefore plays a major role in many bankruptcy cases, and it is often quite unwise to generalize bankruptcy issues across state lines.

[edit] Bankruptcy chapters

There are six types of bankruptcy under the Bankruptcy Code, located at Title 11 of the United States Code:

* Chapter 7 – basic liquidation for individuals and businesses
* Chapter 9 – municipal bankruptcy
* Chapter 11 – rehabilitation or reorganization, used primarily by business debtors, but sometimes by individuals with substantial debts and assets
* Chapter 12 – rehabilitation for family farmers and fishermen
* Chapter 13 – rehabilitation with a payment plan for individuals with a regular source of income
* Chapter 15 – ancillary and other international cases

I may file for bankrupcy but wasn’t sure if i could be sued after the fact by the creditors

Purpose

The primary purpose of bankruptcy is: (1) to give an honest debtor a "fresh start" in life by relieving the debtor of most debts, and (2) to repay creditors in an orderly manner to the extent that the debtor has the means available for payment.

Bankruptcy allows debtors to be discharged from the legal obligation to pay most debts by submitting their non-exempt assets, if any, to the jurisidiction of the bankruptcy court for eventual distribution among their creditors. During the pendency of a bankruptcy proceeding the debtor is protected from most non-bankruptcy legal action by creditors through a legally imposed stay. Creditors cannot pursue lawsuits, garnish wages, or attempt to compel payment.

Bankruptcy fraud

Bankruptcy fraud is a crime. While difficult to generalize across jurisdictions, common criminal acts under bankruptcy statutes typically involve concealment of assets, concealment or destruction of documents, conflicts of interest, fraudulent claims, false statements or declarations, and fee fixing or redistribution arrangements. Falsifications on bankruptcy forms often constitutes perjury. Multiple filings are not in and of themselves criminal, but they may violate provisions of bankruptcy law. In the U.S., bankruptcy fraud statutes are particularly focused on the mental state of particular actions.[1]

Bankruptcy in the United States

Main article: Bankruptcy in the United States

Bankruptcy in the United States is a matter placed under Federal jurisdiction by the United States Constitution (in Article 1, Section 8), which allows Congress to enact "uniform laws on the subject of Bankruptcy throughout the United States." Its implementation, however, is found in statute law. The relevant statutes are incorporated within the Bankruptcy Code, located at Title 11 of the United States Code, and amplified by state law in the many places where Federal law either fails to speak or expressly defers to state law.

While bankruptcy cases are always filed in United States Bankruptcy Court (an adjunct to the U.S. District Courts), bankruptcy cases, particularly with respect to the validity of claims and exemptions, are often highly dependent upon State law. State law therefore plays a major role in many bankruptcy cases, and it is often quite unwise to generalize bankruptcy issues across state lines.

[edit] Bankruptcy chapters

There are six types of bankruptcy under the Bankruptcy Code, located at Title 11 of the United States Code:

* Chapter 7 – basic liquidation for individuals and businesses
* Chapter 9 – municipal bankruptcy
* Chapter 11 – rehabilitation or reorganization, used primarily by business debtors, but sometimes by individuals with substantial debts and assets
* Chapter 12 – rehabilitation for family farmers and fishermen
* Chapter 13 – rehabilitation with a payment plan for individuals with a regular source of income
* Chapter 15 – ancillary and other international cases

When a company files bankrupcy is the personal credit of the president or owner of the company affected?

Not unless they gave personal guarantees they didn’t pay.

I received a loan modification trial from my bank for 3 months then it is supposed to be finalized. I filed backrupcy yesterday on my credit cards. My bank said if I send them an authorization releasing them from the bankrupcy then that should be ok. Does that mean the loan approval will still go through? Does anyone have any advice?

You need to discuss this with your bankruptcy attorney.

I have a friend who is a landlord and her tenant filed bankrupcy and she needs to know if she can still add her to the claim. as of today she is not on there, but could she be added and how long does she have?

You need to find out who is dealing with the bankruptcy proceedings and speak to them about claiming monies owed, unfortunately when somebody declares bankruptcy you will not get any money out of them unless they have a property to sell or some other colllateral that can be sold. Sorry hun but bankruptcy draws a line under someones debts.

What are the effects of the new bankrupcy laws on these unfortunate people?

The short answer is they look for a cheaper home or an apartment for many years to come.

The house is sold by the mortgage holder, in most cases namely the bank. If the home is sold for a profit or for more than the outstanding mortgage the difference after all fees and charges are deducted are given to the home owner.

If you know of someone that is heading in this direction or is about to be foreclosed on they should look at the information that pertains to chapter 13 it is a way they can possibly hold onto their home.

The new bankruptcy laws require people to attend or seek advice from a credit counseling agency, before filing a bankruptcy case. If more people would do this it is quite possible bankruptcy could have been avoided. Go here http://www.uscourts.gov/bankruptcycourts.html for more information on this subject.