The creditor reports to the credit reporting bureau(s) they belong to that the debt has been listed in a bankruptcy in which a discharge has been granted.
Strictly speaking, any debt that a creditor does not challenge in timely fashion is probably discharged, unless the debtor has committed fraud during the bankruptcy.
The court does not specifically determine that a debt is discharged unless an adversarial action involving the discharge of that debt has been heard and a decision by the court has been made.
No. All entries have to be marked "included in bankruptcy". Obviously that only applies if they were actually included.
In most cases it will be sent to you by the bankruptcy court. If you need another copy or have not received your discharge papers when you believe you should have then contact the bankruptcy court to obtain them.
No, it cannot be removed but the information can be amended to read correctly. A bankruptcy discharge remains on a credit report 10 years from the date of discharge.
Yes. Each type of bankruptcy allows creditors to object to specific debts included in the plan or the manner in which the plan addresses the repayment or discharge. In Chapter 7 Bankruptcy, creditors generally have 60 days after the first creditors meeting to object to the discharge of a specific debt. If no objections are filed, the court will issue the discharge order and the trustee will proceed to collect and sell the assets, then distribute the proceeds to the creditors under a predetermined system. If there are objections, the bankruptcy itself, less the objected debts, continues through to discharge. It may be necessary to have a trial before a judge to resolve the items that creditors objected to. In a Chapter 13 case, creditors are given an opportunity to object to the plan for repayment. If there are no objections filed by creditors or the trustee, the plan may be confirmed as filed. After the plan is confirmed, the trustee will distribute the payments from the debtor to creditors until the
The amount of time a bankruptcy stays on your credit report after discharge differs between Chapter 7 and Chapter 13 Bankruptcy. With Chapter 7 bankruptcy, the Chapter 7 stays on your credit report for 10 years. Chapter 13 bankruptcy, after discharge, it shows for 7 years on your credit report.
Ten years from the date of discharge.
You don't have a choice. You list all of your creditors and the court notifies them of the filing. If you deliberately omit a creditor from the list you can be charged with a federal crime and, more seriously, denied a discharge or have your discharge (as to ALL creditors) revoked.
It should be removed from the credit report in 2009. A bankruptcy remains on a credit report for ten years from date of discharge.
AnswerYou have to report ALL assets. Any individual can file for Chapter 7, but the whether you are eligible for a discharge is another matter. Your ability to get a discharge depends on your assets, income, debts and monthly expense. Beginning October 17, 2005, it will also become much harder to file for bankruptcy. If you are seriously considering filing for bankruptcy, you should see an attorney right away.Often the bankruptcy court will determine that a structured settlement is an exempt asset, so it would not be available to creditors. However, if you don't report it, then there is a risk that at some point in the future the structured settlement will be seized by the bankruptcy trustee and/or the old creditors.
The bankruptcy itself will show up on reports very soon after it is FILED. The discharge itself is not reported, just the public record of the bankruptcy itself.
Yes and no. If an account was already charged-off before the bankruptcy, it can be reported as a charge-off. By law, the creditors must charge-off accounts included in bankruptcy, BUT they can not REPORT that charge-off if it happens AFTER the bankuptcy. Negative reporting on discharged debts is a violation of the permanent injunction of the discharge.
10 years from discharge