Can I Own
Anything after a Bankruptcy?
Yes, you can keep your exempt property, and your home and
vehicles if the debts are reaffirmed,
and you own no equity above your state's limits in the secured
items. If you receive an inheritance, divorce property settlement,
or life insurance benefit 180 days after your bankruptcy filing,
that money or property has to be turned over to your
creditors.
Will Bankruptcy
Wipe Out My Debts?
Yes, with some exceptions. Those exemptions are specifically listed
under the Bankruptcy Code, but include: alimony, child support,
certain taxes, fines, and student loans. Lenders can also claim
that a debt is nondischargeable under Section 523 of the Bankruptcy
Code.
How Will
Bankruptcy Affect My Credit?
The fact that you are considering bankruptcy is already a
clear message your credit has been effected. A bankruptcy will stay
in your credit report for 10 years, but the filing of a
bankruptcy will cause those creditors on your credit report that
have been discharged to show a zero balance owed after your
discharge. This should help you improve your credit score.
Can I Avoid
Listing a Creditor or Credit Card?
You are required after the Bankruptcy Code to disclose all
assets and all debts. You cannot pick and choose who you list. You
have to list all your bills and debts you owe.
Can I Rebuild My
Credit after Bankruptcy?
Yes, in the past it was difficult to rebuild your credit,
but after a bankruptcy if you watch how you use your credit, and
pay your bills on time, you can rebuild your credit. The filing of
a bankruptcy does not prevent you from getting credit in the
future.
