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How will bankruptcy affect my credit rating?

That’s a great question, but the better question is, how is your credit rating right now? As a general rule, if you currently have excellent credit but just too much debt, your credit score will probably drop to 600 or so after the bankruptcy.…
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Judge Nelson affirms injunction of Bankruptcy Petition Preparer Ed Jonak

In a May 28, 2014 ruling, Minnesota Federal District Court Judge Susan Nelson denied the appeal of bankruptcy petition preparer Ed Jonak, who does business under a variety of aliases, including American Law Center, 3rd Millennium Systems,…
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Can Creditors Seize My Tax Refund?

No. Private creditors cannot seize a federal tax refund, even if they have a judgment against you. The only creditors who can go after your tax refund are the IRS, student loans, certain other debts owed to the government, and child support.…

Can I file bankruptcy without my husband/wife, or do both spouses need to file bankruptcy?

A married person can file bankruptcy either jointly with their spouse, or individually without their spouse. Each spouse has their own credit history, and one spouse's bankruptcy will not affect the other's credit report, although there may…

What happens at a Creditor’s meeting?

After your bankruptcy case is filed, you will need to make one appearance at what is called a meeting of creditors, or 341 meeting. This is supposed to be within 20-40 days after filing, and while it’s usually pretty close to about a month,…

Will Bankruptcy Stop Repossession of a Car?

Yes. There is an automatic stay that protects you the moment your case is filed, and nobody can take your assets while the stay is in effect. But keep in mind, in a chapter 7, the ten word rule covers most of what you need to know, and that…

Will I still have a judgment after bankruptcy?

The bankruptcy discharge makes the judgment “void,” meaning there’s nothing the creditor can do with the bankruptcy, but it stays on your credit for 10 years. If you want the judgment to be deemed “discharged” as well, there is an…
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Can an individual be held liable for post separation debts incurred by the other spouse?

Yes. Debts are the same as negative assets, and the presumptive date for dividing a marital estate is the date of your pretrial, which is often many months after separation. There are two exceptions, which is that the parties can agree on a…

If I file chapter 7 or 13 will this stop the judgments that have been filed against me by creditors?

A bankruptcy filing stops collection, and the discharge makes judgments void, but they will stay on your credit report for 10 years from when the judgment was entered.  There is an additional procedure you can go through under state law, after…

Can I refinance or get a mortgage after bankruptcy?

Can I refinance or get a mortgage after bankruptcy? In general, it takes two to four years after a bankruptcy to qualify for another mortgage or refinance (although HAMP loan modifications can usually take place even while you are in bankruptcy).…