Legal Question in Bankruptcy in Arizona
Chapter 13- When is credit report clear?
I filed Chapter 13 June 1996, paying $66 per mo til Jan. 2001--credit report currently shows no bankruptcy, just the debits,will credit report not show bankruptcy til payments all paid and then I'll have ten more years to wait til bankrupcy falls off credit report? Or, after payments made, will credit show debit satified and I'll be able to start new credit then? If so, can I pay off my payment schedule early in a lump payment? What if I changed to Chapter 7, can I?? What if I quit making payments; debit would resume I imagine---wouldn't creditors just turn to collection and then end up writing off debts?? Would show as bad credit also 7 to 10years on credit record, but wouldn't have a bankruptcy on my credit report then, right? Living in Nevada, in an apt., 9 year old car and household furnishings are all I have to my name; making $8.50 an hour working......could creditors, or would they, come after my wages? Thanks for any answers given! :-)
1 Answer from Attorneys
Bankruptcy questions
Eventually, your credit record will show the bankruptcy filing; it should reflect that it is a ??% Chapter 13 Plan; your creditors will report it if the credit reporting agencies do not pick it up from public records.After Jan, 2001, your credit record will reflect a bankruptcy DISCHARGE which will stay on the credit report for 10 years.
Whether the Chapter 13 Trustee would accellerate payments to creditors if you accellerated tyour payments on the Plan is a question you would need to address to the Trustee.
If you quit making the Plan payments, eventually, the Chapter 13 Trustee would ask the Bankruptcy Court to dismiss your case; then you would be in the same position you were in before you filed.
You can always convert a Chapter 13 to a Chapter 7. Given your situation, I am surprised that your attorney let you file a Chapter 13 instead of a Chapter 7. After you file the Chapter 7 (or convert the Chapter 13), creditors cannot come after you for the debts.
The foregoing answer coes not create an attorney-client relationship. It is for information prposes, only, and is not to be construed as the practice of law in any State other that Ohio (although I am admitted to practice in Federal (including Bankruptcy) courts).
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