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| After Your Bankruptcy |
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Phone: 954-722-1300
Toll Free: 800-881-1300
Fax: 954-722-8125 |
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| Home > Client Services > Bankruptcy Services > After Your Bankruptcy |
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| After Your Bankruptcy |
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| Ques |
How long does Bankruptcy last? |
| Ans |
A bankrupt may be discharged (freed from obligations under the bankruptcy order) after one year. Discharge is not necessarily automatic and can be postponed by the Court. In addition, the discharge may not necessarily free that person from certain all liabilities and does not mean that unrealized assets will be safeguarded. Discharge releases the bankrupt from most of the debts owed at the date of the bankruptcy order. Exceptions include debts arising from fraud, certain crimes and fines. Certain other debts such as damages or personal injury or money owed under family proceedings (such as maintenance) will be released only if the Court agrees.
If you have been declared bankrupt before, within the last 15 years, you will not be automatically discharged. You will only be able to apply to the Court for a discharge 5 years after the date of your current bankruptcy order; even then the Court may refuse or delay discharge.
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| Ques |
Can we Credit Repair for you |
| Ans |
You have two options when it comes to repairing your credit ...
- hire someone, preferably an attorney who knows the credit laws;
- do-it-yourself using a good quality guide and your 3-in-1 credit report;
Whichever way you decide to go, here are just a few tips to keep you on track:
- Don't fall for scams that tell you to create a new credit file ... that's credit fraud if you do it, and can make you subject to legal repercussions;
- Do read the Fair Credit Reporting Act so you have an idea of your rights while you go through the credit repair process;
- Get yourself organized and committed to the process, there is no overnight fix;
- If you use an online service, you want to know what the fees will be, monthly or "as you go" is best, and you want to be able to cancel at anytime;
- Always act in a cooperative and professional manner when dealing with creditors or collection agencies;
- Don't make threats, however subtle, if you can't back them up.
Deciding whether to hire a credit repair firm, or doing it yourself, depends a lot on your willingness to work, as well as your ability to be organized and follow through on the process. If you really don't want to deal with it yourself, and would rather a professional, we recommend one who is well-versed in the use of the Fair Credit Reporting Act to protect your credit, and who will handle all the detail work for you.
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| Ques |
Rebuilding your Lost Credit |
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When discharged there may still be assets that were owned either when the bankruptcy began or which were acquired before discharge, which the Trustee has not yet dealt with. These may include property, insurance or pension policy, an interest in a will or trust fund etc.
These assets are still controlled by the Trustee, who can deal with them at any time in the future. This may not be for a number of years after your discharge. In certain cases such as your family's home and some types of insurance policy, a spouse, a relative or a friend may want to buy your interest, in which case, they are to get in touch with the Trustee straight away to find out how much they would have to pay.
You must tell the Official Receiver about any assets that may have been obtained after the Trustee has finished dealing with your case but before you are discharged. These assets could be claimed to pay your creditors.
You have a duty to continue to assist your Trustee after you have been discharged. |
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