Rebuild Your Credit After Bankruptcy
A Bankruptcy is a legal proceeding involving a person or business that is unable to repay outstanding debts.
A Chapter 13 Bankruptcy is part of the US bankruptcy code allowing an individual to begin debt repayment without forfeiting property.
A Chapter 7 Bankruptcy is the liquidation of a business or a personal liquidation.
A Discharged Bankruptcy
Following the successful resolution of a bankruptcy petition, the case is said to be discharged. Usually, a person will remain bankrupt for 3 years, after which they will be discharged from bankruptcy and can once again borrow money, although many discharged bankrupts will have trouble obtaining finance for some years after being discharged.
When a court dismisses a bankruptcy, the petitioner’s case is officially closed. Under that case number, the judge will make no further rulings on the matter and the bankruptcy will not be finalized. Judges generally dismiss bankruptcy matters due to the petitioner’s errors, misstatements, or violations of court rules.
A bankruptcy appears in the public records section of a consumer’s credit report.
Call Houston Credit Repair at 281-419-6811 for Bankruptcies credit repair.