Credit reports should be updated by the creditors and credit reporting agencies after you receive a bankruptcy discharge to reflect that debts have been discharged. Consumer credit reports are regulated by the Fair Credit Reporting Act - sometimes referred to as the "FCRA". Under the FCRA, creditors and credit reporting agencies are required to report accurate and complete information. In general, the filing of a bankruptcy case may be reported on a credit report for up to ten years from the date the case is filed. The websites of Experian and TransUnion state that they only reports completed or discharged chapter 13 bankruptcy on credit reports for only seven years. Credit reporting agencies should remove the reference to bankruptcy automatically after such seven or ten year [...]
The Bankruptcy Code provides for personal bankruptcy relief under chapters 7 and 13. Chapter 7 Chapter 7 provides in general for the discharge of debt together with the liquidation of non-exempt property by the Chapter 7 trustee. Chapter 7 is usually used by those with lower income and little or no non-exempt property. Chapter 13 Chapter 13 is usually used by those with higher income or substantial non-exempt property. It is also used by those who need to reorganize their secured debt, such as mortgage to avoid foreclosure. Under chapter 13, a debtor is allowed to reorganize their debt under a chapter 13 plan over a period of three to five years.
Chapter 13 bankruptcy is often used to save a home from foreclosure. Generally upon the filing of a chapter 13 case, foreclosure cases are stopped and a person is given the opportunity to propose a chapter 13 plan to save their home from foreclosure. A chapter 13 plan offers various alternatives on how to save a home from foreclosure. Reinstate Mortgage Under a chapter 13 plan, a debtor may propose to catch up their mortgage payments over a period of up to 60 months. For example, if a person is behind $10,000 in payments and their regular mortgage payment is $850.00, they would pay $166.67/mo. plus their regular mortgage of $850.00 for a total of $1,016.67 together with any other amounts due under the [...]
Article X, Section 4 of the Florida Constitution provides generally for the exemption of a Florida homestead. Courts generally hold that once a property is established as a homestead, it does not lose that status until it is "abandoned." Various types of conduct may constitute "abandonment." Generally, a homestead is considered abandoned when it is no longer a bona fide home and place of permanent residence. The main consideration in the determination of whether a homestead has been abandoned is the owner's subjective "intent." The homeowner's physical absence from the property is not determinative. Placing a property on the market for sale or signing a contract for the sale of property may be relevant unless the homeowner can show a good faith intention to reinvest the [...]
The federal Fair Credit Reporting Act (the "FCRA") gives consumers certain rights regarding their file in the credit bureau. The FCRA was enacted to promote the accuracy, fairness, and privacy of information of the files of credit bureaus. Negative information may generally be reported on your credit report for up to seven years and bankruptcy information for up to ten years. A consumer has the right to dispute inaccurate or outdated information on his credit report under the FCRA. The credit bureau and the provider of the information (such as the credit card company or other lender) have the duty to correct inaccurate or outdated information. You may dispute the information on the credit report with both the credit bureau and the provider of the [...]