Three credit reports Indiana

According to bankruptcyaction.com, 2010 closed with 1,593,081 bankruptcy filings and 2011 is anticipated to have just as many if not more. I would guess three credit reports Indiana that this means a whole lot of people are taking the process quite seriously. In technical terms, it is a proceeding that allows liquidation of a debtor’s non-exempt assets. If there are any (and most often there are not), they three credit reports Indiana are sold by the trustee and according to priority, are distributed to three credit reports Indiana the creditors that are owed money.

Chapter 11 and Chapter 13 bankruptcies reorganize debt; Chapter 7 liquidates debt. Some of the exempt and non-exempt assets are as follows: The point in bankruptcy is not to financially devastate a debtor and leave them with nothing. where to get free credit report So most assets that are necessary for everyday living are allowed and are usually fall within the boundaries required to be claimed as exempt. However, non-exempt assets may three credit reports Indiana be those things that are a little more extravagant (and not necessary for regular everyday life.) These may include luxury vehicles, expensive jewelry and fur coats, fancy electronics and/or appliances, and bank three credit reports Indiana accounts. A means test is also involved in Chapter 7 bankruptcy which calculates whether you qualify or not to file. my free credit score

The means test calculates your disposable income according to the expenses and three credit reports Indiana income that you have.

This test is used to keep those with three credit reports Indiana high incomes from filing Chapter 7. If you do not qualify for a Chapter 7, you three credit reports Indiana will need to file a Chapter 13 bankruptcy and set up a payment plan to pay off your creditors instead of discharging all of your debt.

The means test is also based three credit reports Indiana on the median income of your state, so again where you live is a factor in whether or not you qualify. It is not advised to try to outsmart the bankruptcy court—meaning move anything that is three credit reports Indiana non exempt to make three credit reports Indiana it exempt. three credit report Nor is it advisable to lie about or try to get rid of any of your assets. If three credit reports Indiana the court finds out that you have committed any type of fraud, your bankruptcy will be dismissed without a discharge and you will have three credit reports Indiana wasted a bunch of time and money (as well as a possible ding on your credit report.) A bankruptcy may still be reported even if it isn’t discharged, which damages your credit without allowing the benefit of a fresh start.