Credit Impact All Cases All Cases –On Credit Report for 10 Years Chapter 7 Chapter 7 –1-3 Year...

Credit ImpactCredit Impact

• All CasesAll Cases– On Credit Report for 10 YearsOn Credit Report for 10 Years

• Chapter 7Chapter 7– 1-3 Year Practical Impact1-3 Year Practical Impact

• Chapter 13Chapter 13– 4-7 Year Practical Impact4-7 Year Practical Impact

Discharge of DebtDischarge of Debt

• Chapter 7Chapter 7– Debt Discharged in 4 to 6 MonthsDebt Discharged in 4 to 6 Months

• Chapter 13Chapter 13– Debt Discharged upon Final PaymentDebt Discharged upon Final Payment

Non-Bankruptcy Non-Bankruptcy AlternativesAlternatives

• Bulk SalesBulk Sales

• Assignment for the Benefit of Assignment for the Benefit of CreditorsCreditors

• Voluntary Repayment PlansVoluntary Repayment Plans

• Consumer Credit CompaniesConsumer Credit Companies

A Quick ChronologyA Quick Chronology

• Consultation with AttorneyConsultation with Attorney• Complete QuestionnaireComplete Questionnaire• Review with AttorneyReview with Attorney• Prepare DocumentsPrepare Documents• Review and SignReview and Sign• Credit Briefing ClassCredit Briefing Class• Filing of the CaseFiling of the Case• Notice of HearingNotice of Hearing• Financial Education ClassFinancial Education Class• Meet with AttorneyMeet with Attorney• Attend a HearingAttend a Hearing• Interim AdministrationInterim Administration• DischargeDischarge

What Happens NextWhat Happens Next

• Bankruptcy PacketBankruptcy Packet– InstructionsInstructions– Divider PagesDivider Pages– QuestionnaireQuestionnaire– DisclosuresDisclosures– Bankruptcy BookletsBankruptcy Booklets

Credit Impact All Cases All Cases –On Credit Report for 10 Years Chapter 7 Chapter 7 –1-3 Year...

Documents

Transcript of Credit Impact All Cases All Cases –On Credit Report for 10 Years Chapter 7 Chapter 7 –1-3 Year...