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What Is Bankruptcy Record?

What Is Bankruptcy Record?

Declaring bankruptcy is not an easy decision. Once you declare yourself bankrupt, it will be recorded and it might affect you in many things in future, including doing business, getting loans and even impression. But sometimes you cannot stand the pressure from your creditors that keep asking for the debt and at the same time you do not have the cash to repay them, bankruptcy is the only solution. Filing bankruptcy will relief you from these harsh situations and as mentioned earlier, there will be a record of it.

This record will have most of your personal information. It tells the people your real name and where you belong. Besides that, this record will also reveal your social security number and credit accounts that you are in debt with. In addition to that, the amount of debt and your total assets will be exposed as well. Whether your assets are in lien or not, this record will tell the people as well.

Bankruptcy records contain very detail information a…

What is a Bankruptcy Discharge?

The beginning of your fresh start  with Bankruptcy Discharge.

Discharge in bankruptcy can be looked upon as a new beginning in your financial life because when you obtain your discharge, you are free from the debt under the bankruptcy plan. In other words, discharge in bankruptcy is a permanent court order releasing you the debtor, from personal liability for certain specified types of debts. The order prohibits creditors from initiating collection action on any discharged debts, including legal action or communication with the debtor, such as telephone calls, letters, or personal contacts.

Debts excluded from discharge are valid liens against specific property, wherein a secured creditor may enforce a lien to recover the property secured by the lien. Other debts unenforceable under discharge are student loans or the IRS.

Refinancing after bankruptcy with an experienced bankruptcy lender can aid immensely in paying off residual debts that were excluded from discharge. This action acce…

Why bankruptcy discharge records are important?

Bankruptcy records include your bankruptcy complete file (Voluntary petition) including creditor’s listing, reaffirmation agreement (apply case to case basis), and bankruptcy discharge order.

Bankruptcy discharge order is an order of the bankruptcy judge relieving, the bankruptcy filer, of further liability for certain debts to ease financial burden. Once a bankruptcy is filed it generally takes approximately 4 to 5 months to receive discharge. When a bankruptcy is discharged, the filer is no longer legally liable for old debts included in bankruptcy filing.

Bankruptcy records will certainly help you to start a happy and vibrant life. With the discharge of your bankruptcy, you need it to confirm old creditors the end of your bankruptcy and for new lenders to establish new credit. So for this very purpose you require a copy of your personal bankruptcy records, your discharge order in particular.

You need these papers for number of purposes in the years following the completion of your c…