How Many Years Does A Bankruptcy Stay On A Person’s Credit Record?

Bankruptcy filings are a matter of public records. Credit reporting agency are required to maintain bankruptcy filings on your credit report for 10 years.

Will I Have To Pay Income Taxes On Debt Discharged In My California Bankruptcy?

First, to explain what phantom income is, it is when your debt obligations are forgiven and the IRS treats this as income and it is taxable. This is because you received the use of money without having to pay it back and it is treated as gain of income. This “phantom income” is normally taxable with certain exceptions. Bankruptcy is an exception, there is no phantom income tax on debts discharged and forgiven through bankruptcy.

Will Having A California Bankruptcy On My Record Affect My Job Opportunities?

Generally no. Although your bankruptcy will show on your public record, unless your prospective position requires an employer to run your credit report and the position is regarding finances, like handling of money, a bankruptcy will not disqualify you from most job prospects.

In General, How Soon Can A Person Finance A Car After Going Through A Bankruptcy In CA?

Financing is based on your creditworthiness. There is no automatic disqualification or time-limit restriction to obtain financing for your car. It comes down to how much you’re financing, the amount you are putting down. Your credit score will then be factored in for you interest rate and will determine the monthly you are able to afford based on your income.

What Happens If I Fall Behind In Payments After Filing A Chapter 13 Bankruptcy In California?

There are many circumstances that may cause a Debtor in Chapter 13 to fall behind on their repayment plan. Sometimes this will require a modification of the plan payments and you will have to speak to an attorney specifically regarding the reasons for missed payments and financially ability for modified terms.

What Are Some Of The Last Steps That I Need To Take To Finish My Bankruptcy?

In order to complete your bankruptcy, after filing there is a 341a Creditor’s Meeting you must personally appear and be interviewed by a bankruptcy trustee, not a judge. The purpose of this hearing is to have you swear under oath the accuracy and contents of your petition.

From time to time, there may be additional amendments or documentation to be supplied to the bankruptcy trustee to clarify any information supporting your petition and its schedules.

Additionally, there is a second course called the Debtor’s Education or Financial Management Course you must complete, receive a certificate and have filed with the court.

For more information on Post-Bankruptcy Filing In California, a free initial consultation is your next best step. Get the information and legal answers you are seeking by calling (866) 651-6118 today.