How To Remove Bankruptcy Lawsuits And More From A Credit Report: A Step
A while back, I reached out to Corey Gray to see if hed be interested in joining the brain trust at Credit Repair Cloud.
Not only is Corey super experienced in the credit and debt industry, but he shares the same core values that I do: the credit repair industry is all about helping others and changing lives.
When he accepted, I was thrilled. Now, I can tap into his knowledge, on-demand! One credit topic that we often discuss are dreaded public recordsand how to remove them from a credit report.
Public records like bankruptcy, civil judgments, and tax liens have a major impact on your clients credit score. By being able to remove them for your clients, you can make an immediate and meaningful difference in their financial lives.
Trust me, if you can help them with this, your customers will love you!
Why Is A Bankruptcy Public Record
The simplest answer is that bankruptcy cases are also court proceedings, and all court proceedings are public record. Unless a judge orders your records sealed, they are public record. However, there are parts of your bankruptcy that do not fall under the umbrella of public record. Sensitive information, such as your social security number, are always redacted in order to protect both the information and you. Additionally, only your birth year is shown from your birth date. As we stated above, PACER allows the public to view federal court proceedings. Because bankruptcy courts are part of the federal court system, they are public record. Most PACER users are either bankruptcy attorneys or their colleagues.
Not long ago, newspapers included legal notices sections. These notices often included bankruptcy filings. However, as bankruptcy filings have become more common since the 1970s, these notices are increasingly rare. Except in the case of businesses filing for bankruptcy, many newspapers do not include personal bankruptcies. Even when newspapers report on these business bankruptcies, they often only report on large businesses that affect a significant number of jobs.
How Can You Access Public Bankruptcy Records In Illinois
Its important to understand that the state government does not maintain bankruptcy files. This is because federal courts have jurisdiction over Illinois bankruptcy cases, so all bankruptcies must be filed in federal court. There are three different federal districts in Illinois, and youll need to file in the district court closest to you.
To access bankruptcy files in Illinois, you have several options. Its possible to obtain records directly from the court by going in person and requesting them from the clerk. Records can also be accessed online, or they can be sent by mail.
To view case information online, you can use the Public Access to Court Electronic Records system. Youll need to create a PACER account to use the online system. If you dont want to sign up, you can request that the documents be mailed to you instead.
Once a PACER account is created, the user will be able to search for cases by name, case number, social security number, or tax identification number.
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Perform A Criminal Background Check Instantly
If you suspect that someone in your life may have a history of violence, the safest way to know for sure is to perform a public arrest records search. With Instant Checkmate, you can search for felony and misdemeanor offenses, as well as other infractions such as speeding tickets. Youll instantly expose whether a person has been arrested, charged, or even booked into jail. Is there a felon, a sex offender, or a former inmate on your block? Search criminal records to find out.
Is This Service Free
While it is often free to access these records online, there is technically a cost.
When searching for this information using PACER, you will be charged $0.10 per page. However, if you spend less than $30 in any one quarter, the fees are waived, and your account balance will be reset to $0.
According to the rules, the $0.10 charge applies from simply viewing the information. The pages dont have to be downloaded or printed for charges to accrue. You will be notified before you receive any charges. If you accrue more than $30 in charges in one quarter, you will be billed quarterly.
Most people arent looking up substantial numbers of documents, and the search ends up being free.
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Are Bankruptcy Records Public In Illinois
Many people know that bankruptcy would be their best option for their family, but are worried about filing because they dont want others to know that theyre struggling financially. If you are considering filing for bankruptcy, you may wonder if these records are public in Illinois and how someone can access them.
Name Or Business Identity
The first thing you will notice is the first and last name of the person who filed for bankruptcy. Since many people in the United States share the same name, this can get a little confusing if youre looking at the right name, but the wrong person. To avoid this, you may have to do a little extra digging to confirm you have the right person.
In some cases, a business might be forced to file for bankruptcy. This can also show up on your public record if you are the owner of that business. Bankruptcy records are meant to prove liability among people, which is why they must show their name or business identity.
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Understanding Bankruptcy In Indiana
Bankruptcy is a legal procedure – authorized by U.S. Code and governed by federal rules – which involves individuals, businesses, and other entities that are in financial distress and unable to pay their creditors. Filed in a federal court, this proceeding grants relief to insolvent parties by providing options for systematic debt repayment, liquidation, or discharge from certain liabilities. In line with this, the State of Indiana grants legal assistance for debtors to deal with their debt problems when a petition is filed at any of the two U.S. Bankruptcy Courts located in the state:
Interested parties should file the petition at the court with jurisdiction in the area where the debtor lives or where most of the assets or the primary place of business is located. However, persons should note that bankruptcy records are public in Indiana, and most filed documents and details of the proceeding shall be available to the public.
Is Bankruptcy Discharge Public Record
Yes. But that doesnât mean that people are guaranteed to find out about it.
Many people worry that other people will find out that they have filed for bankruptcy. Because a bankruptcy filing is a court proceeding, any bankruptcy discharge is public record. But, just because a bankruptcy filing is public record doesn’t mean you should let that hold you back from deciding to get relief.
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What Are Indiana Bankruptcy Exemptions
Indiana bankruptcy exemptions are provisions from state laws that protect some of a debtors assets from liquidation. Federal bankruptcy exemptions are not available in the state, but debtors may use federal nonbankruptcy exemptions. However, persons may only be eligible for state exemptions after residing in the state for two years.
Exemptions available to Indiana residents include:
Homestead exemption:
- $19,300 in personal property or real estate used as a residence and $38,600 on spouses jointly-owned property
- Debtors interest in a real estate held as a tenant
Wildcard exemption: $10,250 in any tangible property or nonresidential real estate
Wage exemption: The smaller 75% of unpaid wages or 30 times the federal minimum wage
Personal property exemption:
Note: In Indiana, there are no specific exemptions for vehicles and tools of the trade.
Where Can I Find Bankruptcy Records
The National Archives, Public Access to Court Electronic Documents , a federal judicial service, and numerous websites that provide search services for a small price can all be used to locate bankruptcy records. By way of the U.S. On the National Archives website, you can acquire bankruptcy documents by state online, but youll need some necessary details, such as:
- The tax ID number of a business
- The case number that the court assigned to the bankruptcy case
- Name and, in some situations, the Social Security Number of the individual
Additionally, be aware of the court where the petition was filed. The National Archives currently has 14 regional records service sites where you can get physical copies of all bankruptcy records for cases processed in that region.
Records of bankruptcies are kept on a persons credit file for ten years. Information about bankruptcies will frequently be found in the public records section of a credit report. Tax liens, mechanics liens, and child support delinquency judgments are among the information offered for public access. You cannot waive the 10-year recording requirement.
When examining a bankruptcy record, there are many factors to take into account. The reason a person filed for bankruptcy and the amount of time that has gone since the filing are some mitigating factors that lessen the impact of bankruptcy .
Most cases are filed under one of the Bankruptcy Codes three primary chapters, which are:
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What Are Michigan Bankruptcy Exemptions
Bankruptcy Exemptions in Michigan protect certain properties and assets from liquidation when filing for bankruptcy. Debtors may opt for state or federal bankruptcy exemptions when filing for Chapter 7 or 13 bankruptcy. Unsurprisingly, most debtors choose state bankruptcy exemptions due to the following benefits:
- Homesteads are exempted under state bankruptcy exemptions. For instead, properties held by co-tenancy are exempt.
- Real estate properties not more than one lot in cities, villages, and towns. 559.214, 600.6023, , 600.6023, 600.6027
- Benefits, such as health benefits, society benefits, or fraternal benefits, are also exempt
- Personal properties, such as clothes, jewelry, livestock, and social welfare benefits are exempt when filing for bankruptcy
- Insurance benefits, including life benefits.
Who Can Benefit From Using Bankruptcy Records Software
If youre a collection agency, whether youre a third-party agency or an in-house collection agency, staying up to date on bankruptcy records and other potential problems is massively important. Bankruptcy records software benefits any of these collection agencies by providing you with all the information you need about your accounts.
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Different Chapters Of Bankruptcy
The United States has different chapters of bankruptcy, which are categorized according to the type and amount of debt that a person has. The different chapters of bankruptcy are as follows:
Chapter 7 is the most common type of bankruptcy, and it is also known as liquidation bankruptcy. In this type of bankruptcy, the court appoints a trustee who will oversee the sale of the debtor’s non-exempt assets. The proceeds from the sale will be used to pay off the creditors.
Chapter 11 is usually filed by businesses, but individuals can also file for it. In Chapter 11 bankruptcy, the debtor reorganizes their business or finances and creates a repayment plan to pay off their debts over time.
Chapter 12 is specifically for farmers and fishermen who have a regular income. In Chapter 12, the debtor creates a repayment plan to pay off their debts over time.
Chapter 13 is also known as the wage earner’s bankruptcy. In Chapter 13, the debtor creates a repayment plan to pay off their debts over time, and they make payments to the trustee who then pays the creditors.
The chapter of bankruptcy an individual files for depends primarily on their financial situation. Before filing, individuals are advised to consult a bankruptcy attorney to find out which type of bankruptcy is appropriate for their situation.
Bankruptcy And Your Credit Report
Anyone that runs a credit report on you after you file will be able to see that you filed bankruptcy. However, specific details of your bankruptcy are not available on your credit report. Nonetheless, the fact that you filed remains on your credit report for up to ten years. That means that any time you apply for credit, want to rent an apartment, or apply for a job, those people may see that you filed for bankruptcy in the past.
When you apply for other credit-related items, there may also be questions about whether and when you filed bankruptcy in the past. Again, you do not have to set out details in most applications, but the fact that you filed may need to be shared.
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Official Bankruptcy Court Records Online
We are a bankruptcy court records retrieval service. After you place your order, we will obtain your official records and send them to you by email. If your records are unavailable for any reason, we provide a full refund. The records you receive are an official copy of your bankruptcy records that are lender compliant. We provide this service for all 50 states.
Why Does Bankruptcy Appear On A Public Record Search
More than 500,000 Americans have filed for bankruptcy in recent years. Many individuals who have gone through difficult bankruptcy processes are unaware that their records are public information. In bankruptcy situations, privacy is not protected by state or federal law.
A person or organization can desire to carry out a bankruptcy filing public record search for several reasons, such as:
- A prospective employer wants to run a thorough background check.
- When considering a persons application for a license to practice in their field, a professional licensing committee will frequently inquire .
- A credit card or loan provider almost always does a credit check to evaluate eligibility for authorizing a loan or credit limit.
- A person thinking about investing in a certain firm will typically want to know more about its financial history.
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What Does Bankruptcy Records Software Do For Your Agency
Bankruptcy records software allows you to maximize efficiency and profits by helping you process more records and weed out uncollectible records. It also allows you to look deeper into records with a bankruptcy filing search, as well as links records by additional points for both bankruptcy public records, bankruptcy court records, and private records, rather than just linking records by name.
What Is Chapter 7 Bankruptcy In New York
Chapter 7 bankruptcy allows debtors to pay off their debts by liquidating their assets. Debtors who file for Chapter 7 bankruptcy essentially turn over assets and property to the courts to conduct and supervise the sale. Funds received from the exercise are then used to pay creditors.
Petitioners can not discharge all debts by filing for bankruptcy. Both Chapter 11 and Chapter 7 bankruptcy filings still require the debtors to maintain certain expenses. Some of these include:
- Personal injury debts
To qualify for Chapter 7 bankruptcy, the debtor must take a means test to assess financials. The mean test evaluates all debt, income, and expenses to determine what the debtors disposable income is in relation to New Yorks median income. As of 2019, New Yorks median household income was $72,108, nearly 10% higher than the $65,712 recorded for the United States. In the same year, only 27% of the New York population earned between $50,000 and $100,000. Although persons who earn the median income are less likely to qualify, eligibility may not be automatic for persons with low disposable income.
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What Is Chapter 11 Bankruptcy In Indiana
Chapter 11 bankruptcy is a chapter of the Bankruptcy Code that provides a means of debt settlement through reorganization. Reorganization is a restructuring process that involves arranging assets and debts and proposing a plan for settling debts while managing finances and business operations. This option is available to individuals, partnerships, and corporations who wish to avoid liquidation and keep the business running. Persons who do not qualify for Chapter 7 or Chapter 13 bankruptcy may also file this type of bankruptcy.
Chapter 11 bankruptcy often allows for downsizing, asset disbursement, reducing interest rates, writing down asset value, and extending payment terms. However, the process is long, complicated and costly, and requires careful evaluation and execution. From taking a pre-bankruptcy credit counseling course to filing the plan to the confirmation hearing, the process alone may take six to twelve months. Meanwhile, implementing the plan usually takes three to five years.
Next, the court shall send copies of the reorganization plan and approved disclosure statement to interest holders and creditors who will review and vote on it. After this, there shall be a confirmation hearing which shall make the plan effective upon confirmation. The debtor-in-possession or bankruptcy trustee shall then implement the plan until the plan has been consummated and the case closed.
Getting The Legal Help You Need To File Bankruptcy
Information travels faster today than ever before. That means that it is much more likely today than in the past that someone will find out about your bankruptcy filing. You can take steps to minimize who knows. In fact, the most effective method to keep things private is to simply not tell friends and family yourself. Most people will only know if you share that information with them. Making sure that your lawyer is aware of your desire to keep your bankruptcy private can also be helpful.
Do not let the fear of someone finding out about your bankruptcy make you shy away from the process. Keep in mind that you are filing to get control of your finances and to better your future. Many people end up filing bankruptcy for reasons that are beyond their control, such as significant medical expenses or job loss. There is no shame in trying to better your life.
If you are considering filing bankruptcy, you are not alone. Give our team a call to discuss your options at 973-870-0434 or toll-free at 888-412-5091.
Whether you need to completely eliminate your debt through Chapter 7 bankruptcy, or need to reorganize your credit payments through Chapter 13 or Chapter 11, we are well qualified as a full-service bankruptcy law firm for people in these and other New Jersey counties: Passaic County, Hudson County, Essex County, Bergen County, Morris County, and Sussex County. Call us today at 973-870-0434 or toll free 888-412-5091.
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