when it gets dismissed what happens there after? Please response if you ever had it happen to you ...and what is put on your credit report?
2007-09-21 08:07:55 · 9 answers · asked by Anonymous in Business & Finance ➔ Credit
i'm in texas
2007-09-21 08:12:21 · update #1
OC1999 & bdancer222 are correct. Combine both answers and you have the complete answer.
2007-09-21 08:45:54 · answer #1 · answered by ? 7 · 0⤊ 2⤋
This is a good example of why people shouldn't be answering questions here....they simply do not know what they are talking about.
OC and dbdancer is correct, with one minor correction. Dismissed BK's will drop after 7 years from your credit report.
Rick....if the case was dismissed it was certainly done at the demand of the trustee, so how do you figure he's going to turn around and change his mind? Frankly we don't even know the reason for the dismissal.
themeindzeye, dismissals are far from rare and happen quite often. Most common reasons are Chapter 13 payments not being made, paperwork done improperly, creditors not being added forcing a new bankruptcy to be filed.....
It is not time to panic yet! You don't give the reason for the dismissal, but you are able to refile another bankruptcy. What the heck is your attorney doing during all of this?
2007-09-21 19:52:31 · answer #2 · answered by Anonymous · 2⤊ 0⤋
Once a bankruptcy is dismissed all protections you had are removed. This means that the creditors can start up the collection process again.
Your credit report will still show that you filed for bankruptcy and it will remain on there for 10 years from the date of the filing. The only thing that will change is that it will have a status of closed/dismissed.
It does not matter what state you live in. Bankruptcy is a Federal Process and this is the same for all 50 states.
2007-09-21 15:23:59 · answer #3 · answered by OC1999 7 · 6⤊ 0⤋
The creditors will descend. They will all start repossessing and filing lawsuits. When your bankruptcy is dismissed, so is the protection against your creditors.
Better figure out how you're going to settle with the creditors.
2007-09-21 15:25:26 · answer #4 · answered by bdancer222 7 · 1⤊ 2⤋
You need to talk to your lawyer about that one, although it is --extremely-- rare for the case to be dismissed. Most of the time the creditors don't even bother showing up at the hearing.
2007-09-21 15:11:00 · answer #5 · answered by gilgamesh 6 · 0⤊ 3⤋
It can depend on where you are located. Typically it means you owe all the money you did before the bankruptcy. You need to see your trustee and see if he can have it reinstated. It may have to go to court and you may need to hire a lawyer to do this.
2007-09-21 16:36:46 · answer #6 · answered by Rick Ven 3 · 0⤊ 2⤋
Liz, you need to tell us what Country / State / Continent you are in, the rules vary HUGELY from place to place.
Please use the "edit / add" (whatever it is called) option to plonk the needed info on.
Mark
ps: Why do the retards give a thumbs down when you ask for highly relevent information ? Always tickles me that.
2007-09-21 15:11:22 · answer #7 · answered by Mark T 6 · 0⤊ 4⤋
It stays on your credit report for 7 to 10 years. You do whatever it takes to make ends meet and if you don't have
cash to pay for it, oh well.
2007-09-21 15:12:19 · answer #8 · answered by Anonymous · 1⤊ 5⤋
I'm guessing you mean discharged and not dismissed.
2007-09-21 15:49:53 · answer #9 · answered by yanks006 3 · 0⤊ 4⤋