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My bankruptcy was just discharged (10/26), how do I know for sure what accounts were included?

Boston, MA |

My credit report shows that some debts are still active while, some debts that I did not expect to be discharged are showing that they are! The notice from the Bankruptcy court just says that my Chapter 7 was discharged. Would they inform me if they deemed a debt from my schedule F to be non-dis-chargeable? How do I know for sure exactly which debts the court allowed?

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Attorney answers 4

Posted

Technically, with a few exceptions such as student loans, ALL of your debt obligations are discharged. This is also true for car loans. However, that doesn't mean that you can stop paying your car loan, because if you do, they can repossess the car.

That said; so long as your creditors were listed on your bankruptcy petition; that debt is discharged. Contact your attorney for a copy of the petition that was filed for you. If a debt was omitted, then that debt will not be discharged as the law requires that all creditors be informed of your bankruptcy and have a chance to object.

About 6 months after your bankruptcy is discharged, you should run your credit report and check to make sure that everything is reported as discharged. (it generally will take longer than 2-3 weeks for your credit report to be updated). If you see any debts still being listed as active, then follow the credit reporting agency's procedure to update and correct the report. You should then check your credit report every six months and follow the same procedure for any mistakes.

Posted

Your credit report is not a reliable indication of the debts that were discharged by your bankruptcy. You don't need a copy of your entire bankruptcy petition to see what creditors were listed, just the creditor address matrix.

As you probably know, some types of debts cannot be eliminated in a Chapter 7 Bankruptcy. Taxes, alimony, child support & student loans are the most typical examples. If a creditor filed an adversary proceeding against you, it is possible that the court ordered that this creditor's debt was not discharged. But if there was an adversary proceeding, you would know about it!

When rebuilding your credit, you will want to be very careful about how you dispute any incorrect information. It may not be in your best interest to tell the credit bureaus about your bankruptcy.

Hope this info helps & good luck.

Posted

The best practice here would be to order from the big 3, annualcreditreport.com, you need review these reports and your schedule F from your petition to make certain that all creditors are appearing and the designation on the reports says "included in bankruptcy" only.

The dispute process under the FCRA should follow this procedure, there is a 30 day period of time for the creditors to update under the FCRA or there could be liability.

Posted

Call your bankruptcy attorney ..s/he should have case closing documents for you that will include this information.

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