3 credit Oklahoma

As soon as you file bankruptcy, you are granted an automatic stay. This means that all creditors are barred from contacting or attempting to collect any debt from you. The automatic stay may also stop foreclosure proceedings and force creditors 3 credit Oklahoma to return repossessed property.

After the bankruptcy is discharged, you no longer owe the debt and you would think phone calls and harassing letters would be well behind you. The problem occurs most often when a debt is sold over and over again to different collection agencies. Some collection agencies may honestly not be aware of the bankruptcy. Usually, simply telling them that the debt was discharged in bankruptcy takes 3 credit Oklahoma care of it and you won’t hear from them again. Believe it or not, creditors will still call debtors thinking they might still actually receive payment for the debt.

 Sometimes the debtor simply doesn’t know that the creditor cannot collect. Other times, bankruptcy filers are so afraid of messing 3 credit Oklahoma up their fresh start that they pay, not realizing that they no longer owe the debt. A creditor or collection agency may even contact you trying to collect years after the bankruptcy. It is illegal however, for debt collectors to continue to 3 credit Oklahoma contact you. financial background check

If this happens, it is advised that you gather as much information as you can from the creditor and 3 credit Oklahoma then notify your attorney or a bankruptcy attorney.

Although the attorney may just send a brief letter advising the creditor to cease collection activity, creditors are often sued for violating the Discharge Order for thousands of dollars. How Does the Bankruptcy Affect Credit? About 60 days after your bankruptcy is discharged, you should pull your credit reports again.  The bankruptcy should be on your credit report and any accounts included in the bankruptcy should be noted as “Included in Bankruptcy” and reflect a $0 balance. If the account still holds a balance, you should contact the creditor to make the correction, and challenge the item on your credit report.

Additionally, if the account is noted as open or in collections or in any other 3 credit Oklahoma way except Included in Bankruptcy, you need 3 credit Oklahoma to notify the creditor or collection agency immediately. online credit report free If an amount is showing as still owed, the creditor may be in 3 credit Oklahoma violation of the Discharge Order, as you do not owe anything on the debt after the discharge. It will be difficult to obtain a loan or credit after you file bankruptcy.

Especially if you try to do so immediately after the discharge.

Expect this for at least a year, 3 credit Oklahoma and when you are able to obtain credit, also expect to pay extremely high interest rates. You probably won’t be eligible for a somewhat reasonable line of credit with a reasonable interest rate until around 2 years after your discharge, and this is if you manage to keep everything 3 credit Oklahoma clean on your credit report during that time period. Additionally, more employers are pulling credit reports when considering applicants and you may have to pay large deposits with utility companies and phone companies. In these cases it’s best to keep your job and plan ahead. A bankruptcy may remain on your credit for up to 10 years; sometimes the credit bureaus will remove it at 7, which is the period of time that most negatives fall off a credit report anyway. During this time it will be helpful to keep your credit report as clean as possible and focus on paying your bills on time.

This way, you’ll have a better opportunity at rebuilding your credit history.  You cannot file another Chapter 7 bankruptcy for at least 8 years, at which time the 10 years on your credit report 3 credit Oklahoma would start over again. get your credit report This is another reason to try to keep your credit clean so you won’t have to file again. After you file bankruptcy, you will need to be diligent in keeping track of your old debt (for when those 3 credit Oklahoma creditors call) and making sure the new 3 credit Oklahoma debt doesn’t get out of control. It is certainly not the end of the world, and many people find the brand new start a relief and the beginning of a new and healthy financial outlook.