QUESTION

What is the coverage of Chapter 7 bankruptcy?

Asked on Sep 07th, 2012 on Bankruptcy - California
More details to this question:
What does chapter 7 clear off of credit report. Example - garnishment, previous car loan etc?
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4 ANSWERS

Alternative Dispute Resolution Attorney serving Ventura, CA at Zahn Law Office
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Chapter 7 eliminates all dischargable debt. The filing should prevent collections via garnishment, but liens will remain in place even after the case is concluded. If you are in my area and are looking for an attorney, please contact me for a free consultation.
Answered on Sep 13th, 2012 at 12:10 AM

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Consumer Bankruptcy Attorney serving Los Angeles, CA at Orantes Law Firm
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All of the above. Actually, your question does not quite match what happens. When you file for bankruptcy and receive your discharge, the accounts on your credit reports that were discharged get the notation "Discharged in Bankruptcy". However, your credit life starts anew at that point. The fact that you filed for bankruptcy protection and actually got your discharge encourages car lenders and credit card companies, for example, to start lending you money again and the more time passes since your discharge without an adverse account, the higher your credit score rises and when you obtain credit and pay on time and keep more of your line of credit available the faster it rises.
Answered on Sep 13th, 2012 at 12:00 AM

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Filling a bakruptcy will erase different types of debts.
Answered on Sep 12th, 2012 at 11:46 PM

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Most bills except for taxes and support.
Answered on Sep 12th, 2012 at 11:39 PM

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