Expert Debt Management
Expert Debt Management
What You Need to Know About Bankruptcy

      Many people think that they know everything that they need to know about bankruptcy, until it is staring them in the face and that is when they realize that they didn't have enough information about bankruptcy.  Bankruptcy should always be the option of last resort when you are so far in debt that you cannot make your payments and when debt consolidation has failed because you are unable to meet the minimum criteria for the credit counseling agencies.

     When you have filed for bankruptcy you should be seeing items that read "included in bankruptcy."  If there are items that you need to dispute, you will want to do this all at once, but not more than three at a time.  If at first you don't succeed, just keep disputing the bankruptcy again and again, and eventually the creditor will remove it from your file.

Items That Are Easier to Dispute
There are some items that are quite simple to dispute as well as remove from your file and these include items that are more than two years old, inquiries into your credit report, as well as accounts that have late payments but have since been paid off.  In addition, you will have an easier time removing items such as settled accounts, repossessions, and charge offs.

     These items are easier to dispute because the creditor has been paid for the debt and they have written the debt off as a loss on their part.  In many instances the creditor does not want to go through the hassle of providing verification, so they just write it off without challenging the dispute.

Items That Are More Difficult to Dispute
There are some more difficult things that are more difficult to dispute when you are filing for bankruptcy.  These items are current past due balances, judgments, recent bankruptcies, IRS or state liens, late payments, as well as collections.

     These items are more difficult to dispute because the creditors are able to verify your information as it is more current and they will have an easier time verifying their files.  Credit bureaus are often able to pull this information as well because these are generally items that are more current and therefore easier to document or get a hold of the information.

     If you file a dispute you should know that the law requires the creditors and the credit bureaus to look into the dispute.  If the disputed item is not able to be verified it has to be removed from your credit report.  You can dispute any item on your credit report, not just those ones included in your bankruptcy.

Disclaimer: This site is not, nor should it be taken to be, legal, financial or other professional advice. It merely provides a generalized guidance and generalized information only. Consult a financial advisor or an attorney to discuss any legal or financial issues involved with credit and debt decisions.
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