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Ask Terry L. Your Own Question

Terry L.
Terry L., Attorney
Category: Bankruptcy Law
Satisfied Customers: 2527
Experience:  Better Business Bur 15yrs bankruptcy experience. Chicago Bar
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Chapter 7 bankruptcy. My understanding is that Chapter 7 is

Resolved Question:

Chapter 7 bankruptcy. My understanding is that Chapter 7 is for all unsecured debt.



What does that include and if you have used a credit card in the last year, can it be included in your claim for relief? I am tols if you have used a credit card in the last year sometimes you can't include the debt.



I live in Georgia.



Thank



Thomas
Submitted: 3 years ago.
Category: Bankruptcy Law
Expert:  Terry L. replied 3 years ago.

Terry L. :

Hi and thank you for your question. In the future, you can request me to answer any further questions.

Terry L. :

In a chapter 7, and all bankruptcy cases for that matter, you would list down all debts you owe.

Terry L. :

Creditors can object for recent usage over $500 in the 3 months before the case. If you have been making regular payments on them, that would lessen the likelihood of objections though.

Terry L. :

If you have made a few large purchases recently, your attorney may often recommend making small payments then filing after 90 days.

Terry L. :

Creditors do look to see if the usage can be objected to, and they usually only will if done just prior to the filing, or if it was a huge amount with no subsequent payments.

Terry L. :

Thanks for your question, good luck.

Customer :

Thank you for your answer. Is that the same for the state of Georgia?

Customer :

Also how will a chapter 7 effect my credit and the ability to get a credit card or a mortgage in the future and for how long before I can get those loans.

Terry L. :

That goes for every state

Terry L. :

CHapter 7 stays on your credit for 10 years that you filed.

Terry L. :

You should be able to start getting new credit in the months after the case.

Terry L. :

Generally, credit cards and car loans the first month after, real estate within a year or two (depending on the lender).

Terry L. :

there are no hard and fast rules, it varies by creditor, so shop arround.

Terry L. :

good luck

Terry L., Attorney
Category: Bankruptcy Law
Satisfied Customers: 2527
Experience: Better Business Bur 15yrs bankruptcy experience. Chicago Bar
Terry L. and 4 other Bankruptcy Law Specialists are ready to help you
Customer: replied 3 years ago.

Terry L.

 

I have another question. I was recently married.

 

I have heard that when you have past debts neither spouse is responsible for the other spouse's past debts.

 

Is that true ? And if one of you files Chapter 7 will the credit rating of the other spouse be jointly affected?

 

Also, can a credit card company come after your spouse to get their assets etc?

 

Should all of the assets be kept seperate by each spouse?

 

My concern is wanting to keep one of the spouses credit rating good even of the other's is not good or chapter 7 is filed.

 

Please advise. Thanks

 

Expert:  Terry L. replied 3 years ago.
You are correct. Generally, if you do not live in a community property state, you are not responsible for consumer debt that you do not sign for. There are exceptions, most fall under the family medical leave act for your kids, regardless.

A spouse's bankruptcy will not affect the other's credit as long as it wasn't a joint account.

A company can only pursue assets of the debtor or cosigner if they sue and obtain judgment first.
Customer: replied 3 years ago.

Thank you

 

But will the spouse's credit score not in debt ... be affected because the other spouse filed Chapter 7 on the debt they previously signed for?

 

In other words can the spouse not filing for chapter 7 on previous debt, still get a mortgage or another credit card and not have their credit rating affected as an seperate individual?

 

Thanks

Expert:  Terry L. replied 3 years ago.
Credit scores of a spouse will not be affected unless they have joint debt
Terry L., Attorney
Category: Bankruptcy Law
Satisfied Customers: 2527
Experience: Better Business Bur 15yrs bankruptcy experience. Chicago Bar
Terry L. and 4 other Bankruptcy Law Specialists are ready to help you

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