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socrateaser
socrateaser, Attorney
Category: Bankruptcy Law
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Experience:  Attorney and Real Estate Broker -- Retired (mostly)
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after bankruptcy how many years till you can build credit again.also

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after bankruptcy how many years till you can build credit again.also what does bankruptcy eliminate and what doesnt. also would it terminate a business license and if so after how long can one recorporate.
Submitted: 1 year ago.
Category: Bankruptcy Law
Expert:  socrateaser replied 1 year ago.
after bankruptcy how many years till you can build credit again

A: Usually, after about two years of paying bills timely, creditors will start taking you seriously again. However, your credit score will never entirely return to normal until 10 years passes and the bankruptcy discharge is permanently deleted from your credit report.

also what does bankruptcy eliminate and what doesnt.

A: This is a hugely complicated question, which depends largely on your unique facts. If you have some particular debts in mind, please feel free to identify them and I'll be happy to tell you whether or not they are dischargeable.

also would it terminate a business license and if so after how long can one recorporate.

A: The bankruptcy code does not terminate business licenses. However, in the case of a debt discharged in bankruptcy, where a state licensing agency would have terminated a license due to the bankruptcy discharge, the state agency would be prohibited from terminating the license, due to the preemption of federal bankruptcy law. In other words, the state cannot punish a person for obtaining a lawful bankruptcy discharge.

If you are talking about a business organization such as a corporation, there is nothing that prevents a debtor discharged in bankruptcy from incorporating a new business, before, during or after a bankruptcy filing and/or discharge.

Hope this helps.

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socrateaser, Attorney
Category: Bankruptcy Law
Satisfied Customers: 33376
Experience: Attorney and Real Estate Broker -- Retired (mostly)
socrateaser and 4 other Bankruptcy Law Specialists are ready to help you
Customer: replied 1 year ago.

i have a dept with salie mae. also would it take away a year of taxes or more. also can i have problems with assets during and after the process

Expert:  socrateaser replied 1 year ago.
A student loan requires proof of extreme hardship to receive a discharge. There are three elements that must be proved to the bankruptcy court:

(1) You cannot maintain, based on current income and expenses, a minimal standard of living for the debtor and dependents if forced to pay off student loans;

 

(2) additional circumstances exist indicating that this state of affairs is likely to persist for a significant portion of the repayment period of the student loans;

 

(3) You have made good faith efforts to repay the loans.

 

Re taxes, there are timing requirements that are difficult to assess. Basically, a tax must be at least three years past its original due date or 240 days past its assessment date, if beyond the three years but later assessed.

 

Re assets, if they are valuable and you can provide an exemption under VA law, then you can keep them -- otherwise, the trustee will sell them to pay your unsecured creditors. Here is a link to a list of bankruptcy exemptions for the VA jurisdiction. Review them and see if you can fit your assets within the scope of the laws.

 

If you have a specific question, let me know.

 

Hope this helps.

 

 

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