Q: What records will I need from my bankruptcy file if I am trying to purchase or refinance a house?

A: Most of the time all that is needed is A copy of your Schedules and your Discharge papers, unless your mortgage company is asking you to prove that you reaffirmed on a creditor during your bankruptcy. Then you would need your complete file.

Q: What records will I need from my bankruptcy file if I am trying to clean up my credit and raise my credit scores?

A:  Same as above, Most of the time all that is needed is A copy of your Schedules and your Discharge papers, unless you reaffirmed on a creditor during your bankruptcy and the bureaus are not reporting it correctly.  Then you would need your complete file to obtain your reaffirmation papers.

Q: How long does it take to get your Bankruptcy Records after they are ordered?

A: Centronix Systems offers same day service or money back unless your bankruptcy file has been archived. 

Q: When do the Courts archive bankruptcy files?

A: Different States very, but typically if your file was discharged or dismissed prior to 2001 it has been sent to a National Archive Center.

Q: How will I know if my file has been archived?

A: A Centronix Systems rep. will let you know within the same day that you place your order. You will have the option to continue with your order or have your money refunded at that time. 
 
Q: Can my file still be obtained through Centronix Systems if it has been archived?

A: Yes, if you choose to continue with your order, it will normally take 3 - 5 business days and additional fee's may apply, as the National Archives Center's charge additional fee's to Centronix Systems to retrieve Archived Bankruptcy file's.
 
Q: What are the additional fee's?

A: It depends on each State, however it is usually between $35 - $60 for files 70 pages or less.  (most file's are 70 pages or less)
     (note that as of October 1st 2007, The Archives Center had a price increase, therefore, Centronix Systems had to increase their archived prices aswell.)
 
Q: How long does is my bankruptcy records kept at the Archive Centers?

A: 20 - 25 yeras depending on each state, then they are disposed of.

Q: Can I call Centronix Systems and check if my records are in their database before I order them?

A: Yes, it is free to call and check the status of your bankruptcy records.

Q: How long will a chapter 7 Bankruptcy Stay on my Credit?

A: Ten years from the discharge date.  Click here for more information

Q: How long will a chapter 13 Bankruptcy Stay on my Credit?

A: Seven years from the discharge date. Click here for more information

Q: What do I do if a debtor tries to collect on a debt that I filed bankruptcy on?

A: The first thing you need to do is send a certified letter to the collection agency that is trying to collect the debt. Include in the letter that the account was included in bankruptcy and send them a copy of your schedules along with a copy of your discharge records.  Note: MAKE SURE you send the letter via certified mail.  Then go on line and file a complaint with The Federal Trade Commission (this can be done on line and only takes a few minutes) they will not go up to bat for you, however, if that collection agency gets enough complaints on them they will audit them and fine them BIG BUCKS! It might take a while, but the more people that file complaints, the less time the public will have to put up with bottom feeder collection agency's such as the one you are referring to.

Q: What Different Types of Bankruptcy Cases Should I Consider?

A: There are four types of bankruptcy cases provided under the law:

• Chapter 7 is known as "straight" bankruptcy or "liquidation". It requires a debtor to give up property which exceeds certain limits called "exemptions", so the property can be sold to pay creditors.
• Chapter 11, known as "reorganization", is used by businesses and a few individual debtors whose debts are very large.
• Chapter 12 is reserved for family farmers.
• Chapter 13 is called "debt adjustment". It requires a debtor to file a plan to pay debts (or parts of debts) from current income.
• Most people filing bankruptcy will want to file under either Chapter 7 or Chapter 13. Either type of case may be filed individually or by a married couple filing jointly.

CHAPTER 7 (Straight Bankruptcy)

In a bankruptcy case under chapter 7, you file a petition asking the court to discharge your debts. The basic idea in a chapter 7 bankruptcy is to wipe out (discharge) your debts in exchange for your giving up property, except for "exempt" property which the law allows you to keep. In most cases, all of your property will be exempt. But property which is not exempt is sold, with the money distributed to creditors.

If you want to keep property like a home or a car and are behind on the payments on a mortgage or car loan, a chapter 7 case probably will not be the right choice for you. That is because chapter 7 bankruptcy does not eliminate the right of mortgage holders or car loan creditors to take your property to cover your debt.

CHAPTER 13 (Reorganization)

In a chapter 13 case, you file a "plan" showing how you will pay off some of your past-due and current debts over three to five years. The most important thing about a chapter 13 case is that it will allow you to keep valuable property -- especially your home and car -- which might otherwise be lost, if you can make the payments which the bankruptcy law requires to be made to your creditors. In most cases, these payments will be at least as much as your regular monthly payments on your mortgage or car loan, with some extra payment to get caught up on the amount you have fallen behind. You should consider filing a chapter 13 plan if you

• own your home and are in danger of losing it because of money problems;
• are behind on debt payments, but can catch up if given some time;
• have valuable property which is not exempt, but you can afford to pay creditors from your income over time.

You will need to have enough income in chapter 13 to pay for your necessities and to keep up with the required payments as they come due.
















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