Reply
New Contributor
Posts: 112
Registered: ‎10-05-2007
0

Need a little help on BK terms

[ Edited ]
Hello everyone,
 
I'm asking this on the behalf of one of my family members who had a few BKs.  The family member asked me today to get their free credit report because I have a computer and he/she doesn't.  I knew the family member had a couple of BKs but when I look on the credit report I see that there are 4 listed.  One is in the town he/she lives in currently and the other three are in a different town the member never lived before. 
 
EX:
 
US BKPT CT XX (STATE) XXXXX (CITY)
 
The dates of the BKs are 05/05, 09-02 (these are resolved) and 11/02, 06/03 (these don't have any resolved dates, just NA
 
My questions are:
  1. What does "Involuntary Chap 13 BK dismissed" mean?
  2. What happens when a BK is dismissed?
  3. How can you file a BK in a different city than the one you live in and had a job?

Edit: I read the BK FAQs and I learned this about my Question #3 but why would one hearing be in one city and the other in another city?  Could the Federal Court have moved during that period?

Where is my 341 hearing?

Your 341 hearing is always at the Federal Court closest to you.

 

Sorry if I have so many questions.  This is for an elderdy family member that's still not good with money and we have to help out.  He/she says one thing but from the credit report I see a different picture.

Thanks!



Message Edited by hunting_bears on 10-05-2007 01:02 PM

Message Edited by hunting_bears on 10-05-2007 01:02 PM
Valued Member
Posts: 46
Registered: ‎07-27-2007
0

Re: Need a little help on BK terms

Hi,
To the best of my knowledge here are my answers to your questions:

1.) Involuntarily Dismissed could mean that the case was dismissed by the courts on a motion filed by the Trustee for any number of reasons. The most common is missed plan payments.

2.) Having the BK dismissed means that you are no longer afforded the protection of the courts concerning creditors. It also does stay on your credit reports as being filed and should show up in the public records section.

3.) You can file in any federal court no matter where you live. Once you file there, your case will reside there unless you have it transferred to a different region closer to where you live.
The 341 one meeting is usually close to the federal court. In my case it was in an office building close by to the court house.

One good resource to research court filings is the PACER program. You can look up documents for a small fee and search by case number. That might help you out in trying to get a handle on the situation.

Hope this helps!!
New Contributor
Posts: 112
Registered: ‎10-05-2007
0

Re: Need a little help on BK terms

creditrecovery,
 
Those explanations make alotta sense in the situation because it explains so much.  The family member didn't tell us alot when he/she had the BKs so we couldn't understand why creditors kept calling and he/she owed money.  He/she didn't follow the court's orders which isn't surprising.  Thanks!
Advertiser Disclosure: The listings that appear on myFICO are from companies from which myFICO receives compensation, which may impact how and where products appear on myFICO (including, for example, the order in which they appear). myFICO does not review or include all companies or all available products.
† Credit cards for FICO Score ranges: The score ranges are guidelines based on actual applicant approvals and having a FICO Score in a particular range does not guarantee you will be approved for credit cards recommended in that range.

Copyright ©2001-2015 Fair Isaac Corporation. All rights reserved.   | Terms of Use | Privacy Policy | Sitemap

IMPORTANT INFORMATION: All FICO® Score products made available on myFICO.com include a FICO® Score 8, along with additional FICO® Score versions. Your lender or insurer may use a different FICO® Score than the versions you receive from myFICO, or another type of credit score altogether. Learn more

FICO, myFICO, Score Watch, The score lenders use, and The Score That Matters are trademarks or registered trademarks of Fair Isaac Corporation. Equifax Credit Report is a trademark of Equifax, Inc. and its affiliated companies. Many factors affect your FICO Score and the interest rates you may receive. Fair Isaac is not a credit repair organization as defined under federal or state law, including the Credit Repair Organizations Act. Fair Isaac does not provide "credit repair" services or advice or assistance regarding "rebuilding" or "improving" your credit record, credit history or credit rating. FTC's website on credit.