topic Re: What is llB in Bankruptcy

What is llB

newbiewife — Sun, 07 Aug 2016 04:45:41 GMT

Can some body explain to me how to clean or what should I look for on my CR for cleaning after filling bk. I only see included in bankruptcy or chapter 7 something like that but not llB?. Please help what should I look for to clean my CR after BK. I had my 341 last Friday they don't ask much at the end the trustee want to see our 2017 tax.

Re: What is llB

Datx — Sun, 07 Aug 2016 05:16:54 GMT

@newbiewife wrote:
Can some body explain to me how to clean or what should I look for on my CR for cleaning after filling bk. I only see included in bankruptcy or chapter 7 something like that but not llB?. Please help what should I look for to clean my CR after BK. I had my 341 last Friday they don't ask much at the end the trustee want to see our 2017 tax.

I think you got it right there. IIB is short for included in BK. And if you're looking to clean up your CRs after filing BK, I would just wait until after your BK is discharged. By the time you are discharged, you are probably left with alot less to dispute compared to disputing before you are discharged.

Re: What is llB

newbiewife — Mon, 08 Aug 2016 04:38:55 GMT

Thanks. I have another question I have a car from wfds I reaffirmed but they close my account and said Included in BK. What should I do?

Re: What is llB

jmclaughlin1982 — Mon, 08 Aug 2016 12:22:18 GMT

They "closed" your account because reaffirmation is basically a "new" loan. They are unable to report anything to the bureaus while you're in BK. No worries though, soon as your BK discharges they'll start reporting your payments.

Re: What is llB

newbiewife — Mon, 08 Aug 2016 13:43:53 GMT

Oh okay. So once my BK discharge they are going to reopened it or its going to be new data of the loan on my CB? Right now I'm panicking because I need my car we only have 1 car and I used it for work.

Re: What is llB

Anonymous — Mon, 08 Aug 2016 19:18:27 GMT

I had the same car situation as you. I continued paying my monthly payments. I think you should discuss this with your bankruptcy attorney. I also had a Home Improvement Loan that I continued paying, but the company thought it was included in the bankruptcy. Imho you have to take the initiative on this. Best of luck to you.

Re: What is llB

Anonymous — Tue, 09 Aug 2016 00:31:50 GMT

@newbiewife wrote:
Oh okay. So once my BK discharge they are going to reopened it or its going to be new data of the loan on my CB? Right now I'm panicking because I need my car we only have 1 car and I used it for work.

They won't take your car away if you're making payments. After your BK is discharged, the loan should show up as current. If it stays IIB a month after the discharge, then you need to call your bank, make sure their records are accurate, and also make sure they start reporting correctly. That installment loan is going to help your rebuild as long as it doesn't have any associated significant negatives.

Re: What is llB

Anonymous — Tue, 09 Aug 2016 00:33:15 GMT

@jmclaughlin1982 wrote:
They "closed" your account because reaffirmation is basically a "new" loan. They are unable to report anything to the bureaus while you're in BK. No worries though, soon as your BK discharges they'll start reporting your payments.

Pretty sure this is not correct. My reaffirmed mortgage is still my old loan, and all my student loans went back to their original dates after the BK was discharged.

Re: What is llB

jmclaughlin1982 — Tue, 09 Aug 2016 01:05:28 GMT

Sorry I wasn't clear in my statement. I put quotes around the new and should have clarified.
By "new" I meant that you are re signing the paperwork like a new loan. Yes, you are correct that all old dates and payment history will report just like nothing happened with the loan.
I had the same thing happen with my student loans as well. It took about 15-20 days but they updated from IIB to pays as agreed.
Also I meant that they will not report any payments during your bankruptcy, as any reporting is considered a violation of the automatic stay. Once you have your DC they will update your payments and status.
Hope that clarifies what I meant.

Re: What is llB

newbiewife — Tue, 09 Aug 2016 01:08:46 GMT

Okay. Thank you so much guys. Now my next and hopefully last question: when should I start getting secured card for rebuilding?

Re: What is llB

Anonymous — Wed, 10 Aug 2016 03:38:52 GMT

Don't apply for new credit until after the discharge. If you read Soul Master's 24 months to 700 guide here, the suggestion there is to clean up your report first, but I think a lot of people do it immediately. I feel like I'm behind schedule because it took me a couple months to get my reports clean.

Re: What is llB

Anonymous — Wed, 10 Aug 2016 03:42:09 GMT

@jmclaughlin1982 wrote:
Sorry I wasn't clear in my statement. I put quotes around the new and should have clarified.
By "new" I meant that you are re signing the paperwork like a new loan. Yes, you are correct that all old dates and payment history will report just like nothing happened with the loan.
I had the same thing happen with my student loans as well. It took about 15-20 days but they updated from IIB to pays as agreed.
Also I meant that they will not report any payments during your bankruptcy, as any reporting is considered a violation of the automatic stay. Once you have your DC they will update your payments and status.
Hope that clarifies what I meant.
I think I was just reading too hastily.

Re: What is llB

newbiewife — Wed, 10 Aug 2016 14:19:24 GMT

Guys when I filed I see included in bk, now when I get discharge what should the word I'm looking for? And where? Is it on the remarks or payment status or just status?

Re: What is llB

Scupra — Wed, 10 Aug 2016 20:46:13 GMT

@newbiewife wrote:
Guys when I filed I see included in bk, now when I get discharge what should the word I'm looking for? And where? Is it on the remarks or payment status or just status?

Should just show IIB and a $0 balance.

Please give this thread a solid read. It will answer a lot of your questions and help you stay on track..

http://ficoforums.myfico.com/t5/Bankruptcy/HOW-TO-From-BK7-discharge-to-700-in-24-months-or-less/td-p/1384075