Kara Sears
Lexington Law Firm provides credit repair services and has helped consumers remove millions of tradelines from their credit reports. The firm offers a free credit repair consultation, which includes a review of your credit report summary and score. While Lexington Law has helped remove bankruptcies from client credit reports, it cannot promise to do so in all cases. The firm's website states that it cannot guarantee the removal of bankruptcy filings from credit reports, although it will attempt to do so. Bankruptcy is a legal process that allows individuals and businesses to eliminate or manage their debts under the supervision of a bankruptcy court. It's important to note that bankruptcy can remain on your credit report for up to 10 years, and there are alternatives to consider before filing.
| Characteristics | Values |
|---|---|
| Can Lexington Law help remove bankruptcies? | Lexington Law Firm cannot promise it will remove a bankruptcy from your credit report, but it can say it will try. |
| Can Lexington Law help with bankruptcy filing? | Lexington Law offers a free credit repair consultation, which includes a complete review of your credit report summary and score. |
| Can Lexington Law help with bankruptcy fees? | If a debtor cannot pay the fees associated with filing for bankruptcy, the court may break the fee payment into up to four installments or waive them altogether. |
| Can Lexington Law provide bankruptcy advice? | The information provided on the Lexington Law website does not, and is not intended to, act as legal, financial, or credit advice. |
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What You'll Learn
Lexington Law's bankruptcy
Lexington Law Firm offers credit repair services to its clients, helping them remove errors on their credit reports. While the firm does not promise to remove bankruptcies from credit reports, it states that it will try. It is important to note that Lexington Law cannot remove a bankruptcy that you actually filed, and any attempt to do so may be misleading.
In 2012, Lexington Law removed 21,417 bankruptcies from client credit reports. However, this number is misleading because it counts the removal of erroneous reports from multiple credit bureaus as separate removals. Additionally, the firm does not subtract removals from its total when they are later reversed and reinserted onto consumers' reports.
Lexington Law offers a free credit repair consultation, which includes a review of your credit report summary and score. The firm has experienced lawyers and paralegals who are knowledgeable about bankruptcy law and have represented clients in various bankruptcy matters under different chapters of the U.S. Bankruptcy Code. They can guide you through the bankruptcy process, which can help eliminate some or all of your debts under the supervision of a bankruptcy court.
While Lexington Law can assist with bankruptcy-related issues, it is important to remember that there are alternatives to filing for bankruptcy. These include finding additional sources of income, reducing monthly spending, and creating a budget to pay down debts. Ultimately, you can also choose to file a dispute yourself if you feel comfortable handling it.
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Removing bankruptcy from credit reports
Lexington Law Firm can review your credit report summary and score for free. They can also try to remove bankruptcy from your credit report, although they cannot guarantee this. In 2012, Lexington Law removed 21,417 bankruptcies from client credit reports. However, this number may be misleading, as the firm counts the removal of erroneous reports from multiple credit bureaus as separate removals. Additionally, Lexington Law does not subtract removals from its total when they are later reversed and reinserted into consumers' reports.
Bankruptcy will remain on your credit report for seven to ten years, depending on the type of bankruptcy. Chapter 7 bankruptcy, also known as liquidation bankruptcy, will stay on your credit report for ten years. This is because this option will likely discharge more of your debt. On the other hand, Chapter 13 bankruptcy, or reorganization bankruptcy, will be removed from your credit report after seven years. This involves restructuring your debts to make affordable payments over three to five years, typically resulting in a lower discharged amount compared to Chapter 7.
According to federal law, the bankruptcy should fall off your credit report ten years after the filing date. The credit bureaus remove Chapter 13 bankruptcies after seven years. The negative accounts included in the bankruptcy should fall off seven years after the date of first delinquency, even if the bankruptcy notation remains.
If you find inaccurate information on your credit reports, you have the right to dispute it with the credit reporting agencies. However, if you have filed for bankruptcy, you cannot remove the public record from your credit reports on your own, as the filing is accurate. One exception is if a creditor has improperly filed an involuntary bankruptcy petition against you. In this case, the bankruptcy court may enter an order prohibiting credit reporting agencies from reporting the bankruptcy on your credit report.
To access your credit reports, you can use services like Experian, Equifax, and TransUnion. Experian offers free access to your credit report and FICO® Score anytime. Equifax and TransUnion provide free access to your credit report on a weekly basis through AnnualCreditReport.com.
While you're waiting for the bankruptcy to fall off your credit report, you can take steps to rebuild your credit history and improve your credit score. Monitoring your credit regularly can help you spot potential issues and inaccurate information that can damage your score. Services like Experian Boost® can help you improve your credit score by giving you credit for the bills you already pay, such as utilities, mobile phone, video streaming services, and rent.
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Bankruptcy dispute filing
Bankruptcy is a legal process that individuals and businesses can undertake to eliminate all or part of their debts under the oversight of a bankruptcy court. While bankruptcy can help you manage or even eliminate debts, it is not a guarantee that all debts will be eliminated. Bankruptcy filings can vary depending on the specifics of an individual's situation. For example, individuals may file for Chapter 7 or Chapter 13 bankruptcy, while businesses may file for bankruptcy under Chapter 7 or Chapter 11.
When it comes to bankruptcy dispute filing, there are a few key things to keep in mind. Firstly, it is important to understand that bankruptcy disputes typically arise when there is an objection to the discharge of a specific debt or the entire bankruptcy case. Creditors or a trustee can file a motion or a lawsuit, known as an adversary proceeding, to object to the discharge. This objection must be filed within 60 days of the date of the 341 meeting of creditors, also known as the Meeting of Creditors. At this meeting, the trustee and creditors verify the information provided by the debtor in their bankruptcy petition.
There are several reasons why a creditor or trustee may object to the discharge of a debt. One common reason is if fraud or an intentional wrongful act occurred before the bankruptcy case. For example, if a debtor provided false statements or misleading information on a loan application, a creditor may object to the discharge of that particular debt. Another reason for objection could be if there is an issue with the information in the bankruptcy petition, which would be revealed during a bankruptcy audit. In this case, the debtor has the opportunity to prove the accuracy of the petition's contents.
It is important to note that bankruptcy disputes can have long-term financial and legal consequences. Therefore, seeking the advice of a qualified lawyer is strongly recommended. While you can file for bankruptcy without a lawyer (pro se), having legal representation can help you navigate the complex process and protect your interests. Bankruptcy filing fees can vary, and you may require an attorney for bankruptcy proceedings, which can incur additional costs.
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Free credit repair consultation
Lexington Law offers a free credit repair consultation, which includes a complete review of your free credit report summary and score. This consultation is no-obligation, and a paralegal will be available to review your credit report summary.
Lexington Law has helped consumers remove more than 79 million tradelines on their credit reports. These inaccurate and unsubstantiated errors served as roadblocks to many Americans attempting to purchase homes and automobiles, rent apartments, find jobs, and climb out of debt. Lexington Law's experienced lawyers and paralegals work to protect consumer credit rights and ensure that they have fair and accurate credit reports. The services they provide empower clients to take charge of their credit, which can lead to the achievement of their financial goals.
Lexington Law cannot promise it will remove a bankruptcy from your credit report, but it can say it will try. It is important to note that there is nothing that Lexington Law can do for you that you can't do for yourself. When it comes to removing a bankruptcy that shows on your report, you can file a dispute with each of the consumer credit reporting agencies when the bankruptcy appears in error. If you don't feel you can handle filing a dispute yourself, then you should consider hiring Lexington Law or another credit repair firm.
Bankruptcy is a legal process that individuals and businesses can undertake to eliminate all or part of their debts under the oversight of a bankruptcy court. Filing for bankruptcy can eliminate some but not all debts once the bankruptcy is discharged. It is important to consider all alternatives before deciding to declare bankruptcy.
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Bankruptcy alternatives
Bankruptcy can provide a fresh start for those overwhelmed by debt, but it can also damage your credit score and make it difficult to borrow money or obtain credit cards for up to 10 years. Therefore, it is recommended to consider other alternatives first.
Debt Management Plans
Debt management plans involve working with a credit counselling company, which will help you make regular payments to your creditors. This option can lower credit card interest rates, waive late and over-limit fees, and stop collection activity. There is usually a one-time setup fee and an ongoing monthly fee for this service.
Debt Consolidation
Debt consolidation involves taking out a loan or using a credit line to pay off your existing debts. This could be a personal loan from a bank or credit union, or a home equity loan. It is also possible to get a 0% balance transfer credit card to consolidate your debts.
Debt Settlement
Debt settlement companies negotiate with creditors on your behalf, aiming to reduce your debt burden. They will advise you to stop making monthly debt payments and instead make regular deposits into a special savings account. Once sufficient funds have been accumulated, they will offer your creditors a partial repayment. You can also negotiate a debt settlement yourself by contacting creditors and explaining your financial situation.
Increase Income and Reduce Spending
Consider taking on extra hours at work or finding a side job to increase your income and help pay off your debts. Creating a budget and reducing your monthly spending can also help you avoid bankruptcy.
Sell Assets
If your income isn't enough to make debt payments, consider selling your assets and property. You can direct the money from these sales towards settling your debts.
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Frequently asked questions
Lexington Law offers a free credit repair consultation, which includes a complete review of your credit report summary and score. The firm has experience in bankruptcy law and has helped consumers remove bankruptcies from their credit reports.
Bankruptcy is a legal process that individuals and businesses can undertake to eliminate all or part of their debts under the oversight of a bankruptcy court.
There are different types of bankruptcy, including Chapter 7 and Chapter 13. The type of bankruptcy you file for will depend on your specific circumstances.
Lexington Law cannot guarantee that it will be able to remove a bankruptcy from your credit report, but it can try. It is important to note that a bankruptcy should fall off your credit report 7 to 10 years after the filing date.
