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Bankruptcy Law/Chapter 13 Payment Plan and credit

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Expert: - 11/7/2010


Question
My attorney had advised me to go into bankcrupt.  I owe about 70,000 tax debt that is over 3 years old and taxes were submitted over 3 years ago.   What do the term discharge mean?  There is other debt that he said he can get up to 5 years payment plan for me.  Can I get credit for a house or a car before those 5 years?  My wife is going to go into chapter 7 (me into 13).  Can she get credit even if I am still paying the payment plan?

Thank you  

Answer
A discharge is the release from obligation to pay on a debt.  It is the primary reason to file any bankruptcy case.

As far as rebuilding your credit after filing bankruptcy, that is beyond the scope of this service.  You need to discuss this with your attorney or with a credit repair specialist.   If you are in a Chapter 13 case you cannot obtain new credit without court approval during the pendency of your case.  I simply don't have enough facts to properly answer your question.

Mark J. Markus, Attorney at Law
http://www.bklaw.com/

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Mark J. Markus- California Bankruptcy Attorney

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Mark J. Markus is a Los Angeles bankruptcy attorney who has practiced exclusively bankruptcy law in California since 1991 and is rated A+ by the Better Business Bureau and is AV-rated by Martindale-Hubbell. He represents debtors, creditors, and Trustees in Chapter 7, Chapter 11, and Chapter 13 of the bankruptcy code throughout California.

Experience

Visit our California bankruptcy webpage at http://www.bklaw.com for more information on bankruptcy in general and Mark J. Markus in particular. Many questions are answered on the web page (hint, hint).
The Markus webpage also contains more information on

  • Which Chapter to File,
  • business bankruptcy,
  • chapter 7 bankruptcy,
  • chapter 11 bankruptcy,
  • chapter 13 bankruptcy,
  • Do You Need a Lawyer to File Bankruptcy?
  • Frequently Asked Bankruptcy Questions

    Also visit our Los Angeles bankruptcy blog for interesting articles and much more.



    Organizations
    Central District Consumer Bankruptcy Attorneys Association (CDCBAA) Los Angeles County Bar Association (LACBA) Commercial Law & Bankruptcy Section of the Los Angeles County Bar Association Financial Lawyers Conference (FLC) National Association of Consumer Bankruptcy Attorneys (NACBA) Los Angeles Bankruptcy Forum (LABF) American Bankruptcy Institute (ABI) San Fernando Valley Bar Association (SFVBA)

    Publications
    Central District Consumer Bankruptcy Attorneys Association Newsletter September 2007 (Vol. 1, Issue 2)

    Education/Credentials
    J.D., University of Arizona 1990. B.A. Economics, California State University, Northridge 1986. For more details please click here

    Awards and Honors
    AV Rated by Martindale-Hubbell (http://www.martindale.com) A+ Rated by Better Business Bureau

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