Definition of bankruptcy

What is the Fair Credit Reporting Act (FCRA)? The Fair Credit Reporting Act (FCRA) details how creditors can collect information and access debtor’s credit reports. It ensures fairness, accuracy, and privacy of the debtor’s information detailed in credit reports. The complete act can be found in the United States Code Title 15, Section 1681. Fair Credit Reporting Act Some permissible purposes for obtaining a consumer’s credit report include 1) The review of a borrower’s credit profile for a credit application; 2) The release of a credit report for a background check and; 3) The request of a credit report by the consumer. An order from the court, business dealings and child support considerations are other reasons one can access a credit report. The FCRA also details what information should be included on a credit report and the length of time they can remain on a credit report. Most negative information stays on a credit report for seven years. Bankruptcy can remain on

Filing a bankruptcy case gives you a fresh start to recover after a financial crisis without the burden of debts you cannot pay hanging over your head. By filing a Chapter 7 or Chapter 13 bankruptcy case, you can get out of debt, protect retirement savings, and keep your property. In most cases, debtors can eliminate most, if not all, unsecured debts without losing any property. While filing a bankruptcy case is usually not as stressful or difficult as many people believe, the process is not something that most people want to repeat. However, lawmakers realize that some individuals may experience more than one financial crisis during their lifetime that requires the assistance of the bankruptcy court to resolve. Therefore, lawmakers included a provision within the Bankruptcy Code that allows debtors to file bankruptcy again if they find themselves in another financial situation in which they cannot pay their debts. However, filing a bankruptcy case and receiving a bankruptcy d