For purposes of this writing, I will be substituting the word "Jubilee" for the dreaded "b" word, "bankruptcy". The reason for this is simple; the word "bankruptcy" has a connotation which can be humiliating, degrading, and negative, and that makes people shy away from it. It is somewhat similar to "castration"; who is going to rush to get in line for it?

Jubilee, on the other hand, is, well, jubilant; something which is attractive. Jubilation is something you want in your life. Bankruptcy is a last resort, a desperate measure, while Jubilee is a bright new day, a fresh bold start to life and reason for hope.

The times where I will concede to the use of the "b" word is wherever I discuss the mechanics of the process; preparing to file, the filing, the 341 creditors meeting, and other aspects of the proceedings. For example, if you call up your local bankruptcy court clerk and tell them you wish to invoke a Jubilee, they are likely to respond with quizzical confusion, so you do need to remember the term they recognize, which is "bankruptcy".

Keep always in mind that what I am sharing here is my personal experience and general information which I have acquired through that experience. This in no way constitutes legal advice or legal representation.

Who needs to know about Jubilee? Anyone who has a career, who owns a home, and especially who has unsecured debt which is more than 30 percent of their total annual income. This includes most everyone who is on track for the "American Dream", as well as most who are not. In short, just about everyone.

Why? Because the right time to prepare for Jubilee is when you don't need to. Unfortunately, most people do not want to consider Jubilee preparation when times are good; they only give serious consideration to it when times are rough, which is exactly the worst time to begin preparations. Do you really want to find yourself scrambling for solutions in the midst of distress and chaos, and ending up spending money you don't have for legal services you shouldn't have needed? Without adequate preparation, you could also end up jeopardizing (or losing) possessions which you would have protected, safely and legally, had you done proper prior planning.

The first step is recognizing your vulnerability. If you are vulnerable, then you must make plans now. Vulnerability can be assessed very easily. Consider the following questions and evaluate your answers to them:

1. If I lost my job today, or my ability to work (assuming you are the breadwinner in your household) , how long could my family and I survive without any external income?

2. If I retired today, what kind of retirement would I be looking forward to?

3. If I died today, what kind of life would I be leaving for my family?

Some people have other sources of income besides their jobs. People like that have, most likely, done some planning and may feel they don't need to think about Jubilee because they are secure. They may be right about that, but they may also be avoiding the possibility that something severe could come into their life and drain away all their security. For example, many people who find the need for Jubilee do so because of the onset of a medical condition which outstrips their insurance coverage (if they have it) or is far more costly than all their reserves can absorb.

Others are thrown into the need by a divorce, a natural disaster, criminal acts done to them, the failure of a business venture, catastrophic "unexpected" losses in the securities or commodities markets, or unbridled spending habits.

Planning for Jubilee, ideally, should begin before you are of college age. The reason for this is because of the possibility of using student loans to get the college education and because college students are courted so vigorously by credit card companies. That fact, coupled with the force with which our culture encourages acquisition of material things, sets the stage for a future which features insurmountable debt.

Alternatively, you should start planning when your debt burden reaches 30% of your annual income. A good rule of thumb is to implement asset protection strategies at least two years before you anticipate filing. This allows for plenty of time to do asset transfers (for example, changing the titling of your automobile to joint ownership, if married, to get the full benefit of the doubled car exemption for joint filers), asset conversions (for example, getting a loan on an asset you own free and clear, but which would not be exempt, and putting the proceeds into exempt property, such as your homestead), and arrangement of your creditors so as to have one or more credit cards paid off and not related to those which you will list on your unsecured creditors schedule.

You might even consider a move to another state, because some states do have pathetic exemptions while others are extremely generous. Which state you choose will depend upon your asset profile. Owners of expensive primary residences, in which they hold high levels of equity, will want to live in a state with liberal homestead exemptions, while those who are renting will prefer a state with generous personal property and/or automobile exemptions.

Invoking a Jubilee is a watershed event in your life which should be anticipated and prepared for at least as intently as marriage, the birth of a child, or a death in the family. Although it is true that some people marry and divorce as often as they change automobiles, some "frequent filers" invoke Jubilees in the same manner. That kind of (ab)use is not the intent of the Federal law which makes Jubilee possible.

Kelley Blue Book.

The two most important areas requiring preparation on your part are Ass(et) protection and Credit protection. In brief, you want to cover your ass(ets) and protect your future credit options.

Asset protection strategies. The first element of your asset protection strategy is learning what exemptions are available to you in your State. Once you are well versed in your exemptions, you then need to compare the equity values in your present portfolio of assets with the exemption amounts. If any of the categories yield a significant (i.e. more than a few hundred dollars) over-exempt balance, then you need to take action to change that. You may have several choices available to accomplish protection for your assets, depending upon the applicable law in your State.

If your asset profile is substantial (i.e. you own expensive jewelry, real property other than your primary residence, "luxury" vehicles, etc.) you will do well to seek out and retain the services of a competent, experienced bankruptcy attorney, preferably specializing in bankruptcy exclusively. They will be able to advise you as to your legal options for protecting those assets.

If your State's exemptions are pathetic, serious consideration may be in order for moving to a more amenable State. Some of the best areas to live in also have the most favorable Jubilee laws, so keep this in mind.

Credit protection strategies. Your best interest is served by knowing your credit profile before you ever need Jubilee. You will also need to become familiar with the credit granting and monitoring system, because one of the effects of Jubilee is to "toast" your credit worthiness. Unless your credit is already toast, as it were, before Jubilee, this effect will be a "step down" for you, credit-wise.

Knowing this in advance, you will be cognizant enough to make intelligent preparations.

Although the credit reporting agencies (CRAs) monitor all your credit activity, each individual creditor will not necessarily know about the existence and/or your ongoing performance on each of the other accounts. Why?

Here's an example; you get a Visa card from fictional One-n-only Bank. Years later, you have additional accounts with several other major credit card companies. One-n-only Bank may not know about these other accounts if you have kept a good record with One-n-only, because they do not routinely check your credit record, even when evaluating you for a credit line increase! To prove this, you need only get a current copy of your credit report, look at the list of recent inquiries, and compare it to the recent credit line increases you've gotten. When I did that, I discovered that I had received automatic increases without my report being checked first.

Why wouldn't they check first? My guess is that they don't check because their first criterion for evaluation is your performance with them, which they have available in their own records. If those records show an A+ history, then as far as they are concerned, you are A+!

A strategy to consider is to have credit card accounts with several major, unrelated, banks or creditors. If a person is married, they will find that they may have as many as three different credit card accounts with the same bank (one for them, one for their spouse, and one joint), but if a balance is on only one of these when Jubilee is invoked, the other two accounts will be killed even though no balance is on them and they did not appear on the petition. At least, that is what happened with me. This is because major credit card issuers will scan their files for any accounts with the same name(s) and social security number(s) on them as soon as they get notice of the filing.

Another example of what I call "credit card collateral damage" is seemingly unrelated accounts which have the same company servicing their portfolio of debtors. My experience is with WalMart and Home Depot, both of which are serviced by "MCCBG", which is Monogram Credit Card Bank of Georgia, located in Roswell, GA. If you invoke Jubilee and have accounts with both WalMart and Home Depot, yet a balance due on only one of the accounts, the other account with no balance will be killed by MCCBG.

However, if we're talking about three credit card accounts with three unrelated major issuers (for example, Chase, Bank of America, and Discover), and a balance is on only one of the three at the time Jubilee is invoked, the other two may never know and will keep the account on active status, so long as nothing is done which would make them inquire for records at the CRAs. This means on time (or earlier) payments without fail, and no requests for credit line increases or any other consideration (such as an additional card for someone) until at least a couple of years after discharge.

The useful aspects of having a good credit card, even during the proceedings, are many; one main use is that, in the event that you show an over-exempt amount on your schedules, you may utilize your available credit line to pay the Trustee so that you may keep the over-exempt assets! If you use credit in this manner after filing, however, you are responsible to pay this creditor because debts incurred after filing cannot be included in the discharge.

What if, instead of having a card or two with no balance, you have one card with a small balance (even if only a few hundred dollars, it is a debt which you must report on your petition paperwork), yet has a nice four or five figure credit limit and one which you'd like to retain, post discharge? You know you can't just pay this one off in a lump sum without risking a reversal by the trustee on grounds of preference, so what can you do?

When you file your paperwork, you also file what is called a creditor matrix. This is simply a listing of the names and addresses of all your creditors. The courts use this listing to make a database which they mail notices to; notices concerning your filing and the status thereof. The first notice the court sends out is the notice indicating that you have filed the petition in the first place. These notices are sent to the addresses you have submitted, and if an address is undeliverable, the notice will not be returned to the Court; instead it will be returned to you.

It is your responsibility to see that these returned notices get forwarded to the correct creditor addresses because, until the creditor receives the notice, they will not know you have filed. Without this knowledge, they will continue to send you statements as usual and, should you make payments as usual, they will not have any reason to check your credit report. They could contest the discharge of your debt to them if you do not see that they are notified, and if you assume the debt is discharged along with the rest of your debts.

Another tidbit I learned just recently (November 2002) is that even when you've succeeded in retaining a good credit card, you need to be extra cautious about the manner in which you use it. What I mean specifically, is that you should not yield to the temptation to call up their 800 number and try to do a balance transfer by phone, no matter how good the offer sounds. A large balance transfer request will trigger a check of your credit report, and then what happens is they either cancel the card, or they reduce the credit limit drastically. One of our cards went from $5000 limit to $500 limit just because we attempted to do what I am now suggesting that you never do. Always do everything by mail; if you get a convenience check, use it by mail to pay another creditor, just don't try that balance transfer by phone business. All you'll accomplish is "credit limit reduction by phone"!!

EMERGENCY UPDATE!! Another vital tidbit of information about those seductively tempting balance transfer offers: If you retain a good credit card after Jubilee and you later receive balance transfer checks in the mail for use against the credit line of that card, be careful! I tried transferring a balance in that manner, doing everything by mail, and the transfer ended up being declined and the card cancelled! That doesn't mean it cannot be done, but it does mean you need to do some extra planning. If you do this, send in TWO payments that month. One payment will be from your checking account and for more than the "minimum" and the other payment will be the balance transfer check. That way, if the balance transfer gets disapproved, you are still going to be current with your payments on that card. The key here is to make TWO separate payments in TWO SEPARATE envelopes. I cannot stress the importance of this procedure too much. I was told that since I sent both payments in the same envelope and because the balance transfer check bounced, I was given no credit for the real payment I did make, even though the check cleared the bank! Even though I finally got everything straightened out in my favor, remember what I'm saying here. Don't do as I did, do as I say!!

Now, back to the case of the creditor who did not get notice of your filing; if you keep paying that creditor on time, you may soon pay off that small balance and the creditor will have lost nothing.

So what you need to remember is this: If a creditor address is undeliverable, that creditor will not know you have filed until you forward the notice to the correct address.

Doing this kind of Credit protection planning will enable you to ignore the "consequences" which revolve around how long your bankruptcy remains in your credit file with the reporting agencies. So long as you handle your remaining credit in an "A+" manner, you need not be concerned about the public record. After a couple of years of conscientious credit management, getting a car loan or a mortgage is likely to be "no problem".

Just the same, don't rest on your laurels, for you still have some work to do after Jubilee . . .read on.

Invoking your Jubilee can be as simple as filing a two page petition with the court (that starts it, but within 15 days of that filing, you must supply all the remaining schedules and documents or your petition will be dismissed). Because the process is so easy to start, you must know the essentials of what you are going to do, and how you are going to go about it, before you initiate the process. The filing fee, currently (January, 2002), will run you $200 for a Chapter 7, and $185 for a Chapter 13.

You can do it yourself (I did my own Chapter 7!); there are "do-it-yourself" kits out there, but most of them require you to know what you are doing before you begin filling out forms. The one method I found which does most (but not all) of the work for you is the Ziinet Bankruptcy engine. If you have ever filled out a tax return using TaxAct or TurboTax, you have an idea of how much easier it is than doing it manually, and how professionally finished the final documents come out.

Using the Ziinet engine is easy like that; so easy, in fact, that you might end up thinking everything has been done for you. Trust me when I say that you still have to "be present" and make sure everything ends up where it should on your paperwork. When you sign up for use of the Ziinet engine, you have two months to complete your paperwork, which is more than enough if you plan well before you sign up for the engine. Once you sign up, the clock begins ticking, so it is better that you be prepared in advance, rather than preparing yourself while the clock is ticking!

I include here information on using the Ziinet engine so that you will be more informed than I was when I signed up for it. If your Jubilee is very simple, you would have no problems even without prior instructions, but if you have assets in excess of the full amount of your exemptions, you should educate yourself more thoroughly before signing up so that you will get the most out of it.

To aid you in preparing, you should also consider purchasing one of these books, How To File for Chapter 7 Bankruptcy, or Chapter 13 Bankruptcy: Repay Your Debts.

  

These books give you darn near all the background information you need to compile a proper and successful Jubilee, including detailed listings of each State's exemptions with the applicable law supporting each exemption. You could even use these books by themselves to do your Jubilee manually, but your best bet (in my opinion) is to use it to educate yourself thoroughly, then get the Ziinet engine and do your paperwork electronically. Each book includes blank forms as well as sample filled-in forms with explanations. I did not have this resource before I filed; it would have helped me become knowledgeable about what the engine included on my paperwork.

If you are filing "pro se" (without an attorney), it is essential for you to be informed in this manner, as you will have no one to ask about it when you are before the Trustee in your 341 Creditors meeting. The more knowledgeable you are at your meeting, and the more thorough your paperwork, the less the Trustee will feel that he/she needs to probe you.

Here I'll share with you some of what the experience is like, and where you end up after it is over with. (We're still going through the process, so I'll add more as we experience more!)

The 341 Creditors Meeting - December 12, 2001.

We arrived about 45 minutes early (we were scheduled for 2 PM and were there at 1:15 PM). No one was at the door to check us in, and no sign-in sheet was present, so we just walked in and took seats. We had 45 minutes to observe how things went for the other debtors who were also present, with their attorneys. We had filed pro se (without an attorney), using the Ziinet bankruptcy engine, and we appeared to be the only ones who had done so!

The layout was as follows: the room was about 30' x 35', and had several tables put together at one side, with chairs around them, and other chairs in rows at the other side. The waiting debtors were in the rows of chairs; the tables with the chairs around them were for the trustee, the trustee's assistant, and the debtor to be examined, with their attorney, and if necessary, the debtor's interpreter (we are in south Florida, so several debtors who did not speak English were present with an interpreter to assist them).

The physical layout indicated to me that the examinations were to be done in full view of, and well within hearing distance of, all the other waiting debtors.

At the tables was the trustee's assistant, a tape recorder, several stacks of file folders (pending cases of debtors to be examined), Bankruptcy Information Sheets, and Discharge Information sheets. Of course, I'm sure everyone present was wanting to be "awarded" one of those discharge information sheets!

As we sat and looked on, the trustee entered the room and took his seat. Some debtors were visibly nervous or subdued; then the trustee reached for the top file folder and called out the name on it, and the case number, and the proceedings were under way. We watched and listened as debtor after debtor was called up and examined. As I mentioned before, all except for ourselves had attorneys in tow.

We were amazed at how many of the debtors called were "put on the spot" by a question or questions on issues which, apparently, the attorney had not anticipated, or the debtor failed to inform the attorney about. The trustee seemed stern with everyone, taking a no-nonsense approach to the questioning. I listened carefully and right then and there learned an important tidbit: if you did not list ALL your assets, don't say that you did! Even if the asset is inconsequential (such as jewelry, which was the universally problematical item the trustee caught debtors on), admit that you have it, or better yet, list it on the asset schedule. Everything you do list, be prepared if the trustee decides it is appropriate to question you in more detail about that item.

Well, when I saw several debtors get "caught" (they didn't list jewelry, for example, but were obviously wearing some while claiming they had listed "everything"!), I realized what the right thing to do would be. I, too, had not listed jewelry because I own none of any consequential value.

So, what did I do? I did an end run around the problem; when the trustee asked us if we had listed all our assets, I simply got honest and said that I had not listed things like costume jewelry, which had inconsequential value. This honesty put the whole jewelry question to rest right away, and also quelled similar questions, such as why I might not have listed some other items which are specifically named on the asset schedule (like jewelry is)!

Another person got caught because they were a police officer, and admitted to the trustee that they owned a gun, yet didn't list it on their asset schedule! Incredible, and, what's more, this person was "represented" by an attorney!

The important thing to remember here is that you should list whatever falls into specific categories on the Schedule, rather than lumping it all together as "household goods". It is better to list it and value it as worth minimal monies than to omit it and then get called on it.

The trustee went down the list of required questions (to know what the required questions are, you should download (free!) a copy of the Handbook for Chapter 7 Trustees (see U.S. Trustee Program), which has, as an appendix, the questions which trustees must ask, and also those which they might ask. Know the rules and players in the game is how I view it.); we had no problems answering the questions, because the answers were already in our paperwork. If the answer is not in your paperwork, you may have a difficulty.

The trustee seemed scornful of those who did not follow directions carefully, or who overlooked obvious things in their filing. Most importantly, I believe that the trustee was a bit miffed about how poorly prepared some debtors were, considering that they had paid (dearly!) attorneys to "represent" them.

Here's an important tip: the attorney does not "represent" you at the creditor's meeting. All the attorney does is (perhaps) mumble to you about something which the trustee has asked you, but you must answer all questions yourself and defend, if necessary, everything in your filing which the trustee deems is worth questioning. Attorneys can help in other ways, but "representing" you at the creditors meeting is not one of them!

Throughout all of the examinations, including our own, no creditors showed up. I surmise that, since most debtors end up receiving discharges, the creditors know that the effort of showing up is for naught, unless they have a good case against a debtor and the debtor has non-exempt assets of significance which can be liquidated. In chapter 7 cases, this is rarely true, so the creditors have no good reason for showing up.

Jubilee Time! (Discharge Day) We were waiting with bated breath for the 60 day period (for the filing of objections to discharge) to elapse (60 days after the 341 meeting, discharge is automatically given, so long as no objections to discharge are received). The day came and went, and we watched the mail with great anticipation for that long-awaited discharge notice from the Court.

Alas, the notice did not arrive before President's Day weekend, when we were to be out of town. So, on the first business day after (February 19th), Delia called the Court office and was told that the discharge paperwork had been mailed that day (the 19th). The day we received the discharge notice was February 23, 2002. Yippee!! Jubilee, finally!!

Of course, our case won't close until asset distribution and the Trustee's final report. The deadline for filing proofs of claim is April 22, 2002, so we can expect closure of this case sometime in May, 2002. Others who were at the same 341 meeting as we were, and who had "no asset" cases, received both their discharges and case closure the same week we expected our discharge notice to arrive in the mail.

FINAL UPDATE! I found out just a few days ago that our case was closed officially on April 10, 2003, nearly a year later than I thought it would be. Even though it took longer than I thought, we did not experience any problems with the closure of our case, as far as we know.

By the way, how do you think a creditor can know what it is that you own? Well, they have two methods; one is that they can inspect your petition and accompanying schedules (takes effort and can cost them, but they can do it), and the other is by looking at your credit card statements (in cases where the creditor is a credit card issuer). If you have charged expensive items like jewelry on that credit card, they will have reason to believe you still have the item(s) and might find it worthwhile to pursue an objection to discharge if you have not listed those assets on your schedules.

Take a Jubilee Field Trip! When we arrived for our 341 meeting, the first thing I learned was that there was no "sign-in"! I half-expected some officer or representative of the Court to be at the door, armed with a list of the people scheduled for that day. This rep would ask our names, check the list and, if we weren't on the list, deny us admittance to the examination area.

Instead of that scenario, we simply waltzed into the room while nary a person took notice of our arrival. I even questioned the Trustee's assistant as to whether or not we were supposed to sign in, and the answer was no.

Although this may not be the case in your area or State, you can explore this before your meeting (or even before you file) if you have the time and inclination. You need to know where your Court offices are located, anyway, so why not see if you can look in on a 341 meeting and familiarize yourself with how everything goes in real life? If you arrive at the room and you see someone taking names, you can always turn around and leave unobtrusively, but if not, go in, sit down, and watch a few debtors go through their examinations. You'll get a great free education, and might learn something that will keep you out of the hot soup later.

Sooner or later during the proceedings, you may find yourself in the situation of wanting (or needing) either redemption or reaffirmation. Redemption has nothing to do with your future in eternity, but rather has to do with assets which you possess which exceed your allowed exemptions, and which you wish to keep. Reaffirmation applies to assets (which you possess) which are collateral for some credit which you were granted prior to the invoking of your Jubilee. Examples of such assets are your home with a mortgage(s) and your car on which you are still making payments.

Since all of your listed creditors were informed of your petition filing, they are aware if some of your assets were collateral for the credit they extended to you. In such cases, they are standing by, as it were, until your discharge, when they will be free to take action to either repossess the asset (primarily in cases where you have fallen behind in payments) or to get you to reaffirm or redeem the assets. This is why it is so important to you to stay current on any secured indebtedness (such as mortgage(s) and/or car payments) throughout your proceedings so you can eliminate repossession and/or foreclosure jeopardies.

Redemption does not always apply to creditors; it applies also to your relationship with your Trustee. In fact, the first option to redeem may very well come from the Trustee, if your unsecured assets (i.e. assets which were not collateral for any extension of credit) exceed your allowed exemptions. The Trustee will give you the option of redeeming the assets by paying the over-exempt amount to the estate (the Trustee).

For example, you own a car free and clear, and the car is worth $2500. Your exemption for the car is $1000, so that leaves $1500 in over-exempt value. The Trustee will give you the opportunity to redeem the car (take it out of the bankruptcy estate) by your agreeing to pay the estate the over-exempt value, which is $1500. You may do so in a lump sum or according to a payment schedule which the Trustee will make available to you.

In order to do either, you must sign a Stipulation (drawn up by the Trustee) detailing the terms of the agreement and the consequences of non-compliance with it. If you have hired an attorney to assist you, direct your attorney to review the Stipulation before you sign it. If you are going pro se (no attorney), you should familiarize yourself with enough "legalese" to enable you to understand what you are signing.

Reaffirmation is, essentially, you agreeing to assume a debt such that, as far as that debt is concerned, it is as though you had never invoked Jubilee. If you have filed pro se, the Court must approve any and all Reaffirmation Agreements you are asked to make. No law requires you to reaffirm anything; if you don't really want the collateral, let the debt be discharged and allow the lender to repossess!

In some cases, you even stand a chance of the lender "abandoning" the collateral, which means you lose the debt and keep the property. Not bad.

Generally (I believe) if you have kept, and are keeping, your payments current, the lender is just as likely to forego asking you to sign a Reaffirmation. Whether or not you sign one, they retain their right to repossess or foreclose, should you default on the payments.

In fact, now is the time to point out all that a reaffirmation agreement accomplishes. All it does, legally speaking, is restore the creditor's right to come after you for "deficiency" balances, should that creditor have to repossess or foreclose on you for failure to make payments. Without the agreement, the creditor can still repossess or foreclose, but they are barred from coming after you for any "deficiency" balance.

So, although you may think it is in your best interest to reaffirm, the purpose of these agreements is to remove the protection you received by being granted a Jubilee discharge. So consider carefully before reaffirming.

Jubilation: Make it Easy for Them and They will make it easy for You.

Some people make the mistake of developing the attitude that the Trustee is out to take their property away. All the Trustee wants to do is to carry out his/her responsibilities as required by the Federal Bankruptcy Code and applicable local law. If you have excess (nonexempt) property, it is the Trustee's responsibility to liquidate it and distribute the proceeds to your creditors (in a Chapter 7). You should come to terms with this long before filing.

You can make this as easy as possible by familiarizing yourself with the law and adhering to it strictly. Being difficult to get along with, or being cagey with information about your assets, finances, or debts will only inspire the Trustee to dig deeper, reasoning that you must have something to hide or you wouldn't be so difficult about it! Make the process as trouble-free as possible by doing the digging yourself well in advance of your filing so that if there is some matter which needs attending to, you can attend to it and be free of the nagging thought, "will he/she ask about that?". If your communications with the Trustee are tainted with a bad attitude, you will find yourself under more scrutiny.

A good, helpful, friendly attitude will go a long ways towards smoothing the process and speeding you on your way to Jubilee Time. Trustees (and their assistants) have many cases to handle, and if you make yours easier for them, they will tend to concentrate on clearing your case first because human nature is to tackle the easier tasks first. They know a few of their cases will consume the majority of their time and effort; so make yours into one of those which is a breeze for them. You'll get your Jubilee with a smile!

OK, I have my Jubilee, what now?

The first order of business after you have your discharge notice in hand is for you to get copies of your credit reports from the "big three" CRAs (Experian, Trans Union, and Equifax). Your challenge is to study these reports and find all the derogatory and/or inaccurate information on them.

If your credit was fair to good before you filed, you'll notice that your credit score is very low now. In all likelihood, many of the creditors you listed in your filing have sent in reports of charge-offs, delinquencies, past dues, and other derogatory and/or negative information about you which, after discharge, is no longer accurate.

After all, how can you be delinquent on a debt which doesn't exist? You need to remember that the status of a discharged debt is, legally, that it doesn't exist any more. The status is not that the debt still exists while you no longer have to pay it. The status is that the debt no longer exists.

It is all these inaccurate entries which you need to dispute with each of the CRAs. Also, if you redeemed any property from a creditor, the entry in the report should show "paid in full". If it doesn't, you need to dispute it.

By law, the CRAs must verify every entry which you dispute. If they cannot verify it, they must delete it from your credit file. It may take more than one attempt to get the CRAs to comply with the law, so be persistent. You have rights, but the CRAs will not necessarily respect your rights under the law unless you stand up for your rights.

Here is a vital piece of information for you: the CRAs are not required to list your BK (or any other derogatory information) for any particular length of time. The only stipulation the law states is that they are not allowed to keep a BK on your file for more than 10 years, and derogatory entries for more than 7 years. But what you need to remember is this; they are not required to list those things that long. Within the maximum time period limitations mandated by Federal law, it is at the option of the CRAs as to how long they keep those bad entries on your report.

Your mission, then, is to give the CRAs reasons to take these entries off your record sooner rather than later. Your Jubilee, itself, is reason enough to get most, if not all, of those negative entries off your record. So go ahead, do it! After all, you got your fresh start, so make it completely fresh and new.