HELL LEE, HERE TO HELP US WITH THE BOTTOM LINE IS MICHAEL JENKINS WITH JENKINS LAW FIRM. YOU HAVE GREAT TOPICS. ARE YOU TALKING ABOUT BANKRUPTCY AND REBUILDING CREDIT AFTER FILING. THAT’S WHAT PEOPLE ASK ABOUT AND MY CREDIT IS BAD HOW LONG BEFORE I GET MY THAT’S WHY THEY WANT TO FILE BANKRUPTCY TO STOP THE GANNISHMENT AND JOIN THE CREDIT WORLD AND HOW LONG THAT WILL TAKE. SO, MOST PEOPLE, NOT ALL WHEN THEY COME IN THEY HAVE ALREADY OBLITERATED THE CREDIT IT IS BAD. SO, ONCE YOU FILE BANKRUPTCY, IT GIVES YOU THIS QUOTE UNQUOTE FRESH START. DOES IT PUT ANOTHER DING ON THE CREDIT IF THEY ARE DOING A CHECK, YOU SAID IT PROBABLY IS NOT IN GOOD SHAPE. THAT’S WHY YOU ARE FILING. IS THIS PUTTING ANOTHER DING THAT WILL TAKE TIME TO OVERCOME. IT’S THE FINAL DING TO THE CREDIT HISTORY THAT POINT AND BEFORE IS PACKAGED TOGETHER. WHEN THAT BANKRUPTCY LANDS ON YOUR REPORT IT THEN SORT OF TAKES CARE OF EVERYTHING THAT WAS ON IT BEFORE. IT IS NOT AUTOMATIC THE FILING BUT IT WILL SHOW A BANKRUPTCY HAS BEEN FIELD. IT’S UP TO THE PEOPLE TO UPDATE THE AGENCIES. MEDICAL BILLS IN COLLECTION. THEY FOLLOW UP AND SAY THAT THE DEBT WE REPORTED BACK THERE ON PAGE 3. THAT’S PART OF THE BANKRUPTCY. THEY WILL HAVE A NOTATION THAT THE BALANCE IS ZERO NOW HOW LONG DOES THAT TAKE? IT USUALLY, I THINK APPEARS ON THE CREDIT REPORTS PROBABLY WITHIN DAYS OF THE CASE ACTUALLY GETTING FILED. AS FAR AS HOW LONG TO FOLLOW UP. IT IS OVER DURING THE PERIOD THE MAJORITY WHO HAD BEEN PART REPORTED THAT THOSE BALANCES ARE NOW TAKEN CARE OF. PEOPLE TALK ABOUT HOW LONG THE BANKRUPTCY STAYS ON YOUR S THAT A LONGER TIME THAN THE OTHER? THE BANKRUPTCY THE CHAPTER 7 FORM STAYS ON THE REPORTS FOR TEN YEARS. THE CHAPTER 13 FORM STAYS ON THE FOR 7 YEARS. AND GENERAL INFORMATION REMAINS THERE. WHEN A PERSON READS IT. THERE ARE NOTATIONS SAYING THE ITEMS GOING TO REMAIN TO THE DATE AND AFTER THAT DATE IT FALLS OFF. THEY WOULD BE BIGGER THAN THE U.S. HISTORY BOOKS. THEY LIMIT THE AMOUNT OF INFORMATION THEY HAVE IN THEM. 7 YEARS AND TEN YEARS. HOW YOU. ONCE IT IS OVER AND ROUGHLY THREE MONTHS FROM WHEN IT STARTS. CAN YOU BUILD IT UP THEN. BUILD IT UP THEN. ARE YOU GETTING OFF TO A FRESH START. T IS GOOD ENOUGH TO GET LOANS. THE FIRST WAY THROUGH THE BANKRUPTCY OF REAFFIRMING A DEBT AND SO WE HAVE SPOKEN ABOUT THAT FAIRLY. AN AGREEMENT IS A CONTRACT THAT YOU SORT OF ENTERED INTO SAYING WHEN THIS IS DONE, THE DEBT IS GOING TO BE OUT OF THE BANKRUPTCY LIKE IT WAS NEVER IN THERE. SO YOUR PAYMENTS GET REPORTED. YOU MAKE THEM ON TIME BUILD IT BACK UP. IF YOU DON’T PAY DIDN’T LEARN YOUR LESSON WELL. SLOW PAY THAT CAN DING YOUR CREDIT FURTHER WHICH IS NOT GOOD. YOU DON’T WANT THAT GOING ON. YOU DON’T WANT TO BE IN THE SAME BAD HABITS YOU HAVE TO GO BUILD THE CREDIT INTO GOING DEBT. SOME IS WHAT YOU HAVE. FOR MOST THINGS ARE YOU LOOKING AT REAFFIRMING YOUR HOME LOAN AND THE MOTOR VEHICLE. THAT GETS REAFFIRMED. SO, IN YOUR FILING THAT IT HAS TO SHOW THAT YOU CAN AFFORD TO MAKE THE PAYMENT. WHEN YOU FILE WHAT YOUR INCOME IS AND LIVING COSTS ARE, YOU NEED TO SHOW THAT ARE YOU NOT IN A NEGATIVE POSITION 3500 COMES IN AND 3900 GOING OUT. THE JUDGE WILL NOT APPROACH IT IF YOU SHOW THAT, IF YOU ARE POSITIVE IN SOME AMOUNT THEY WILL APPROVE THE PAPERWORK IT CANNOT GET OFFICIAL WITHOUT THE JUDGE. I NEED TO SIGN IT SO THERE IS NOT A HEARING. WHEN THAT IS ALL DONE AND THE BANKRUPTCY IS DONE AND APPROVED. THEN THAT — THAT IS LIKE IT WAS NEVER PART OF THE BANKRUPTCY SO WHERE ALL THE OTHER DEBTS WILL SAY ZERO. THIS IS PART OF A BANKRUPTCY. THIS WILL LIVE ON AND CAN YOU MAKE YOUR CAR PAYMENTS AND THEY WILL BE SHOWING ON TIME HOPEFULLY AND THAT BUILDS THE CREDIT BACK UP. YOU MARK IT ELEVATE AND THAT CAN DO SO RAPIDLY. SO THAT’S PROBABLY ONE OF THE BEST WAYS TO REBUILD YOUR CREDIT AFTER. YOU HAVE THOSE DEBTS. YOU DON’T HAVE TO SEEK OUT NOW SOME PEOPLE ARE RENTERS THEY DON’T HAVE HOMES OR HE THEY LET IT GO. THEY OWED TOO MUCH IN A CAR PAYMENT THAT GOT WAY TOO EXPENSIVE. 65. 700 A MONTH. THEY LET IT GO BACK. CAN YOU GET ANOTHER CAR LOAN. THERE ARE SOME THAT WE REFER THEM TO. I TRUST THE BEING REPUTABLE AND THEY SELL THEM AT FAIR PRICES. THEY CAN GET FINANCING AT THESE DEALERS, RIGHT AFTER THE CASE IS OVER. AND THEY WILL HAVE A NEW LOAN THE STORE AND SO THAT’S ANOTHER GOOD WAY. AND IT IS A CREDIT CARD A PERSON HAS AN OPPORTUNITY TO DO AND IF THAT’S WHAT THEY DO. I THEY DON’T LIKE TO MAKE CAR PAYMENTS, THEY HAVE A TALENT FOR FIXING CARS THEMSELVES. THEY WILL BE OFFERED TO YOU. AND OFFERS TO JOIN THE COMMUNITY AGAIN BECAUSE THEY ARE ON THE MARKETING LIST. AND NOT THAT CAN BUILD UP THE CREDIT EVERY MONTH. ARE YOU PAYING IT ON TIME. THAT WORKS, TOO. I KNOW TO GET THE CREDIT IN THE WOULD BE THE ITEM WAY IT IS SOMETHING. NOW CAN YOU HAVE YOUR UTILITIES IN ALL THAT INCLUDED ON THE CREDIT RAMPS. IF YOU ARE IN GOOD STANDING. THEY GET REPORTED T IS A BAD THING. AND IS NOT REPORTING IF FOR THE BILL. AND THAT IS MISLEADING. AND GET THAT. IMMEDIATELY. AND ANOTHER JACKETTOR, EVEN IF YOU GET SOCIAL SECURITY COMING IN AND JUST SO IT IS SOMETHING AND RELIED UPON AND TAKE A CHANCE ON YOU. THE ECONOMY OPERATES ON CREDIT. AND CONSUMER CREDIT DRIVES THE ECONOMY. THEY WERE NOT SPENDING MONEY IT WOULD NOT BE DOING VERY WELL. AND CREDIT AVAILABLE. AND GOING BACK TO WHERE ARE YOU A COUPLE OF TIMES THIS MORNING. RESPONSIBLY. GIVE US A CALL OR WE’LL ANSWER YOUR QUESTIONS ON THE PHONE. CAN YOU FIND US ON THE INTERNET AT IOWA-BANKRUPTCY LAW.COM OR FOLLOW US ON FACEBOOK. GREAT INFORMATION. THERE IS A LIGHT AT THE END OF