Your income does matter, and the less you’ve earned recently, the better. For Chapter 7 bankruptcy in Rhode Island as of May 2, 2009, your average monthly household income for the past six months should not exceed the following:

RHODE ISLAND CH. 7 AVERAGE MONTHLY INCOME LIMITS

As of May 2, 2009

Remember, it’s only the last six months before the month you file that count. So if you file for bankruptcy in May 2009, only paychecks you received from November 2008 through April 2009 will be taken into account.

Earn more than the amounts listed above? You might still qualify to file a Chapter 7! The means test has a second part, and if you pass that section, you can still file for Chapter 7 bankruptcy. This second part takes a more detailed look at your household income, expenses, assets, and liabilities. Unfortunately, it’s much more complicated than the first part, so you should contact an attorney experienced in bankruptcy if you need more information.

By law, credit reporting agencies must remove negative information from your credit report after seven years from when the negative information is recorded, but the bankruptcy information will remain on your credit report for 10 years. The fair credit reporting act enforces correctness and fairness of information filed by the credit reporting agencies. The credit reporting agency are initiated by law to collect credit information and sell the information about you, which includes whether you pay bills on time, ever filed bankruptcy to other creditors and business. This is the place where you can find information related to your credit history and your credit scores.
This credit report contains information of every creditor, from whom you borrowed money or who had lent you money. It outlines your credit card accounts, automobile loans, student loans and mortgage or any other transaction involves borrowing. It shows the information about when the credit line was opened and how much amount you borrowed and how much amount you still owe and also record any information related to late payments or missed payments or defaults to any lenders.
The credit report also shows information that includes lawsuits such as your involvement in liens, foreclosures, bankruptcies, and repossessions. Credit card report also shows the information about the inquiries made by the other creditors. To many credit inquiries will have negative impact because the lender may not grant you credit if he sees to many inquiries from different lender as this show that you are getting overextended.
However, there are two types of inquires that does not include in your credit report are personal inquiries, those are made on behalf of you and by the companies who send you the offer by themselves through mail or phone.
But when this negative information is recorded on your credit report? Late payments are first type of negative information that is recorded on you credit report. The late payments are not reported to credit bureau on your due date but creditor will wait until 30 days after due date before they report the credit bureau. For ex: if your due date for the payment is on December 10 then if you do not pay by Jan 9 then the late payments are reported by the creditor to credit bureau after Jan 10th and they will furnish the negative information to credit bureau about the late payments.
Once reported to credit reporting agencies, the good or positive information will remain on your credit report as long as they maintained satisfactorily but the negative information on public records can remain up to seven years after the problem which caused the information to appear on you credit report. An unpaid judgment lead as you not paying bills are resulted in creditor taking you to court can remain on you credit report for 7 years after you pay the amount and will remain for ever if it is not paid and the creditor inquiries generally remain on your credit report up to 2 years
It is always a better idea to know what is your credit score and credit report and what type of actions are taken on your credit report.

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