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Debt and Bankruptcy

~7200 answered questions
Parent Category: Personal Finance
State of owing money to creditors. A person or organization is bankrupt when judged to be legally insolvent.
Answer The co-signer of any loan has the same financial obligations and liabilities as the creditor! They can be sued and have their wages garnished or bank account frozen, just as you can. Answer The co-signor has the same responsibilities as the signor. If the signor can be sued, the co0sig…
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Better is not the best word, but a chapter 7 could wipe out the car debt and your other debt. If you just to the repo - they can still come after you for the 4500 dollar difference if they sell it for only 4k (most likely it will be sold for 2k or so) which would make the debt higher. Both will hurt…
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Well, "repo man", a bankruptcy will allow folks to get their car back - even after repo. The clincher is, if the car was auctioned or not. That would be the only obstacle preventing the car from being returned, at least in terms of a Chapter 13. So, if you want your car back: file Chapter 13 and do…
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It all depends on the employer, usually after seven years a bankruptcy is clear from your record, even though someone has a bankruptcy in their record they can try to get credit to begin to improve their credit.
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In a debt replayment plan, you deposit money each month with a credit counseling service. Your deposits are used to pay your creditors according to a payment schedule developed by the counselor. As part of the repayment plan, you may have to agree not to apply for ? or use ? any additional credit wh…
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Yes. You can do it on your own but companies can usually get larger settlements. You on your own are doing one...where as if they have 10 different people with a card from abc bank, totaling 100,000 in balances, they offer 40,000...a bank usually will not say no to that much. You on your own...are …
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No, the foreclosure will stay on your credit report for 7 years. After you will probably have to request it be removed by submitting a written request to the three major credit reporting agencies.I lost my job, and had to sell my house. My lender filed a petition of foreclosure on my house the same …
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Once it is reported to the credit reporting agencies, it is very tough to have it removed. However, you can get them to mark it "satisfied" by providing documentation of such along with a letter of explanation. Keep copies of all correspondence with the agencies.
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Yes, sorry.  I disagree with the first answer. If that was the case then nothing would drop off from anyone's cred it after 7 years. A collection agency could just sell the account back and forth. 7 years and it's done.  I disagree with the first answer and I definitely agree with the se…
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More to the point, the time varies. First, they have to contact you, usually by phone. Then, they have five days to send you a letter which will tell you that you owe someone some money and to send it to the address they've provided.However, also in that will be a notification that if you dispute, o…
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a collection agency will usually take up to 30% off a debt but only if it is over $500 i once owed $5,300 on a returned vehicle and they were willing to take $3,100 but you can hustle your amount owed. all they want is some of the money anyway.There is no specific set amount. You must negotiate with…
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It should not have any positive or negative affect at all.   The above answer is only correct, if your landlord does NOT work for a company in which you made yourself in debt to, and he/she has examined your account with the company.
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This answer is best explained by the process in which the collector assumes the debt in the first place.Let's say you owe the bank $1000.00 because they charged you fees you didn't think were valid and simply didn't pay them and shut down your checking account. You are not the only person who has do…
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: A bankruptcy under chapter 7 or 11, or a non-discharged or dismissed chapter 13 bankruptcy generally remains on your credit file for 10 years from the date filed. A discharged chapter 13 bankruptcy generally remains on your credit file for 7 years from the date filed.
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I'm not a lawyer and I can't give you anything close to a definitive answer, but I do know that your credit rating will be affected if your spouse includes a joint debt in her bankruptcy. That is, if you owe back taxes or have a joint loan and this debt is included in the filing it will end up inclu…
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Under the Fair Credit Reporting Act negative information can be included in your credit reports for seven years. However, there are exceptions to this rule. Bankruptcy is one of those exceptions. Bankruptcy information may be reported for 10 years. Sorry. Once the ten years are up, there's nothing…
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About 6 months ago I had to deal with the same thing. What happened to me was, that the card and all $3000 was turned over to me. That was not cool at all and I was made responsible for the card. But the person that raked up the bill gave me what he owed, but some are not so lucky. As a cosigner, …
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Personal bankruptcy generally is considered the debt management option of last resort because the results are long-lasting and far-reaching. A bankruptcy stays on your credit report for 10 years, making it difficult to acquire credit, buy a home, get life insurance, or sometimes get a job. However, …
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Bankruptcy It has always been 10 years. Some CRAs will take it off after 7. Bankruptcy has its basis in the Bible. The Bible states 7 years so many places (including CRAs) ignore it after 7. More input from FAQ Farmers: I don't know for how long, but for at least the past 8 years the…
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I am also in the same situation you are in. According to my attorney, I don't have to move out until the mortgage company successfully forecloses on the property. I was already in foreclosure before I filed the bankruptcy but by doing so I bought more time with the "stay" and now the mortgage compan…
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Yes you can, Kind of! I did exactly the same thing. I wrote letters to all three CRA's and 2 of the 3 removed them. I filed a complaint with FTC (FTC seems to be a worthless agency in my opinion) I still have not been able to get Equifax to remove it. They are wrong to report it and I have plenty of…
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Below are the perspectives of some Wiki s contributors about buying a house after bankruptcy: First, any bankruptcy must be "discharged" by the court. You also cannot be in any "Credit Counseling" or other programs that take over your finances. It is actually easier to buy a house than a used car. T…
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Check your local bankruptcy exemptions. Find out what the vehicle exeption is (In Ohio its $1,000). Buy a car that is worth around that much and then discharge everything else.You can also bank something equal to what you spend on the car (minus the exemption). Most bankruptcy Trustees will allow yo…
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Bankruptcy During a Lawsuit Here is advice: If I were you, I would get an attorneys advice. I do know that after your bankruptcy is discharged and final, if you receive a large amount of money within 6 months after, you must pay it on your debts. Although, Im not sure if this pertains to law sui…
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I worked for Direct Loans so I know a little about these things. You do have a few options. If your income is very low you could change pay plans to the "Income Contingency Plan. This plan is where you make payment according to your income. The payment can be as low as nothing a month. Usually they …
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The accounts affected by your BK filing should drop-off after seven years, under the normal course of business. You will want to ensure that they correctly show "Discharged through Bankruptcy." If they do not, you should dispute them, because they are adding to your injury and double-counting agains…
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A checking account has nothing to do with a bankruptcy unless the bank you are going to deal with does a credit check on you and uses this information to Approve/Disapprove you based on that info. If you are turned down by a bank try another, some bank in your area will give you a Checking Account I…
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Yes you can but you must include all your debts including your home (if you have a mortgage),car loans and even your borrowed money from family members or friends. All of it. Because any indebtness you do not include cannot be added after the bankruptcy is filed. Then you have your attorney "Reassur…
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%DETAILS% No. Not unless you all share a SS # too.   The only other situation where a roomates bankruptcy would might affect your credit is if you file for a joint or co-signed loan together.
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You should have no problems getting any type of utility in your name. Just call and sign up. Be prepared for security deposits though. (Which is not because of the bankruptcy) The easiest thing to do is get pay as you go or prepaid phone service. Often times you can do this with both cell phones a…
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The other debtor must either make arrangements to pay, modify or otherwise deal with the pre-petition and post-petition arrears and costs and legal fees or be foreclosed upon. A possible action is filing the other debtor's own bankruptcy, if there is not one outstanding, though this will be short-…
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%DETAILS% To me this is a pretty easy no. Once you get the report I would dispute it and make the bureau prove that your mom filed bankruptcy. They will not be able to so it will have to be removed. It sounds like the mortgage company got wind of the bankruptcy and told the bureaus that all of th…
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Bankruptcy removal Unfortunately, there is no way to have a bankruptcy removed from your credit report before the statute of limitations has expired. For Chapters 7, 11, and 13, this is 10 years from the date filed. Unless, of course, you can prove that the bankruptcy is not yours (For example: When…
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How to file for bankruptcy online The following paragraph sounds very intimidating to a bankruptcy consumer, but in reality, it is not. The stack of forms to file bankruptcy is about 1/4 inch thick, there are Mandatory Credit Counseling and Debtor Education courses to take, and a Meeting of Credito…
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Possibly. If there were no creditors complaining, (Motion for Relief from stay) then you should have no problems.Note though that you may have issues getting the first bankruptcy dismissed.Also, you may be better off letting the bankruptcy continue as a joint peition just to save the headache of ref…
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%FOLLOWUPS% Items on your credit history remain only with you. They do not get copied to your wife's credit history after you get married. The only items that appear on both your credit histories is if you have a joint account with both your names on the account. I would get the advice of a law…
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In a Chapter 7 case, one can normally reopen a bankruptcy to add a creditor as long as the debt was incurred before the bankruptcy case was filed and the debtor simply forgot to list the creditor on his or her petition. The court charges a filing fee of $155 to reopen a case and a $26 amendment fee …
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You can reaffirm any secured debts you want, so keeping one house is not a problem.I would contact an attorney though and speak with him or her. Little details like that can cause problems if you file yourself.   The trustee has ultimate say over what you can and cannot reaffirm. That goes fo…
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Check your divorce paperwork. Usually, there's a provision within the decree stating that any financial obligations- such as alimony or child support- are still valid claims when a bankruptcy is declared. If your lawyer didn't do his/her homework and there is no such provision, you stand in line wit…
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You need to discuss this with your attorney. Once you receive your tax refund, it's part of your personal assets that could be seized to pay creditors. If you file bankruptcy before you get your taxes then the government will keep your tax refund and put it towards your debt. The bankruptcy court h…
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Credit cards after a bankruptcyOne can get a credit card after bankruptcy but I believe it has to be a "secured" credit card as opposed to an unsecured one.You will also have to be aware of secured credit card scams. There are compaines out there who know people are in unfavorable financial situatio…
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No. A bankruptcy becomes a public record as soon as it is filed.Its the same as any other type of lawsuit. Even if they are dismissed, they will still show up when searching for your name.The fact that a bankruptcy was not completed does not negate the fact that it was filed.
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Write a letter of dispute to the credit repository. Include copies of your drivers license, social security card, utility bill, and your bankruptcy papers showing the referenced account. Ask that the bureau remove all notations other than "included (or discharged) in bankruptcy". Request a complete …
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Filing bankruptcyI may be wrong on this, but my understanding is that "charged off" simply means the creditor has written the debt off (as in written it off as a loss on their taxes, or turned it into their insurance company as a bad debt, etc.) but in no way affects the collectability of the debt. …
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From my understanding after filing Chapter 7, our house was not reaffirmed, but the mortgage company clearly states that as long as the payments are kept up they will not take action against the house and if they do, their interest is solely in the house, not contents.
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Yes you can start over but this does have an extreme barring on your credit. You can include the years prior to three years from the tax year you owed the IRS. However any years owing after the fact, you will be responsible for. Actually, you can under certain circumstances -- mainly if enough time…
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Yes. Married people can file individually. The marriage actually has nothing to do with it though.If you filed, no matter what, you can't file chapter 7 again for 8 years, provided you received a discharge. He can file anytime he wants.If you have any joint debt, you may want to consider Chapter 13.…
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You can't get it removed. It is a public record.If you file a bankruptcy and get it voluntarily dismissed the next day, it will still be on your credit report.Also, by the way, not paying into a Chapter 13 plan is not a voluntary dismissal. The Trustee moved to have the bankruptcy dismissed. - The e…
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Bankruptcy One person can file a bankruptcy in a marriage. You will need to take into account the income and expenses of the parter. The Trustee may ask some questions to make sure you are not trying to hide assets in the other person's name. Be sure you can back everything up and you sh…
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Assuming that you are referring to Chapter 7 bankruptcy, 8 years. Usually 8 year to 10 years when filing like Chapter 7 bankrutpcy.
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Answer If you have no assets, then it's a great way to get rid of debt. Chapter 7 bankruptcy is FAST, and normally pretty cheap compared to what you get (all your debt gone). If you have assets, you may be forced into a Chapter 13 and have to pay back some debt. Answer I like Nate's answer. …
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If you filed on May 20, 1994, then the statute of limitations for that will be up on May 20, 2004, and should then be deleted from your credit history.The rule is 10 years from the date filed.Hope this has been a help!
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Amend the petition. There is a charge for this $20-$40 range I believe. You need to file a "Motion to Amend" and add the new creditors. Be sure and check local rules to see how they want the amendments prepared. Also, make sure you note that YOU have to send out the notifications of filing to the n…
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It depends on what the civil judgment was for. For example, judgments for medical or credit card collections may normally be discharged by any chapter of bankruptcy. But, if for example the civil judgment was for damages caused from drinking and driving, or for an intentional tort, such as battery o…
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One can file a bankruptcy case at any time. The only issues upon filing will be:1. Under what Chapter will one be permitted to file;2. Whether one will get the benefit of the automatic stay while the case is pending; and3. Whether one will get a discharge at the end of the case.If a prior case was f…
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The best approach would be to work with the Creditor's attorney to come up with some kind of agreement.You can also move to have the stay reimposed or ask the Judge to reconsider lifting the stay.   If the motion for relief from stay has been granted, you no longer have a defense. The time to…
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To be certain of the status of such debt you should check the state statutes if filing a state bankruptcy. If it is a Federal filing, debts owed to any state department or affiliate is only dischargeable in relation to the type of debt and when it was was incurred.
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%DETAILS% The bankruptcy is still on your credit report atleast under "Public Records". Any filings show up there. The fact that it was dismissed does not remove it.They see that you attempted to file atleast. (Or were forced to file)   First, I would like to be sure the terminology is cor…
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Bank accountsYou can generally keep both your checking and savings account when you file for bankruptcy. However, if you also have a loan with the bank and you intend to discharge it, then the bank will close your account. For example, say you have a savings account with your credit union. You also …
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You always "owe" creditors after a bankruptcy, they just can't try and collect.If you reaffirmed the debt, you can be held liable.Reaffirmation means that you are (re)assuming liabilty for the debt. Ignore what the credit report says, check with the creditor.   Not true. Bankruptcy discharge …
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It's according to how much you owe. If it's a large amount they may give you a hard time. You them need to go in front of the trustee and be able to prove why you needed to use the credit card. It may be do to a change in income, illness, high prescription cost, needing to buy food on it, etc.
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There's lots of details that can change how that situation comes out, such as the nature of the judgment and which chapter of bankruptcy was filed. But, generally speaking, the Bankruptcy Code says that the debt is discharged if it is properly listed OR if the creditor had notice or actual knowledge…
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%DETAILS% Answer No, because the co-signor is not file a bankruptcy with you and the creditor will go after the co-signor instead of you.
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That's a really complicated situation, and you will definitely want to see an attorney in your area about it since there are lots of little factors that can completely change the outcome.Generally speaking, one would probably have a tough time filing bankruptcy in that situation if one put the items…
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No. It is similar to your taxes, you have the option of filing jointly.However, if you have been married for awhile and have a lot of joint debt, you should file jointly.   No. It is similar to your taxes, you have the option of filing jointly.However, if you have been married for awhile and …
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The Bankruptcy Code used to say that student loans could be discharged if they were more than 7 years old AND some other criteria were met. In the past few years, the Code was changed and now the Bankruptcy Code says (in 11 USC 523): "(a) A discharge ... does not discharge an individual debtor from …
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Answer Get a copy of your credit report from the three major credit bureaus. You can get one free copy from each per year by law. You can obtain this free copy at http://annualcreditreport.com (see link below). These reports should have the contact info of your creditors (and collection a…
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%DETAILS% If you are listed on the account and she files bankruptcy, you are liable for the amounts on the cards.You may be able to get a portion discharged in the bankruptcy.Speak with an attorney in your area.   If you're listed exclusively as an "authorized user," then you may be okay. …
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Answer It can be but I have found that if you have good rental history you should be able to rent. Answer My husband and I filed bankruptcy about a year ago. He then left and I lost everything, now trying to start over with a recent bankruptcy is challenging. I have found no one that will ren…
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If the debts are joint, then yes, to get any benefit, you both have to file.If one partner filed and the other did not, and the debts are joint, you'll just shift the whole burdon to the other partner.Contrary to popular belief, bankruptcy does not "destroy" your credit. You will be charged higher i…
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The most common type of bankruptcy is a Chapter 7, commonly called a 'straight bankruptcy'. You may be allowed to keep a vehicle up to a certain value and reaffirm the loan after the bankruptcy is discharged with the bank to continue payments. A repo, voluntary or not, will torpedo your credit scor…
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Your bankruptcy is on your credit report 10 years. The fact of having a bankruptcy can influence whether someone gives you credit or not, as can just about anything else. obviously, your more recent credit history, job, general stability and financial actions will begin to have more of an influence …
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Chapter 7 Roughly, it takes 5-6 months after filing of the petition to get a discharge if it is a no-asset case. If there are assets or questions about the value of assets, it may take longer. More information:There is no court hearing in a no-asset case, and the discharge in Massachusetts is usuall…
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A bankruptcy is "on" your credit report the instant you file it and will not be removed for 7-10 years. Its a public record.If you dismiss the bankruptcy the day after filing, it will still show up.
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Answer You need your Bankruptcy Chapter 7 to be discharged first before getting a loan to buy a house. Most lenders require two to four years of re-established credit before they will consider making you a loan. However, many lending sources are competing today to make loans to borrowers with …
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That's an issue that has to be decided by the court, the lender and the exemption status of the property.
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You can file bankruptcy on a home and all unsecured debt. You can include your home if you wish or re-affirm your home and your vehicles. Be sure to go to a Bankruptcy Lawyer and find out first hand. Many offer free consults and will give you a much more reliable answer than myself or any other idio…
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They can try. Will they be successful? Hard to tell without knowing which state you live in and the exact terms of your divorce. You probably would be well advised to discuss this with the attorney who handled your divorce.   I agree with Nikki. In Indiana, the creditors can normally sue eith…
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I don't know anything about 529 plans, and I can't cite any law or cases, but it has been my experience - in Southern Indiana at least - that trustees don't usually pursue joint accounts with balances in excess of the exemption limit IF the accounts were not funded by the debtor. In other words, if …
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My guess is that they probably can still list a repo on your credit report. Normally you get a double-hit on your credit report when you surrender property in bankruptcy: you get hit with the bankruptcy (which knocks your credit score down by 75 to 150 points) and you get hit with a repo/foreclosure…
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That depends on how high an interest rate you are willing to pay. How much cash you can put down, issues of that nature. The general rule 18-24 months after your bankruptcy has been discharged. Some lenders will see you as a better risk, because you will be more or less "debt free." There are ma…
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Spouse's bankruptcyIt can.Since even a quit-claimed mortgage loan continues to show on your personal credit report, it MAY get a notation "included in bankruptcy" (if it was included). This will cause you problems because creditors will be looking at Your public records trying to justify that notati…
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I'm not sure what this question means by "bankruptcy status." Assuming it means whether your credit report has correctly listed your bankruptcy, or correctly listed the debts on your credit report as "discharged in bankruptcy," then under the new law each person is entitled to one free copy of their…
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i believe that Bankruptcy planning should be done before the final divorce decree is obtained. This way your required payment of joint debts may be discharged without violating a court order.
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You can only receive DPA through FHA, and not conventional. HUD repos only require 100 bucks down
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No, a cashier's check will work, too.
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Foreclosure loans Beware of this situation: You can't pay your mortgage and face foreclosure. A "lender" contacts you, offering help. First, the lender requires you deed the property to him, claiming this is a temporary safety measure to prevent foreclosure. Once the lender has the deed, he …
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Many people who have filed bankruptcy know little about the process. Often times debtors are unaware of their options in a chapter 13 because they rely on their attorney; their attorney has a fiduciary relationship with the debtor. A bankruptcy attorney's job is to know bankruptcy law, not the mortg…
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FHA will not penalize you. Find a FHA approved lender in your area and as long as your payment history in your chapter 13 was good, they should be able to help you. You must go through the court and trustee. They must approve your new debt. It must make a lower rate, payment etc.).You can also buyou…
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You do not need perfect trustee payment history to be approved for a refinance of a Chapter 13. With a dismissed Chapter 13 I can go to 75% LTV Full Doc. The information I see proliferating on the internet is erroneous. If you have perfect payment history to your trustee this improves your LTV(loan …
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Bonds are a form of indebtedness that is sold to the public in set increments, normally in the neighborhood of $1000. In return for loaning the debtor the money, the lender gets a piece of paper that stipulates how much was lent, the agreed-upon interest rate, how often interest will be paid, and th…
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Yes and no. Every state has a statute of limitation on the legal ability to enforce a debt buy suit. Many states are 7 years, while some states are as little as 3 years. Creditors can bring suit anytime within that period. But, should they attempt to bring suit out of the statute of limitation, th…
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The average credit score is charted showing the relationship between age and the average credit scores. Younger people have lower credit scores than older people.
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Especially in todays and the forseeable future credit environment, probably not. The previous answer was erased as commercial and out of Wiki guidelines; New mortgage, new debt? Well, real tough - not impossible. Especially with the concerns over subprime lending in todays market (which you by bei…
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indalex and it's 4 holding companies have filed for chapter 11 bankruptcy protection in us court in Delaware
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After filing for bankruptcy in Canada you may borrow money. The risk is borne by the creditor. During bankruptcy, after filing but prior to being discharged, you may obtain credit with a value of up to $1,000. without advising the creditor of your bankruptcy. Should you seek to borrow more than $1,0…
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If you can find a lender who will accept your signature, sure. Unlikely.
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No. And if someone wants to give you one, run away from that dealer.
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By not making your payment to the trustee. He will see you fell behind, and file a motion to dismiss your case. OR, pay back the entire amount you owe in a lump sum.
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The car lender would repossess the vehicle and sell it off, if there is a remaining deficiency, then the lender can go after the co-signer to be paid (so yes it would negatively effect the co-signer's credit rating)
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