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How should an obligation that is discharged in a Chapter 7 Bankruptcy be reflected in a subsequent credit report?
Wiki User
∙ 14y ago
The debt should be identified as being in bankruptcy or discharged in bankruptcy. It will remain on the list for 7 years. The bankruptcy will remain on the report for 10 years.
Wiki User
∙ 14y ago
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Can a man file bankruptcy without his wife's involvement and if he does how will she be affected?
A husband (or wife) may file for bankruptcy separate from his or her spouse. Technically speaking, this should have no effect on the other spouse as they are filing bankruptcy for their separate debts and you will not be held responsible for their debts nor will it be reflected on your credit report, etc. It is important to note that those debts you held jointly will remain with you (the spouse that did not file for bankruptcy).
If someone authorized your use of their credit card and then had that debt discharged in bankruptcy can they come after you for the debt 10 years later?
No, authorized users of credit cards are not responsible for the repayment of debt incurred regardless of the circumstances. The authorized is not responsible to the credit card company, hence a discharge of the card holders obligation does not relieve them. However, if they had an agreement with the card holder to re-pay them, a debt did exist. Of course, best reflected in a written agreement. That receivable (an asset) of the card holder, had to be reported as such when he went BK, and could have gone to his creditors. In either case, unless the card holder has been continually trying to collect, making demands for payment and such, I suspect in almost any jurisdiction it would be well past the time limit to enforce collection now.
If someone co-signs for another person does it show up on the co-signer's credit report?
Yes, the obligation will be reflected on the co-signer's credit. Lenders do not differentiate between a signer and a co-signer. Both are responsible for the repayment of the loan. If the signer stops making payments, the lender will look to the co-signer for full repayment of the obligation. Co-signer be aware!
What are 3 examples of light being reflected?
- light reflected from a window- light reflected from a mirror- light reflected from snow
What reflected sound is called?
reflected sound is either reverberation or echo
Can your shadow be reflected in the mirror?
Yes it will be reflected in the mirror.
What is a reflected sound?
a reflected sound is an echo
Do compound microscopes use transmitted or reflected light?
reflected
What is a term that means reflected light?
The light which enters is called the incident ray and the reflected light is called the reflected ray.
What is the result of a reflected sound wave?
The result of a reflected sound wave is obviously an echo.
What is the sun's energy reflected into?
Solar energy reflected by clouds (20%) and the earth's surface (4%) is all reflected back into space.
Which hurts your credit worse bankruptcy or late payments?
Late payment will drive your credit score into the ground rapidly. Many people question filing a Bankruptcy even though their credit is shot through late payments on mortgages and other bills. Filing Bankruptcy put all collection activity on hold and your accounts show current and up to date as long as you make your payments on time. Most people are surprised tofine their credit in much better shape after a BK than before with a much higher credit score Late payments can always be corrected, and this will be reflected on your credit file. Bankruptcy, however, will stay on your credit file for six years.
