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If your credit report indicates that your car loan was cleared by bankruptcy can you stop making payments?
Wiki User
∙ 8y ago
Nan, why not ask your B/K attorney?? S/he is more familiar with your case than anyone else. The fact that you "thought" you reaffirmed indicates a possibility that you didnt.
Wiki User
∙ 8y ago
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Can you get credit after bankruptcy?
Yes. It is more difficult, but it is also ESSENTIAL to recovering from bankruptcy. You must take out credit and have precise, on time payments in order to help rebuild your damaged credit score post bankruptcy.
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.
Should you file for bankruptcy if you can not make credit card payments?
yes noob how dont you know that
What can be done to build credit history after filing bankruptcy?
After filing bankruptcy, it is extremely important to be very careful to pay bills in full and on time. Missed payments or carrying credit card balances can negatively impact credit scores.
How do you raise your credit score after bankruptcy?
When looking to rebuild credit score after a bankruptcy, there are many different options you can consider. One of the best ways is to show responsibility in using a prepaid credit card. This way you will be able to show that you can make regular payments to cover the things you will need to purchase on a monthly basis.
Can you get credit after bankruptcy?
Yes. It is more difficult, but it is also ESSENTIAL to recovering from bankruptcy. You must take out credit and have precise, on time payments in order to help rebuild your damaged credit score post bankruptcy.
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.
Should you file for bankruptcy if you can not make credit card payments?
yes noob how dont you know that
If an account is closed by a credit grantor why would the card holder continue to make payments after bankruptcy findings are closed?
The card holder is under no legal obligation for the card holder to continue making payments after filing for bankruptcy, unless the case is dismissed without a discharge. There are some who believe that they can improve their credit rating by pay off debts that were discharged in a bankruptcy, but I believe there are better methods to reestablish credit after bankruptcy.
What can be done to build credit history after filing bankruptcy?
After filing bankruptcy, it is extremely important to be very careful to pay bills in full and on time. Missed payments or carrying credit card balances can negatively impact credit scores.
How long does It take to clear bankruptcy?
Bankruptcy is never really cleared. Companies usually stop considering it as an issue for credit, after seven years. It still remains in many consumer reports.
Should I seek out the services of credit counseling to handle my bankruptcy?
Credit counseling can be useful to use before declaring bankruptcy. They can help you manage your debt, develop a realistic budget, and formulate a plan to negotiate payments.
Will a co signers bankruptcy in Maryland effect your credit in pa?
If your co-signer has declared bankruptcy but you have not and are current on your payments it will affect your credit until the original loan is paid off regardless of what state you are in. Once that loan is paid off and your connection to the other persons credit is severed you will operate on your own credit score.
Will the same bank used in bankruptcy issue a persoanal loan?
While you are a bankrupt you can not legally take out a personal loan. Further before issuing you with a loan (even after your bankruptcy has cleared) all banks will perform credit checks and they will probably refuse you credit (the loan) on the basis of your history.
If you are an additional card holder on a parent's credit card account and you file bankruptcy will the bankruptcy appear on their credit?
The bankruptcy will appear on their credit if you include this card in your bankruptcy. If you leave the card off the bankruptcy, it will not effect their credit.
How does bankruptcy affect your credit ratings?
As with everything, bankruptcy law can be complicated and the manner by which credit ratings occur can seem mysterious at best. Filing for bankruptcy will in general lower your credit score, but with some good spending habits and good financial stewardship will again rise over time, especially since part of your credit score has to do with income to debt ratio. When you file for bankruptcy, the debts do not simply disappear as if they never existed. Your history of late or missed payments, if you have one, will remain on your credit report and will continue to drag down your credit score. Additionally, the bankruptcy will stay on your record for many years. A Chapter 7 bankruptcy will remain on your credit report for 10 years from the date of the filing
I had filed for bankruptcy 2yrs ago and it was dismissed. I have a zero balance on a auto loan that shows on my credit report. Do I still have to make my car payments?
If you reaffirmed your car loan during your bankruptcy, you agreed to continue making the payments. If you included your car in the bankruptcy, then the loan was wiped clean, as it appears to have been according to your credit report. Your car should have been repossessed, but apparently wasn't. You should check with the lawyer who handled your bankruptcy, but my guess is that your car slipped through the cracks.
