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 the owners of the house filed for bankruptcy.
Are the co-owners married? If not, then the bankruptcy effects the owner to the extent that she (he, it) will need to get clear title since it cannot be sold unless the title (deed) gets cleared. Anyone out there knows what needs to be done?
If two people own a house and one files bankruptcy - the bankruptcy can affect the other owner. First, if the house were to be sold or refinanced - the title company or lawyer (depending upon where you live) will search the local courts, where the bankruptcy procedures would be found. As long as the courts don't file an order that the house must be sold or anything like that then title company/lawyer will wait until the bankruptcy is discharged before proceeding.
The way the deed is titled defines how real property is held and how it can be subjected to division or protection under bankruptcy laws or judgments. Every state has what is known as a homestead exemption, in the majority of bankruptcy cases this will protect property that is used as a primary residence. It is important however to know how the state of residency laws apply to joint ownership especially a "JTWRS" as opposed to a "TIC".
If you are surrendering your house anyways, it is usually better for your credit score if you do it through bankruptcy. If your house is foreclosed on before you file bankruptcy, then your credit score is hit by both the foreclosure and the bankruptcy. If you let your house go back through bankruptcy, instead, then your credit score is only hit by a bankruptcy.
A cosigner or coowner cannot repossess a vehicle. That is something the leinholder does.
no
Filing for bankruptcy may enable you to recover your house from foreclosure. However the bankruptcy would entail dealing with your entire debt situation, not just the house.
No.
Yes
If you are surrendering your house anyways, it is usually better for your credit score if you do it through bankruptcy. If your house is foreclosed on before you file bankruptcy, then your credit score is hit by both the foreclosure and the bankruptcy. If you let your house go back through bankruptcy, instead, then your credit score is only hit by a bankruptcy.
A cosigner or coowner cannot repossess a vehicle. That is something the leinholder does.
NO
You are normally allowed to keep the house you are living in and one car in a bankruptcy.
no
Filing for bankruptcy may enable you to recover your house from foreclosure. However the bankruptcy would entail dealing with your entire debt situation, not just the house.
Yes, 3 years after discharge of the Bankruptcy.
Bankruptcy would not affect your license to sell insurance in any way. It does not affect your ability to continue to make money.
Does corporate bankruptcy affect personal credit?
No
no gehegle