Can a bank decrease unused portion of existing home equity line of credit after filing for chapter 7 bankruptcy?

How long does a chapter 13 conversion to a chapter 7 stay on your credit report in Wisconsin?

A chapter 7 bankruptcy filing remains on your credit report for 10 years. Chapter 13 bankruptcy remains for seven years. Under chapter 13 bankruptcy you repay at least a portion of the debt, so it is removed a little sooner.

Necessary to file a claim in chapter 7 bankruptcy?

If you want to have any chance of being paid any portion of what your owed.

What is chapter 7 bankruptcy liquidation?

A Chapter 7 bankruptcy is a "straight bankruptcy" where the assets are liquidated. This differs from Chapter 11 and Chapter 13 bankruptcies, where the company is reorganized. For more information see the related link.

Do charge offs go off if you file chapter 13 bankruptcy?

Charge off will still show up on your credit report as such as well as the bankruptcy. Chapter 13 requires the individual to repay a portion of the charged off balance this is a type of Settlement that the credit card companies/loan agengies will accept as legally binding agreement. Chapter 13 usually require a payment for 36 to 60 months.

How long will a chapter 7 bankruptcy appear on your credit report?

The credit accounts will appear in the credit portion of your report for seven years from their date of last activity. The legal item will appear in the public record portion for 10 years from the date of its' discharge.

Does filing bankruptcy remove bad marks from your credit report?

No. What will happen is all the defaulted accounts listed in the bankruptcy will be marked as such.."included in bankruptcy". The credit history, late payments, judgments, etc. will remain the same. In addition to the scenario in the above answer: The bankruptcy filing itself will be listed in the "public records" portion of your credit report. The disposition needs to be listed also (the discharge). The "bad marks" (i.e., the accounts) will show on your credit for 7 years. The bankruptcy listing will show for 7 years for a completed and discharged Chapter 13 bankruptcy and 10 years for a discharged Chapter 7.

Can you do a loan modification if you are in chapter 13?

A Chapter 13 bankruptcy puts the entire debt collection process on hold to give the filers time to work out a court-approved repayment plan for a portion of their debts. Thus, because the process is on hold, a loan modification can not be enacted while a mortgage is currently under the supervision of the Chapter 13 trustee. However, it is possible to negotiate a modification of a loan with the mortgage lender during the bankruptcy. But it will be necessary to have the bankruptcy case voluntarily dismissed before the modification can be finalized and put into effect. Banks may not be willing to negotiate with the borrowers under the circumstances of a Chapter 13, though.

After seven years when debts from a bankruptcy are removed from the credit portion of your credit report will the bankruptcy still reported in the public record portion affect your credit status?

bankrupcires stay on for 10 yrs. But when you gfinalize the bankruptcy the debts are automatically removed anyways.

Will you get rid of credit card debt with bankruptcy?

No. If you file bankruptcy, you are basically telling the creditors that you don't have any funds to pay them. Your finances are being held by the court and the lawyers will tell the creditors that you filed bankruptcy. You are still responsible for the debt. WRONG! If you file bankruptcy and file a chapter 7, if the judge approves your appeal all your credit card debts are erased, and creditors have to stop calling and harassing you. If you file a chapter 13, you are still responsible for a certain portion of your debt, to be paid over a 5 year period, and creditors have to stop calling and harassing you.

The Two Major Corporate Bankruptcy Filings?

Just like people, sometimes a corporation accrues more debt than it actually has the ability to pay back. When this occurs, a corporation sometimes declares bankruptcy. However, corporations do not always use the same kinds of bankruptcy that individuals use. The two most common corporate bankruptcy filings are Chapter 7 bankruptcy and Chapter 11 bankruptcy. Chapter 7, which can also be used by individuals, is for businesses that are giving up entirely. If a company declares Chapter 7 bankruptcy, that company will cease operations immediately. At that point, legal ownership of the company is transferred to the bankruptcy court. When ownership of the company is transferred to the court, a lawyer will be appointed by the court to oversee the rest of the bankruptcy. This will include overseeing the closing of that corporation's facilities. It will also include a liquidation of the company's assets. The assets will be sold, and the proceeds of those sales will be used to pay back creditors that are owed money by the company. Chapter 11 bankruptcy, not used by individuals, is a bit different. Instead of the business being closed, the business is allowed operate normally during the bankruptcy. The goal of a Chapter 11 bankruptcy is the restructuring of the corporation so it can be profitable once again. There is also another potential benefit from this kind of corporate bankruptcy. All or a good portion of the company's previous debts and other obligations may be absolved. This is due to the fact that the goal of Chapter 11 bankruptcy is reorganization. Debt or other obligations that would force a company to go out of business may be removed to help that occur. Obligations other than debt that may be set aside by the court can vary. Usually this includes things such as agreements with unions on employee pensions and benefits, leases for real estate and other expensive contracts. However, even if a corporation attempts to enter Chapter 11 bankruptcy, there is still a risk that the company may be liquidated as part of a Chapter 7 bankruptcy. This can occur if a plan is not agreed upon by the corporation, its creditors and the court. If this happens, the only remaining options are either entering Chapter 7 or returning back to the company's pre-bankruptcy state. Since the company entered bankruptcy because survival without reorganization was unlikely, both choices are rather undesirable.

If you filed chapter 13 bankruptcy and placed a cellular phone on the bill how soon after the 341 hearing will you be able to get services with this company or are you able to do this?

Any further transactions with creditors while in a chapter 13 is at the discretion of the lender/creditor. More than likely the person will be required to pay off the balance (or a good portion of it) before the company will consider reinstating service. All major financial transactions have to be cleared with the bankruptcy trustee.

If the judge denies you to file bankruptcy is the any other way of saving your home out of foreclosure?

Was it a Chapter 7 filing? Generally a 7 is dismissed due to the trustee or judge deciding the debtor has means to repay at least a portion of their debt(s). Therefore, the party involved can file a Chapter 13 which is a consolidation BK rather than a liquidation BK. Before a concise determination could be made, the reason(s) for the bankruptcy dismissal would need to be examined.