Not if the debt was discharged in the bankruptcy. If the judgment was on thebefore the bankruptcy was filed and/or was discharged in the bankruptcy, the entry will still remain on the CR for seven years.
You credit card debt, for the most part is discharged when you file for bankruptcy. As soon as a debtor files for bankruptcy, there is an automatic stay and most creditors must stop their collection efforts. Thus, the debtor can begin rebuilding his credit; financially-speaking, the debtor can start over.
The fact of filing bankruptcy is already going to lower your credit score, and the point of bankruptcy, part of it anyway, is to resolve unpayable debt such as collection accounts. It is in your best interest to add the collection accounts to your bankruptcy, but if you consult your BK attorney, he is likely to advise you of this. The bankruptcy is the first next step in repairing your credit and improving your credit score.
Here is the question, was the judgment placed under the bankruptcy? If so, you can dispute the items as part of the bankruptcy. If not, it is a separate entry and has the right to stand on it own.
Yes. Unpaid accounts with a company that has filed for bankruptcy are still collectible. Outstanding accounts become part of the bankruptcy proceedings.
Any debt that you accumulate before your bankruptcy filing and have listed on your petition will be eliminated when you receive your discharge as long as your creditors do not file an injunction against you. After you receive your discharge you are welcome and able to open new credit accounts but any debt you accumulate will not be considered a part of the bankruptcy you filed before opening the account.
No, presuming the credit card holder makes all the payments he is supposed to...the user is not liable for the debt on the card, and it is not part of his BK.
Section 7 Bankruptcy. Release All Credit Cards. Keep Your House and Cars. New beginning at this point. Require a Free Consultation. Answers To All Your Questions. What is Bankruptcy Chapter 7? Insolvency Attorney. Free Consultation. Part 7 and 13 Bankruptcy. Affordabledebtconsolidation
The debtor does not "file" a 1099C. The debtor may receive a 1099C from the creditor which also sends it to the IRS. The discharge of the debt in bankruptcy nullifies the 1099C. There is a form or a part of the 1040 set for disclosing this information to the IRS.
Most likely. They are two separate issues.AnswerYes. It will show that you no longer owe the debt, as well. AnswerIt MAY show up, however, if the debt for the vehicle was discharged in bankruptcy, it cannot be reported. There can be no negative reporting on a discharged debt - not even for a voluntary repo. If the vehicle was surrendered as part of the bankruptcy, the loan should show as a ZERO balance, no past dues, and 'included in bankruptcy' on your credit report.
It depends on which debts are discharged in your bankruptcy. There are several types of debts, such as student loans, which consistently persist through bankruptcy. Moreover, you may be liable even for debts that traditionally are discharged, such as credit card debts, where there is even of bad faith and manipulativeness on your part, i.e. you racked up thousands in credit card debt in the days before filing for bankruptcy.
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
Although filing for bankruptcy essentially ruins your credit for 10 years, it may be your best option if you are in a situation where your debt is increasing while your income is decreasing and you need to stop the cycle. The credit aspect, which will have repurcussions when it comes to trying to buy a house, car, etc in the the future is typically seen as the worst part of filing for bankruptcy.
Bankruptcy does not stop garnishment, it only delays it while the bankruptcy stay is in place. If the bankruptcy does not forgive the debt, once the bankruptcy is discharged or dismissed, the lender is likely to reinstate garnishment.The only way to stop garnishment is to pay the balance owed, OR list the debt as part of the bankruptcy and successfully discharge it.
from my experienes it lasts 7 years and gives you the exact same credit rating as BANKRUPTCY.... it dosent help what so ever. Consolidate your loans instead....
Debt settlement companies can help negotiate debt relief with all your creditors. This will include credit card companies who may be willing to write off part of your debt.
Whether you can eliminate a debt that resulted from a divorce decree will depend on the type of debt. If you owe child support or alimony from a divorce then you will not be able to eliminate the debt in bankruptcy. If the divorce assigned some debt to you as part of the divorce and it was not assigned as child support or alimony then you may be able to eliminate the debt in a Chapter 13 bankruptcy. Chapter 13 bankruptcy allows you to eliminate debt assigned to you that is in the nature of a property settlement and not child support or alimony.
They don't unless you let the debt go and either the attorney or debt colletion agency reports it as part of their collection efforts. If that happens it can seriously damage your credit.
Do you disagree that you owe the debt? If so, then try to appeal and prove you don't owe it. If you do owe it, and your trying to pay it, that arrangement is what the program your in (or company your working with) should be doing/handling with the creditor...who now has or wants a judgment. The judgment doesn't change the debt. That this is happening may cause you to question what the program your in is actually doing. have them prove to you they have made arrangements with your creditors and find out why this one doesn't find it adequate... The above may be different if the program is part of a formal Chap. 13 bankruptcy. However, the result is the same...you'll pay the debt...judgment or not.
Consumer debt, such as credit card or medical debt, plagues many consumers. This debt can leave many struggling to make ends meet and not being able to pay off the debt. This can leave many consumers wondering how to resolve their debts and reclaim their lives. A personal bankruptcy lawyer can help consumers who have accumulated debt to reduce or remove their debts by filing bankruptcy. They can help to determine which type of bankruptcy must be filed. The two types that are most commonly used for personal debt are Chapter 7 and Chapter 13 bankruptcy. Chapter 7 is often chosen if the debtor has income, or future income that may be used to help to repay the creditors. During Chapter 7, debts are generally not discharged, but may be reduced in an attempt to repay them. Chapter 13 bankruptcies often grant full discharge of debts that are owed to a creditor or to a number of creditors. There are often some fees that occur when filing for bankruptcy, such as the fees that must be paid to a personal bankruptcy lawyer. These fees may be based on a sliding scale or part of a flat fee that will include attorney costs and court filing costs. During the bankruptcy process, a lawyer will ask for all financial information such as income, assets and other credit related information. This can help them to determine what to include in the bankruptcy and what should be excluded. Once the bankruptcy has been filed, many states require that a course be taken to help consumers better learn to manage their finances and plan a budget. This is often taken online for a fee, and proof of completion may be required in order for the bankruptcy to be granted. Laws for bankruptcy may vary between states, so it is important to consult an attorney who is versed in state bankruptcy laws. Not all debts may be discharged under bankruptcy so those seeking to resolve their debts in this manner may need legal advice on which debts cannot be removed. Bankruptcy may have negative consequences such as a lower credit score or difficulty in obtaining credit or loans for a period of time after the bankruptcy. It is important after resolving debt with a personal bankruptcy lawyer to begin to build credit in a responsible manner to avoid further debt.
For the most part yes. The only problem you could run into is if the creditor involved believes that you intentionally incurred the debt with the intention of then filing bankruptcy. If they can prove this the debt is determined to be bankruptcy fraud and nondischageable.
as long as it remains a part of your credit report, 7 years.
No, unless the co-signer was also part of the bankruptcy process. If not, then no the co-signer would have to be responsible for this debt. Wanda Improve Credit, LLC
= Is my spouse responsible for my debt? = By Eugene S. Melchionne, Connecticut Bankruptcy Attorney on Mar 29, 2007 in Debt Collector Abuses, Connecticut, Marriage and Debt, General Bankruptcy Information For along time in the United States we have recognized that husbands and wives are separate legal entities. We may take for granted that women can own property in their own name or that a husband does not 'own' his wife. But we do accept that generally speaking, spouses are not responsible for each other's debts. They can file for bankruptcy alone. But is this entirely true? For the most part, yes. However, many states also have spousal support statutes which mean that a spouse is responsible for the other's health and welfare, meaning food, shelter, and medical care. The interpretation varies from state to state. Look for this to be the latest scam of debt collectors in trying to collect a debt. The debt collector will tell you that the credit card was used to buy clothing or purchases at the local drug store or something used for the house and therefore, you are responsible for that spousal support debt. Check out this article at the Association of Credit and Collection Professionals. Bankruptcy Basics: What Is An Adversary Proceeding? by Karen Oakes, Southern Oregon Bankruptcy Attorney Can They Still Take My Furniture, Jewelry, and Electronics after Bankruptcy? by Michael Doan What Is Zombie Debt and Why Is It a Problem? by Kent Anderson, Oregon Bankruptcy Attorney The Collection Agency Says They're Going To Garnish My Wages, Take My Car And Force Me To Sell My House To Pay My Debts: Can They Do That? by Douglas Jacobs, California Bankruptcy Attorney Violation of the Bankruptcy Discharge Injunction may have you seeing Green! by Carmen Dellutri, Attorney at Law
Bankruptcy protection remains in place and the creditor who was denied the stay will remain a part of the bankruptcy and cannot attempt to collect the debt owed.
Money and credit is an emotional part of life and just like a relationship it can cause us problems but with debt or spending we need to recognize there is also a problem
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