Debt and Bankruptcy
Credit Reports

Can a roommate's bankruptcy have a negative effect on your credit report?


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2015-07-15 18:19:42
2015-07-15 18:19:42

No. Not unless you all share a SS # too.

The only other situation where a roomates bankruptcy would might affect your credit is if you file for a joint or co-signed loan together.

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Related Questions

Bankruptcy will always be on your credit scoring record. After the bankruptcy is discharged it will have a less negative effect, and then after 6 years it is supposed to be considered done with and you get get a mortgage, loans etc. However, having a bankruptcy on your record will always have some negative effect even after the 6 years are up. Bankruptcies are maintained on a credit report for at least 10 years.

will bankruptcy increase you credit score over time

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.

A bankruptcy stays on your credit report for 10 years and you may have to answer about it for the rest of your life. Who knows what effect it has on your credit score? Companies that lend money. Only when you apply for credit after bankruptcy will you know the full detrimental effect.

What effect will a five year old bankruptcy have on getting bonded that requires a credit check?

If your business is tied to your personal credit, then yes, you run the risk of being personally affected by the business's bankruptcy.

First off once you file bankruptcy you cannot do it again for 7 years. Bankruptcy stays on your credit report for 10 years. Rather to try to describe what the different types of bankruptcy will do to your credit click the link for more information.

Thier actions, or lack, do not effect your ability to file for bankruptcy.

Filing for bankruptcy can have a lasting effect on your credit and that can cause some difficulties in getting any type of credit. Unfortunately, bankruptcy stays on your credit report for 7-10 years, after which time it is on your to work to get credit back!

You probably won't be able to get credit for the next seven years.

Negative effect on your credit, Property may be affected, Not all debts can be eliminated, adverse effect on your financial situation, influence the status of your security clearance if you don't inform your employer about your bankruptcy and why you've filed for bankruptcy, can also limit future job opportunities depending on the field of work you are in, you may not qualify for new credit, Not all retirement plans are protected.

Unfortunately, filing for bankruptcy has a major negative effect on your credit, which as you probably already know can effect a lot of your future money issues. Bankruptcy, whether chapter 7 or chapter 13 stays on your credit report for at least 7-10 years after filing and just because it is off does not mean that your score will automatically increase-that is something you have to work for!

A short sale will effect your credit score in a negative way. Your credit score will stay on your credit report for some years.

Bad credit will not effect application for a passport. Bankruptcy, liens, defaults and other financial deviations have no effect either. Pending criminal actions will, however.

Yes, if your husband has a bankruptcy before he got married it will still effect his credit.

It all depends on the employer, usually after seven years a bankruptcy is clear from your record, even though someone has a bankruptcy in their record they can try to get credit to begin to improve their credit.

Stays on your credit rating for 7 years. Has a very negative effect.

Bankruptcy has its advantages and disadvantages. Looking at the longterm, the one major disadvantage is the effect it will have on your credit. It will stay on your credit (and thus effect your ability to get loans, etc) for 7-10 years. However, 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.It is true that filing for bankruptcy ruins a debtor's credit from a number of years and may cause embarrassment. However, incurring more debt and facing the harassing phone calls, letters and potential lawsuits from creditors can have the same effect. Filing for bankruptcy will allow many debtors to get started sooner on rebuilding their credit in peace.

No - a corporate BK does not effect you personally (except maybe as an investor/stockholder).

The amount of the loan forgiven becomes income on which you will have to pay income taxes. If the forgiveness is due to uncollectability, it will have a negative effect on your credit. Unpaid taxes will also negatively affect your credit.Filing bankruptcy or a special IRS form showing you were insolvent at the time will take care of the tax issue.

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.

In a Proprietorship, the personal bankruptcy of the proprietor may cause shut down of business. Whereas in Partnership and Joint Stock Companies, bankruptcy of Partners, Directors effects business credit immensely as bankers become shy in extending further credits to the company.

Bankruptcy would be more credit damaging than just having large credit card debt, mainly because it stays on your credit report for longer. One of the biggest disadvantages of filing for bankruptcy is the lasting effect it has on your credit report- typically staying on your report for 7-10 years. With credit card debt there are more flexible options and obviously when you pay the debt and does not stay on your report for as long.

Yes. Any debt not paid on time or late will have a negative effect on your credit.

Bill consolidation is a better alternative to bankruptcy. Bankuptcy will go on your credit and has stipulations to being accepted. Bill consolidation will give you a chance to pay off your debts without an adverse effect to your credit score.

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