Any foreclosure or bankruptcy affects your credit. And for anywhere from 7 -10 years.
Yes, it will show as included in bankruptcy and also foreclosure. You get a double whammy. Sorry probably not what you wanted to hear.
A home is not discharged in bankruptcy. The mortgage(s) and home equity loans, lines of credit, etc., are discharged, but you have to abandon the real estate in the bankruptcy. That means the mortgagee can go ahead with a foreclosure if there was none before the filing, once the Chapter 7 is closed. Chances are the mortgagee would ask for relief from stay to go ahead with the foreclosure. The trustee may get any excess from the sale, unless it was exempted.
Bankruptcy does not get discharged. Debts are discharged. The bankruptcy will remain on your credit report for 10 years from the date of filing. The debts that were discharged can remain for 7 years from the date of discharge, showing a zero balance and that they were discharged in bankruptcy.
Only items reported to the credit bureau (s) can be "charged off" after a foreclosure and that is up to the creditors descretion. Items are discharged after a bankruptcy, not foreclosure (two separate things -- although a foreclosure can happen within a bankruptcy) Usually what happens in a foreclosure is that the assoc. dues that are in arrears are paid from proceeds at sale closing and the new owners will start fresh.
Yes, discharged debts are generally noted as "included in bankruptcy" on a CR.
Not if the debt was discharged in the bankruptcy. If the judgment was on the credit report before the bankruptcy was filed and/or was discharged in the bankruptcy, the entry will still remain on the CR for seven years.
If a loan from a credit union has been discharged in bankruptcy court, that credit union cannot collect and must write the loan off.
A foreclosure or bankruptcy is never good for your credit, this is something you'd be better off discussing with an attorney. You can avoid foreclosure by filing bankruptcy.
No, if property has been foreclosed upon the notation will remain on the credit report for the required amount of time of seven years from date of foreclosure. A bankruptcy remains on the credit report for ten years.
:A bankruptcy under chapter 7 or 11, or a non-discharged or dismissed chapter 13 bankruptcy generally remains on your credit file for 10 years from the date filed. A discharged chapter 13 bankruptcy generally remains on your credit file for 7 years from the date filed.
No, in fact it will leave a Bankruptcy record on your credit report for 10 years.
It should be removed from the credit report in 2009. A bankruptcy remains on a credit report for ten years from date of discharge.