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How long after a discharge do the creditors have to report to the bureaus that the debt owed to them was discharged and no longer owed?
Wiki User
∙ 8y ago
They don't. Despite popular publicity, all a Bankruptcy discharge does is halt the actual collection efforts of creditors, the balances owed itself still remain and always reflect your credit history negatively anywhere from 7 to 12 years. In other words if you win a bankruptcy case, you are protected from harrassment and for example if one of your debts was a broken apartment lease no apartment agency in America has to rent to you (or allow you to so much as reside on their property with someone else paying!!) unless the entire balance is paid in full on top of whatever security deposit they may require, which if you filed for bankruptcy I'm going to tell you now will be about 66% or two thirds of the entire lease value since such an action holds about the same weight as a felony record as far as credit and now many employers are concerned, unfortunatelty... hope this helps.
You are wrong, Matt. A debt discharged through bankruptcy no longer exists.
Wiki User
∙ 8y ago
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Can you go bankrupt on what you want or does it have to be everything?
All debts and assets have to included in BK. After a Chapt.7 is discharged the debtor can make arrangements with secured creditors to reaffirm the debt(s). They also have the option of paying creditors if they can work out an acceptable agreement. BK does not mean the debt is no longer owed. It means creditors cannot make attempts to collect the debt, such as a lawsuit. Wrong answer, Nikki. A discharge in bankruptcy means that the discharged debts no longer exist. Perhaps you are confusing the statute of limitations on collections?
Can your old creditors still make entries on your credit report after the bankruptcy has been discharged?
Yes, they can. The real question is, why would they want to? It costs creditors to place (and to update) information on the credit bureaus. If their debt was discharged through your bankruptcy, the only entries they should be making are to "clean up" the account and mark it as "discharged" or "included in bankruptcy". All other negative information needs to be removed from the tradeline so that this no longer impacts your credit score. (You are already taking a huge hit to your score for the legal action) If this has not happened, perhaps this particular creditor has not been notified that their account was discharged. Either you or your attorney needs to send the creditor a copy of your bankruptcy papers and request that they update the credit bureaus accordingly.
Can you refinance your 1st mortgage after discharge?
If your first mortgage has been discharged it cannot be refinanced since there is no longer any debt. You can grant a new mortgage.
If you filed Chapter 7 six years ago and it was dismissed but the credit bureaus will not take it off how do you get it removed?
A CHAPTER 7 BANKRUPTCY TAKES 10 YEARS BEFORE THIS IS REMOVED OFF OF YOUR CREDIT REPORT. THE GOOD NEWS THIS DOES NOT AFFECT YOUR CREDIT ANY LONGER! *********************I filed Chapter 7 in 2003 and depending on what your state court's definition of "dismissed" is it CAN affect your credit. For instance, some courts definition of "dismissed" is the same as "discharged." In Ohio it is "discharged" and I no longer owe any debt, however it DID IN FACT AFFECT MY CREDIT. I can NO LONGER get any. I received denial letters stating the reason for being denied, "Bankruptcy." So do your homework according to your state.
Why are companies bankrupt?
Because they can no longer pay their creditors...AKA company is not worth the money they borrowed.
What does it mean for a bankruptcy to be discharged?
You may be referring to the discharge of debts in bankruptcy. Not all debts can be discharged. Most discharged debts are partially discharged in Chapter 11 and Chapter 13 actions. Debts or the portions thereof that are discharged no longer exist at law and creditors no longer can attempt collection. It is a "fresh start". You attorney can advise you as to which debts are likely to be discharged, which ones reorganized, and which debts will likely not be discharged.
How long after filing chatper 7 bankruptcy in Illinois is discharged?
It generally takes 3-4 months after your meeting of creditors to receive your discharge. The discharge is the court order that says that all of the debts that you have listed in your Chapter 7 are discharged, that you are no longer legally responsible for them and that you are entitled to a fresh start.
Can you go bankrupt on what you want or does it have to be everything?
All debts and assets have to included in BK. After a Chapt.7 is discharged the debtor can make arrangements with secured creditors to reaffirm the debt(s). They also have the option of paying creditors if they can work out an acceptable agreement. BK does not mean the debt is no longer owed. It means creditors cannot make attempts to collect the debt, such as a lawsuit. Wrong answer, Nikki. A discharge in bankruptcy means that the discharged debts no longer exist. Perhaps you are confusing the statute of limitations on collections?
Can your old creditors still make entries on your credit report after the bankruptcy has been discharged?
Yes, they can. The real question is, why would they want to? It costs creditors to place (and to update) information on the credit bureaus. If their debt was discharged through your bankruptcy, the only entries they should be making are to "clean up" the account and mark it as "discharged" or "included in bankruptcy". All other negative information needs to be removed from the tradeline so that this no longer impacts your credit score. (You are already taking a huge hit to your score for the legal action) If this has not happened, perhaps this particular creditor has not been notified that their account was discharged. Either you or your attorney needs to send the creditor a copy of your bankruptcy papers and request that they update the credit bureaus accordingly.
What is the effect of a discharge in bankruptcy?
The effect of a discharge in bankruptcy is to release the debtor from personal liability for most types of debts. This means that the debtor is no longer legally obligated to repay the discharged debts and creditors are prohibited from taking any further collection actions against the debtor. However, certain types of debts, such as student loans and child support obligations, may not be dischargeable.
What does a bankruptcy discharge mean?
A discharge is normally the final step saying "All your debts are discharged" ie: no one can collect on those debts anymore. It is what you were waiting for if you filed. Speak with an attorney about your specific situation. If you can not find an attorney, contact your local Bar association and they will refer you to one.
What does it mean to discharge bond?
Actually the phrase reads the other way around.... "bond discharged." It means that you are no longer required to have money or property posted with the court to assure your appearance (i.e.: Your bond is discharged.).
What is Discharge of Contracts?
A contract is discharged when neither party has any obligations under it
Can you refinance your 1st mortgage after discharge?
If your first mortgage has been discharged it cannot be refinanced since there is no longer any debt. You can grant a new mortgage.
Can you reenlist after being honorably discharged a gay in the US army?
You can always re-enlist with an honorable discharge. Also, being gay is no longer an issue.
What does discharge of a debt mean when it is not associated with bankruptcy does it mean the debtor is fullt released from the obligation to repay the debt?
Yes, if a debt is discharged the debtor no longer has to pay.
What kind of discharge do homosexuals get from the USMC?
Since the repeal of DADT, Don't ask, don't tell, they get a regular honorable discharge as long as they serve their enlistment and don't get in trouble. Just being Gay is no longer a reason to be discharged.
