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I have no icome and all assets are in boyfriends name should I file bankruptcy because of credit card debt?
Wiki User
∙ 14y ago
As long as you have not recently transferred assets to your bf to become insolvent, it would be a great time to file Chapter 7. If you are living with him, his income will count towards the means test, so if his income is above the annual median family income for your state, you may have to file a Chapter 13. Be sure to check with an experienced bankruptcy lawyer.
Wiki User
∙ 14y ago
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What bankruptcy information should you know before you consider filing for bankruptcy?
Bankruptcy is the filing of a petition that claims your assets, and your inability to pay for them. Bankruptcy severely effects your credit, and is present on your credit for 7 years. During this time getting credit cards or loans can be very difficult.
Can someone put an old debt back on your credit report after your bankruptcy has been filed?
The whole point of bankruptcy is that at the point of insolvency all assets transfer to the assignee, and all debts likewise. So debts are cancelled by the bankruptcy, the available assets being all there is to claim against.
Can you get a loan with bad credit because of bankruptcy?
Yes, you can still get a loan even if you have bad credit from a bankruptcy. Everyone deserves a second chance.
Is a credit a decrease in assets retained earnings revenue liabilities?
Credit causes the decrease in assets only because assets has debit balance as a normal balance while all other items has credit balance and credit causes the increase in them.
If you are an additional card holder on a parent's credit card account and you file bankruptcy will the bankruptcy appear on their credit?
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.
Will a cosigner's credit be affected if they cosign for someone who has a bad credit score because of a Chapter 7 bankruptcy?
The cosigner's credit will only be affected if the person that they cosign for defaults on the loan. The bankruptcy will not affect the cosigners credit.
If you file for chapter 7 bankruptcy and have no assets will it still affect you later?
Yes, a Chapter 7 bankruptcy is a Chapter 7 bankruptcy. The exact details are irrelevant, it will remain on your credit report and prevent you from refiling for the same length of time either way.
Do you need to include all credit cards when filing a chapter 7 bankruptcy?
Yes, all debts and assets must be included in the bankruptcy filing. If a mistake is made and some debts and/or assets are not reported, the filer should contact the BK attorney or the trustee immediately. Deliberately ommitting information on a bankruptcy filing are grounds for dismissal. In addition when information especially assets is deliberately withheld the person(s) can be charged with bankruptcy fraud which is a federal crime and if convicted can be fined and/or imprisoned.
How does Credit affects assets?
Credit has no impact on one's assets.
How do you remove a bankruptcy from your credit report that isn't yours because you have never filed for bankruptcy?
Contact the credit bureau that has the incorrect information about the bankruptcy. They will contact whomever they need to in order to verify the information or remove it if it is deemed false.
What exactly is bankruptcy?
Bankruptcy is the total or partial abolishment of debts after a formal filing with the government by either an individual or a company. If bankruptcy is granted, banks are able to liquidate assets-barring ones that are exempt-and possibly garnish wages. Credit scores are also severely hit by bankruptcy. The article below goes into more detail on the specifics of bankruptcy.
How will a bankruptcy effect your credit score?
will bankruptcy increase you credit score over time
