Bankrutpcy does not automatically get rid of the lien on your car. When you file for bankruptcy, you have 3 basic choices regarding your vehicle: (1) surrender the vehicle; (2) sign a reaffirmation agreement; and (3) redeem the vehicle. A reaffirmation agreement is an agreement to keep the vehicle, continue to make all payments and not receive a discharge of the car debt. If you signed one of these, you are still on the hook for the car loan. If you owe more than the car is worth, you can "redeem" the vehicle by purchasing it from the lender for the fair market value. The trick is getting the money together. Sometimes you can get new financing and you would be on the hook for the new financing. In some areas of the country, you can keep the vehicle and keep making payments without reaffirmation or redemption and maintain insurance. If you live in one of those jurisdictions such as California, you can turn in the vehicle without repercussion.
Any debt listed (or should have been listed) in your bankruptcy can be reported as discharged for the ten years the bankruptcy can be reported. Since a student loan cannot be discharged without proving a hardship (the difficulty of which varies from state to state and even court to court), the default can probably be reported as long as it remains unpaid.
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 is supposed to be reported when you file. You can order all 3 of your credit reports from freecreditreport.com for no charge and contact all of them with your bankruptcy information. You need to have the lawyer who filed for you get on top of reporting this though. You should not have to.
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.
This is an issue that you need to discuss with a qualified attorney and no one else. If the equity in the home was erroneously reported deliberately on the bankruptcy schedule, there can be some very serious consequences. Bankruptcy fraud is a federal felony and each count of fraudulent information results in a five-year prison sentence.
No. Valid information reported to CS will remain for the required 5 year time limit.
After the discharge, you are entitled under federal law to have the balance of each discharged debt reported as "O". The history of delinquencies can be reported, but the balance must be zero. If it is not so reported, dispute the debt.
If the account with the late payments was discharged in the bankruptcy, that account needs to have all information removed except for the "discharged in bankruptcy" (or similar) statement. Once the account is discharged, continuing to show late payments is like hitting the consumer twice. Send the original creditor copies of the pertinent pages from your bankruptcy papers, copies of your id, ss card and a letter requesting that they change the way the account is being reported to the bureaus. Concurrently, write the bureaus and request the same changes. If you are not successful, you may have to file suit to have the information shown accurately.
Yes and no. If an account was already charged-off before the bankruptcy, it can be reported as a charge-off. By law, the creditors must charge-off accounts included in bankruptcy, BUT they can not REPORT that charge-off if it happens AFTER the bankuptcy. Negative reporting on discharged debts is a violation of the permanent injunction of the discharge.
Any type of bankruptcy will remain on a credit report for the required ten years.
No.
The bankruptcy itself will show up on reports very soon after it is FILED. The discharge itself is not reported, just the public record of the bankruptcy itself.