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If a negative mark is only on your credit for 7 years is it better to leave them on there than to file bankruptcy?
Wiki User
∙ 8y ago
This is tough to respond to because it is so highly dependent on your situation.
Generally speaking, if creditors aren't harassing or suing a person, then that person doesn't normally file bankruptcy since, eventually, the statute of limitations will expire on the debts so that the creditors can never file suit (and as the question points out, the debts will fall off of the person's credit report). The statute of limitations might not be the same as the amount of time it takes to come off one's credit report; statutes of limitation are governed by state statute.
However, if creditors do become aggressive before the statute of limitations expires, then bankruptcy might be something to consult with an attorney about.
Please note that nothing in this posting or in any other posting constitutes legal advice; this is simply my understanding of the facts, which I do not warrant, and I am not suggesting any course of action or inaction to any person.
Wiki User
∙ 8y ago
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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.
Would filing chapter 7 bankruptcy clear foreclosure from your credit report?
No, in fact it will leave a Bankruptcy record on your credit report for 10 years.
Can you leave out credit card debts when filing bankruptcy?
no, all creditors must be listed.
Can you just leave and not file for bankruptcy?
NO
How long does a Chapter 7 bankruptcy stay on your credit report?
In California, I believe the credit bureaus leave that information in your credit files for ten (10) years. Repos. & Chapter 13's are for seven (7) years. But it varies from state to state.AnswerDon't get confuse! Your credit w'll be affected for 10 years.
Resolving Debt With A Personal Bankruptcy Lawyer?
Consumer debt, such as credit card or medical debt, plagues many consumers. This debt can leave many struggling to make ends meet and not being able to pay off the debt. This can leave many consumers wondering how to resolve their debts and reclaim their lives. A personal bankruptcy lawyer can help consumers who have accumulated debt to reduce or remove their debts by filing bankruptcy. They can help to determine which type of bankruptcy must be filed. The two types that are most commonly used for personal debt are Chapter 7 and Chapter 13 bankruptcy. Chapter 7 is often chosen if the debtor has income, or future income that may be used to help to repay the creditors. During Chapter 7, debts are generally not discharged, but may be reduced in an attempt to repay them. Chapter 13 bankruptcies often grant full discharge of debts that are owed to a creditor or to a number of creditors. There are often some fees that occur when filing for bankruptcy, such as the fees that must be paid to a personal bankruptcy lawyer. These fees may be based on a sliding scale or part of a flat fee that will include attorney costs and court filing costs. During the bankruptcy process, a lawyer will ask for all financial information such as income, assets and other credit related information. This can help them to determine what to include in the bankruptcy and what should be excluded. Once the bankruptcy has been filed, many states require that a course be taken to help consumers better learn to manage their finances and plan a budget. This is often taken online for a fee, and proof of completion may be required in order for the bankruptcy to be granted. Laws for bankruptcy may vary between states, so it is important to consult an attorney who is versed in state bankruptcy laws. Not all debts may be discharged under bankruptcy so those seeking to resolve their debts in this manner may need legal advice on which debts cannot be removed. Bankruptcy may have negative consequences such as a lower credit score or difficulty in obtaining credit or loans for a period of time after the bankruptcy. It is important after resolving debt with a personal bankruptcy lawyer to begin to build credit in a responsible manner to avoid further debt.
Does bankruptcy cover all debt?
Yes, bankruptcy does cover all debts. If you declare bankruptcy, the other guy doesn't get paid, and you leave laughing.
Will settling a close credit card debt hurt your credit?
it would really depend on the age of the debt, if it is more than 6 months, leave it alone. By settling it it becomes current news not old and forgotten. It will make you feel better about paying your debts but will actually harm your credit score. You'll sleep better at night but your credit won't.
Can a law firm garnish disability checks for unpaid credit card debt?
No they cannot, and if they say they can they are lying. Tell them to leave you alone or you will call the better business bureau on them. Now, they can put a slam on your credit.
Can you file bankruptcy with your ex spouse?
It will leave you responsible for any joint debts you had with your ex. That includes any arrears prior to the ex filing, attorney's fees, penalties, etc. That will in turn affect your credit score and your credit report. If there are no joint debts, it should have little effect, but you may want to read her schedules in the bankruptcy court and get a new copy of your credit reports from the big three (Experian, TransUnion, Equifax), one free each year from www.annualcreditreports.com.
What is the positive and negative effects on a country when emigrants leave?
negative effects
Is it better for your credit to pay all of your balances down to half or pay one or two in full?
Just make sure that your balances are below 30% of the credit limit. For example, if you have a credit card with a limit of $1,000, make sure that you do not leave a balance higher than $300 or lower. This is called utilization ratio and will increase your credit score. Just make sure you leave a little on you credit card to keep a higher score. I recommend that you set the money aside in an account that will allow you to pay off all debt at will but you are leaving a balance because it gives a better score. Source: Credit Bible by Phil Turner.
