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If an account was included in a Ch 7 bankruptcy can the account's history of late payments still be listed on the credit report?


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2015-07-15 19:49:17
2015-07-15 19:49:17

Yes, your payment history will still be a part of your credit report as well as the Chapter 7.

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The term negative is rather confusing. If the account did not have a balance it would not have been included in the bankruptcy. Any account included in a bankruptcy will remain on the report for the requred length of time, open accounts would be seven years, they will be marked included in bankruptcy. The BK accounts listing will remain for 10.

"Included in" bankruptcy? No. It stops any interest or penalties on unsecured debts. If the bankruptcy fails, the accrued interest or penalties will be added to the account, and the statute of limitations starts ticking from where it was on the date of filing.

Joint accounts are included in an individual bankruptcy claim. Just how much of the value of the joint account is considered as your asset depends on history of the account, the type of account, and statutory details for certain types of assets / debts.

An Adverse account means a delinquent account. An account that has not received on time monthly payments, or payments at all.

Yes, you can file a Bankruptcy if you have a retirement account. Most retirement accounts are not considered to be part of the bankruptcy state, and are out of the creditors' reach. This includes traditional 401(ks), IRAs, government retirement accounts such as CalSTRS and more.

Any debt that you accumulate before your bankruptcy filing and have listed on your petition will be eliminated when you receive your discharge as long as your creditors do not file an injunction against you. After you receive your discharge you are welcome and able to open new credit accounts but any debt you accumulate will not be considered a part of the bankruptcy you filed before opening the account.

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.

Your credit report will show both the accounts (which were listed first) and the legal entry of the bankruptcy in the public records portion of your credit report. Once a bankruptcy is discharged, credit grantors should update the account listing (called a trade line) and make sure that no derogatory information is showing (like past due balance or collection account notations) EXCEPT for the "included in bankruptcy" statement. This is what SHOULD happen. It's up to you to follow up and make sure that your credit report looks like it is supposed to after a bankruptcy.

In this instance the account would generally be noted as "included in bankruptcy. The impact the open account would have is insignificant, compared to the bankruptcy.

If creditors believe the person is trying to remove funds from accounts to keep them from bankruptcy proceedings; creditors can petition the court to freeze all accounts/assets. A bank cannot arbitraily seize account funds unless the depositer has a loan with the bank which includes a set off provision. Even then the bankruptcy trustee can request the funds be returned and included as assets in the bankruptcy.

Payments can be made from out of the frozen accounts simply by authorizing the bank to transfer the money in the frozen account directly to the creditor.

The accounts affected by your BK filing should drop-off after seven years, under the normal course of business. You will want to ensure that they correctly show "Discharged through Bankruptcy." If they do not, you should dispute them, because they are adding to your injury and double-counting against you. If the CRA cannot verify the status of the account within 30 days, the account could come off sooner. Be diligent in monitoring your report after bankruptcy to ensure that all accounts are correctly reported. Errors can work in your favor. Also, be sure to keep copies of all of your bankruptcy documents in case you need to prove an item was indeed included in your petition. Good luck!

The balance of payments accounts cannot be in surplus because there is always a balance in economics. For example, if you used cash assets to purchase equipment, the equipment account will increase but the cash assets account will decrease.

Make sure the creditor was notified that their debt was included in and discharged through your bankruptcy. Once notified, they cannot legally update a trade line.

All ERISA qualified accounts are protected in a BK- meaning creditors cannot seize those accounts.

yes you can and most times it may be needed if you are filing a chapter 13 and you want the payments to be garnished directly from your account

According to the term of the business loan, you need to give notice in case you switch bank accounts. As soon as the lenders have been notified, the payments should start popping out of your new bank account immediately.

It will affect any accounts that you own jointly. The public record should not show on your credit report but the accounts that are included in bk which you share will be reported to the bureaus as "included in BK". I would suggest that once the process is complete you contact all three major credit bureas and have them add a description to the account and notate that the accounts are cosigned accts and that you are not the principal signor.

Of course. A charge-off is a tax benefit and has nothing to do with your bankruptcy.

Decrease in accounts receivable happens on the account of receipt of payments, discounts given, or bad debts written off.

No. Paying it off or even making a payment, does not reactivate the debt. Nor will it obligate the person to make future payments on that account or any others included in the BK.

As long as there is a balance on an account, it should be included in a Chapter 7 filing. One of the first things a bankruptcy trustee will ask at the meeting of creditors is whether you have included all of your debts & assets in your schedules. Even if thee is no balance, which one would expect with a closed does not hurt - and can only help - by including info about it on your schedules. Info on any and all financial things only assures that the bankruptcy protects you from anything to do with them, known or unknown to you, now or in the future.

Balance of payments is a collection of accounts conventionally grouped into three main categories, with subdivisions in each. The three main categories are: 1) Current Account 2) Capital Account and 3) Reserve Account

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