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If items are reaffirmed in bankruptcy but the credit report shows a 0 balance and the items were discharged through bankruptcy do you still owe the creditors?
Wiki User
∙ 8y ago
You always "owe" creditors after a bankruptcy, they just can't try and collect.
If you reaffirmed the debt, you can be held liable.
Reaffirmation means that you are (re)assuming liabilty for the debt. Ignore what the credit report says, check with the creditor.
Not true. Bankruptcy discharge means that the debt no longer exists. Perhaps you are thinking of the defense of statutory limitation on collection?
I agree with Nate. The Bankruptcy Code, in 11 USC 524, says:"(a) A discharge in a case under this title- (1) voids any judgment at any time obtained...(2) operates as an injunction against the commencement or continuation of an action, the employment of process, or an act, to collect, recover or offset any such debt as a personal liability of the debtor...."My interpretation is that the Code says the debts are uncollectable and void but does not say they cease to exist. If they ceased to exist, then the creditors could not write them off as bad debts on their own taxes, nor could credit reporting agencies continue to use the bad debts to influence the debtor's credit score (which they most certainly do), nor would the debts continue to appear on the debtor's creditor report at all (which they do). I agree with Nate that what the credit report says in irrelevant: if the debt is reaffirmed then the debtor owes it. If the amount of the debt is actually $0.00 then no problem, but what the contract between the debtor and the creditor says trumps anything the credit report says. 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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How do you know if your bankruptcy is discharged on your credit report?
Bankruptcy does not get discharged. Debts are discharged. The bankruptcy will remain on your credit report for 10 years from the date of filing. The debts that were discharged can remain for 7 years from the date of discharge, showing a zero balance and that they were discharged in bankruptcy.
If a chapter 13 bankruptcy has not been discharged can a creditor be added?
The bankruptcy is not discharged, the debts are. A creditor can be added if the plan is not too far along or if you have the excess income to pay whatever the creditors are being paid (percent of debt) for the balance of the plan. If it is a post-filing debt, it cannot be added.
Should the balance of a creditor you filed chapter 7 on show zero on your credit report after it has been discharged?
No. Bankruptcy discharge does not mean the money isn't owed. It means that creditors cannot attempt to collect it. The money will always be owed. Accounts included in bankruptcy will stay on the cr marked included in bankruptcy, for the full seven years.
How do you get a car title after bankruptcy 1 year ago?
If there was a secured loan and you reaffirmed the debt in your chapter 7 and you have paid off the loan, you should get the title from the lender. If you surrendered the car to the lender in your chapter 7, your balance was discharged as an unsecured loan and you have not owned the car since you surrendered it.
If a credit card is discharged in a bankruptcy should it still show a balance on a credit report?
It will remain on the report for the required length of time and should be marked "included in bankruptcy."
How do you know if your bankruptcy is discharged on your credit report?
Bankruptcy does not get discharged. Debts are discharged. The bankruptcy will remain on your credit report for 10 years from the date of filing. The debts that were discharged can remain for 7 years from the date of discharge, showing a zero balance and that they were discharged in bankruptcy.
If a chapter 13 bankruptcy has not been discharged can a creditor be added?
The bankruptcy is not discharged, the debts are. A creditor can be added if the plan is not too far along or if you have the excess income to pay whatever the creditors are being paid (percent of debt) for the balance of the plan. If it is a post-filing debt, it cannot be added.
Would you have to pay monthly notes in filing chapter 7 on my vehicle?
You don't file bankruptcy "on your vehicle." You file bankruptcy to discharge all your debts. You don't get to pick and choose which creditors. But, secured creditors either have to continue to be paid or you have to surrender the collateral, in which case the balance due on the secured note would be discharged.
Should the balance of a creditor you filed chapter 7 on show zero on your credit report after it has been discharged?
No. Bankruptcy discharge does not mean the money isn't owed. It means that creditors cannot attempt to collect it. The money will always be owed. Accounts included in bankruptcy will stay on the cr marked included in bankruptcy, for the full seven years.
How do you get a car title after bankruptcy 1 year ago?
If there was a secured loan and you reaffirmed the debt in your chapter 7 and you have paid off the loan, you should get the title from the lender. If you surrendered the car to the lender in your chapter 7, your balance was discharged as an unsecured loan and you have not owned the car since you surrendered it.
Can you include a private school balance in bankruptcy?
Yes, a private school balance can be included in bankruptcy. Depending on the type of bankruptcy filed (Chapter 7 or Chapter 13), the debt may be discharged or restructured as part of the bankruptcy process. It's important to consult with a bankruptcy attorney for guidance specific to your situation.
If a credit card is discharged in a bankruptcy should it still show a balance on a credit report?
It will remain on the report for the required length of time and should be marked "included in bankruptcy."
A wireless phone carrier refused service due to an unpaid balance that was legally discharged in bankruptcy Can they do that?
Sure. They have a right to refuse service if they choose. But the caveat was "unless I paid the balance" so it sounds like they're trying to collect on a balance that was discharged which is not legal.
When a chapter 7 bankruptcy is discharged you realize that you thought something was included but was not can you add it after the fact?
Yes, as along as it is within a reasonalble time. Call the attorney that did your bankruptcy. Now if it is months after the fact--be advised that this will start the "time" the date if you please, again as far as creditors are concerned. So, if you were discharged a yr ago and want to reopen to add something...your bankruptcy will now has today's date as a discharge. It would have to be something very important--high balance before I would want to reopen my case. Good Luck
Is a person responsible for the remaining balance of a reaffirmed car loan when it is voluntarily returned to the dealer after a bankruptcy?
Yes. When you reaffirm you agree to continue the debt and it is removed from the bankruptcy estate. Also, the debt in this case is post-peition.. as in it came about after the date of filing.
Can creditors still report delinquencies after filing bankruptcy?
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.
In chapter 7 bankruptcy after surrendering your car are you still responsible for the remaining balance after the bank sells the car?
No. The balance is an unsecured debt and is discharged. Sometimes people do not do the paperwork correctly, which can cause problems.
