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If you buy a house from someone who has declared bankruptcy how will it affect your credit rating?

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βˆ™ 2006-08-09 21:53:56

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==Answer == Not in any way. Your credit rating is only determined by how YOU handle your credit on anything that is in your name.

2006-08-09 21:53:56
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Related Questions

Can you find out if someone has declared bankruptcy?

It may be possible to find out if someone has declared bankruptcy by running a credit check. Credit checks will pull up a person's credit report, but it costs money to request one.


How does bankruptcy affect your credit ratings?

Bankruptcy lowers your credit report.


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.


How does a dismissed bankruptcy affect your credit?

A dismissed bankruptcy will affect your credit, but not severely. It may only lower it by a couple points or so.


Are there any types of credit cards one can get if they have declared bankruptcy?

When in bankruptcy it is not possible to have a credit card. Once the terms of the bankruptcy have been met, some credit card companies will consider issuing a credit card to some people.


Will a co signers bankruptcy in Maryland effect your credit in pa?

If your co-signer has declared bankruptcy but you have not and are current on your payments it will affect your credit until the original loan is paid off regardless of what state you are in. Once that loan is paid off and your connection to the other persons credit is severed you will operate on your own credit score.


How can someone with bad credit get a home loan?

The Federal Housing Administration can assist people with bed credit get a home loan. They have programs available for people who have declared bankruptcy or have a foreclosed property.


Will your credit rating be affected by your partner filing bankruptcy?

If your partner files for bankruptcy and you don't then the bankruptcy will not appear on your credit report. But you will be partly responsible for before bankruptcy filing. Generally filing bankruptcy will affect the credit rating of the individual who filed it.


Where can you find information about corporate bankruptcy laws?

Does corporate bankruptcy affect personal credit?


Can you remove a bankruptcy dismissal from your credit?

No. Backruptcy will always appear on your credit. After 7-10 years your credit will be as good as someone who has not filed bankruptcy.


How does my poor credit and or bankruptcy affect my children getting student loans?

It does not affect them.


How does bankruptcy hurt credit?

Bankruptcy hurts credit because it creates a negative reputation for someone. It shows creditors that someone is not able to pay off their debts. It can hurt credit for about 10 years.


If you are an authorized user on your parents credit card and they claim bankruptcy how will that affect your credit?

It will not affect your credit at all. Their credit information was used to secure the card. You are in the clear.


How many years will bankruptcy affect your credit?

According to law, bankruptcy can affect your credit for a long time after you originally file for it - up to ten years (seven, if Chapter 13 is filed).


Can credit cards be used after someone files for bankruptcy?

Sometimes credit card charges are not included in bankruptcy. If they are then you will no longer be able to use them.


Does business bankruptcy affect personal credit?

If your business is tied to your personal credit, then yes, you run the risk of being personally affected by the business's bankruptcy.


Can you get hired after you have declared bankruptcy?

Yes, except if you apply for jobs requiring a clean credit history. The bankruptcy cannot be used as a reason for not getting a job.


How does surrendering your house in chapter 7 affect your credit report?

If you are surrendering your house anyways, it is usually better for your credit score if you do it through bankruptcy. If your house is foreclosed on before you file bankruptcy, then your credit score is hit by both the foreclosure and the bankruptcy. If you let your house go back through bankruptcy, instead, then your credit score is only hit by a bankruptcy.


If you and your fiance want to get a joint bank account but he has filed bankruptcy in the past will this affect your credit?

It shouldn't impact your credit rating all. However, his bankruptcy will remain on his credit for up to 10 years. If you get married and try to buy a home for example, then his credit rating will affect both of you.


If you filed for bankruptcy four years ago while previously married and you remarry how will it affect your new spouse's credit?

It will have no affect on her credit. Only the person(s) who are a party to a bankruptcy have it noted on any crediting reportage.


How can one get a loan if they have declared bankruptcy?

Getting a loan after bankruptcy can be difficult depending on what type of bankruptcy one files. A Chapter 13 bankruptcy, one cannot even apply for credit during the length of the bankruptcy. In a Chapter 7 bankruptcy, that is a different story. One can file Chapter 7 bankruptcy and as soon as it is discharged can apply for credit. The only problem with getting a loan after bankruptcy is that you may have to have a co-signer until you build up some positive credit.


After seven years when debts from a bankruptcy are removed from the credit portion of your credit report will the bankruptcy still reported in the public record portion affect your credit status?

bankrupcires stay on for 10 yrs. But when you gfinalize the bankruptcy the debts are automatically removed anyways.


What questions are asked when a person files for bankruptcy?

How will this affect my credit score? How much does it cost? What can I declare in the bankruptcy? How long will it take?


Does a chapter 7 bankruptcy affect your credit the same as a chapter 13?

Yes.


Is it possible to find out if someone is bankruptcy?

Only when pulling their credit report.