If you convert a chapter 13 bankruptcy to a chapter 7 will this further affect your credit scores?
Yes converting a Chapter 13 to a 7 will further lower your credit score. It will show up on the public records section at the begining of the credit report. Once as an terminated chapter 13 and a second public record showing the filing of the Chapter 7. Each public record reduces your score.
You can potentially be discharged from a Chapter 7 sooner and that's will be the time the clock will start ticking to eventually make it disappear from your credit report which I believe is 7 years for most derogatory entries
Before the new bankrupcy laws took affect it was a fairly simple matter to conver from a "13" to a "7"; now it is extremely difficult to have such action approved by the bankruptcy court. The best options are to consult with the attorney who handled the BK or contact the chapter 13 trustee for assistance.
Chapter 11 bankruptcy allows you to reorganize your debt so that you may pay it off. But it is not for everyone. You should contact a lawyer to see if you could even qualify for Chapter 11 bankruptcy.
Yes, a Chapter 7 bankruptcy is a Chapter 7 bankruptcy. The exact details are irrelevant, it will remain on your credit report and prevent you from refiling for the same length of time either way.
Filing for bankruptcy will not impact whether you receive a stimulus check or not. Checks that affect your bankruptcy must be significant amounts.
You can file bankruptcy together or individually when you are separated. What happens in your separation could affect your ability to file Chapter 7 and you may have to file Chapter 13 instead.
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).
I have file for Chapter 7 twice and it has had no effect on my car insurance.
If you are about to get married and you are filing Chapter 7 bankruptcy will this bankruptcy affect your spouse in any way after the marriage?
It will only affect the non-filing spouse if the couple apply for some type of joint credit, such as a home mortgage. It will not affect the new spouse's credit report/score.
No, unless you both filed a joint BK petition.
Before discharge of a chapter 7 active bankruptcy can you apply for credit or will it affect you bankruptcy?
No legitimate commercial lender will grant you credit while you are in a Chapter 7. Any applications will be turned down and will adversely affect your credit score. The only possible credit situation would be a mortgage restructuring, if you are reaffirming the mortgage, and even then they prefer to wait until you are discharged.
Maybe. A chapter 13 is a repayment plan and in some instances will not affect the terms of the lender and borrower contract.
How long do you have to wait to file another chapter 7 if you filed one before the new bankruptcy laws took affect?
8 years from the date of discharge of the previous chapter 7.
Absolutely. Tremendously. A huge amount. For a long time. at least 10 years.
If a person has filed chapter 13 bankruptcy and their financial circumstances change what can they do?
It is very important that the BK participants contact the bankruptcy trustee as soon as possible when they experience changes that directly affect the filing status.
If our home is in foreclosure,and never reaffirmed the debt through chapter 7-how will it affect us getting a home?
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.
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.
It will only become an issue if you apply for joint credit such as a mortgage, vehicle financing, and so forth.
i believe that Bankruptcy planning should be done before the final divorce decree is obtained. This way your required payment of joint debts may be discharged without violating a court order.
If you filed a Chapter 7 bankruptcy and buy a car before the discharge is issued, there's no impact on your case. If you're in Chapter 13, however, your disposable income post-filing until discharge may be considered property of the estate; in addition, if you're financing the new car then you likely need to have the court's permission before entering into the financing agreement.
As long as you keep making the loan payments the creditor wont care if you declare bankruptcy. If doing a cram-down in a chapter 13, the lender would have to accept the current value of the car.
Can one open checking account after declaring bankrutcy and if so does it affect the status of the bankruptcy?
After declaring bankruptcy it is smart to wait six months before obtaining a new account. If a trustee finds that you have XXXX amount of dollars in bank B after closing an account at bank A it will look as if you tried to defraud the bankruptcy law. For chapter 7 wait until discharge for chapter 13 as long as you are making timely payments it doesn't matter.
Under current law, you are eligible to receive a Chapter 7 discharge if it has been more than 6 years since your last Chapter 7 discharge. However, new bankruptcy laws taking affect October 17, 2005 create new rules on receiving a discharge: Chapter 7 cannot be filed unless the debtor was discharged from the previous Chapter 7 or Chapter 11 bankruptcy more than eight years ago. Chapter 13 cannot be filed unless: The debtor received… Read More
In any chapter of Bankruptcy, you have to list with the courts any assets or incomes, before and during the bankruptcy. So, if you are scheduled to receive any type of inheritance during the bankruptcy, you have to inform them of this asset. I know with Chapter 7, you are allowed a level of value for a home and also income. Over and above those levels, the court might take these assets, which might just… Read More
If you have filed for bankruptcy as an individual, rather than as a couple, then you are only filing on your personal debts. Following this logic, only those funds that are yours (so your share of the bank account, if that is possible) will be "up for grabs." Your bankruptcy status should not have an effect on your partner.
Because of the "automatic stay", which goes into affect as soon as a Bankruptcy is filed, your car cannot be re-possessed while the Bankruptcy is in progress (unless the creditor files a motion with the court asking for relief from the automatic stay). However, as soon as the Bankruptcy is discharged or closed - which occurs approximately 6 months after it is filed - the car can be re-possessed.
If you filed Chapter 7 six years ago and it was dismissed but the credit bureaus will not take it off how do you get it removed?
A CHAPTER 7 BANKRUPTCY TAKES 10 YEARS BEFORE THIS IS REMOVED OFF OF YOUR CREDIT REPORT. THE GOOD NEWS THIS DOES NOT AFFECT YOUR CREDIT ANY LONGER! ********************* I filed Chapter 7 in 2003 and depending on what your state court's definition of "dismissed" is it CAN affect your credit. For instance, some courts definition of "dismissed" is the same as "discharged." In Ohio it is "discharged" and I no longer owe any debt, however… Read More
Chapter 13 should not affect your vacation time. In fact, it probably falls under the employment non-discrimination clause of the Bankruptcy Code, which prohibits current & potential employers from taking any action against you due to bankruptcy. If your vacation is paid as part of your regular pay, your withholding should continue just as if you were working. If you get a separate check for the vacation, discuss it with your trustee--especially if it's paid… Read More
Three years after bankruptcy you inherit, does that affect your inheritance
Bankruptcy lowers your credit report.
Bankruptcy would not affect your license to sell insurance in any way. It does not affect your ability to continue to make money.
A dismissed bankruptcy will affect your credit, but not severely. It may only lower it by a couple points or so.
In general, the filing of bankruptcy by one spouse will not affect the other spouse's financial situation. A debt is created by contract between a debtor and a creditor - each debtor must sign the contract to be liable for payment. Therefore, the bankruptcy of one spouse does not cause the other to become bankrupt. Debts where spouses are joint and severally liable for payment will remain with the spouse who has not filed for… Read More
Yes, as long as the move will not adversely affect your plan payments. Be sure to notify the court, c. 13 trustee, your lawyer and your creditors of your new address.
This is a complex question. In general a bankruptcy will only effect the mortgages if you try to change them some way in the bankruptcy proceeding. This all depends on the chapter you filed, if you are behind on payments, how much the mortgage company wants to work with you, your income / expenses, etc. Speak with an attorney about your specific situation. If you can not find an attorney, contact your local Bar association… Read More
Does corporate bankruptcy affect personal credit?
You will need to discuss this thoroughly with an experienced bankruptcy lawyer. Mortgages usually do not allow a change in title without the consent of the mortgage holder, and it can trigger acceleration of the mortgage and require immediate poayment of the whole balance due. If the wife has good credit and the mortgage is in trouble, it may affect her ability to borrow after the bankruptcy, so don't do it.
In what ways affect a bankruptcy your Australian marriage visa?
It depends on which bankruptcy you file for. If you file for Chapter 7 Bankruptcy, which includes a liquidation of any assets and paying off your debt once and for all, you'd be looking at a discharge within about 3 months. With Chapter 13 Bankruptcy your attorney would set up a payment plan for you to pay off your debts over a specified amount of time. Normally the payments are scheduled to be completed by… Read More
I am nearing retirement and have many credit card bills to pay which i cannot afford. is bankruptcy an answer and will it affect my partner if it is personal bankruptcy?
You should definitely discuss bankruptcy with an experienced attorney. It will affect your partner only if you have joint debts that wll have to be listed in the bankruptcy. S/he will have to pay the debt.
It does not affect them.
No property can be sold, transferred, refinanced, etc. while in bankruptcy without the permission of the bankruptcy court.
The signature by an attorney on the bankruptcy petition is a certification that he or she has no knowledge, after a diligent inquiry, that the information on the schedules is incorrect.
A car is not totaled in a chapter 13. A car may be totaled while the owner is in a chapter 13. If the car was fully exempted, nothing happens. If you need to buy a new car, you will have to get permission from the bankruptcy court after you file a specific purchase agreement (car loan) which should not seriously affect your plan payments. Why are you not asking your lawyer?
Certainly one of the biggest downsides of filing for bankruptcy is the affect it has on your credit. Generally speaking bankruptcy stays on your credit report for 7-10 years. = ans = As you must have seen asked and answered here at least 100 different ways....BK IS ON YOUR CREDIT REPORT FOR AT LEAST 10 YEARS. It is available as a public record of a court for much longer, basically forever.
You can take it to the bank that the bankruptcy court will make you sell the second property to pay off your bills. You are only allowed to hoemstead on one residence. If someone starts digging and found out that you possibly claimed each as your residence during the purchase of each property, then you can expect a knock on your door from the FBI & IRS.
If you file a chapter 7 bankruptcy will it affect your ability to rent an a apartment or own a home and will it affect your fiance?
Your debt is completely your own, and will not affect your fiance's credit rating. It would play a part in purchasing a house in your name only. As far as renting, landlords will usually consider you a "good risk". After BK discharge the person is for the most part (or should be) debt free.
No - having had a car that was re-possessed will not affect the filing of a Bankruptcy.
Yes. Filing bankruptcy does not affect your work status generally speaking.