If you file bankruptcy but still have some credit cards with a zero balance on them will you still be able to keep them or will they automatically be closed?
If you have credit accounts in good standing then do not include them in your bankruptcy.
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?
If an account is closed by a credit grantor why would the card holder continue to make payments after bankruptcy findings are closed?
The card holder is under no legal obligation for the card holder to continue making payments after filing for bankruptcy, unless the case is dismissed without a discharge. There are some who believe that they can improve their credit rating by pay off debts that were discharged in a bankruptcy, but I believe there are better methods to reestablish credit after bankruptcy.
How do credit entries appear on your credit report after a chapter 7 is discharged and do they disappear from the report or show as 0 balance and indicate their inclusion in a bankruptcy?
If a bankruptcy was discharged in 1993 does it automatically come off of your credit report and how long after What if it's still on your report?
The closing process seeks to reduce the balance of each account that needs to be closed to zero; therefore, the closing entry must reverse whatever balance the account already has. This means that any (temporary) account that normally has a credit balance will be closed by posting a debit (and vice-versa). Revenue is an example of an account that must be closed with a debit, since it is normally a credit account.
When consolidating credit cards is it better to wait until they have zero balances then the credit report will say Closed For Consolidation NOT just Closed By Individual?
What happens to your savings and checking accounts when filing bankruptcy if you are discharging the bank's credit card in the bankruptcy?
Will your credit report only show a discharged bankruptcy or will it also show all the accounts included in the bankruptcy?
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…
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?
3 Upon closing the books at year-end a government should a. Debit fund balance and credit reserve for encumbrances c. Debit fund balance and credit encumbrances.?
Transferring the balance doesn't usually affect credit. You actually will be better off doing this for those cards that were closed by the companies, because they will report on your credit as revoked and if you're not paying on the balance, they can still report as delinquent monthly, even if it's closed. So if you can transfer those especially, that is much better b/c the new company simply pays off that balance for you and…
Should your sister be paying on her credit card balance if her credit card debt has not yet been discharged but her accounts have been closed by the credit grantor?
The accounts that you discharged in bankruptcy should no longer show on your credit report after 1 year?
Can you keep a credit card if you dont list it on your bankruptcy and want to keep it but file bankruptcy on all other debt?
What does it mean when an outstanding account balance is closed on your credit report and the balance is shown as zero but you did not settle the debt from four years ago?
Assuming that you properly listed the debt in your bankruptcy, the creditor should report the balance owed as zero and it should also correct your credit report to show that the debt was discharged in bankruptcy. You should send a certified, return receipt letter (keep a copy) to the credit card company and enclose a copy of your discharge. Demand that they correct this entry on your credit report. If they fail to do so…
This is an incorrect assumption that leads many people to avoid filing for bankruptcy. They fear that a bankruptcy will ruin their credit for a long time and that they will not be able to use credit, rebuild their credit or purchase a home in the future. The reality is that the majority of the people who are considering bankruptcy, already have poor credit, due to late payments, repossessions and foreclosures. Further, most people who…
Unfortunately, filing for bankruptcy has a major negative effect on your credit, which as you probably already know can effect a lot of your future money issues. Bankruptcy, whether chapter 7 or chapter 13 stays on your credit report for at least 7-10 years after filing and just because it is off does not mean that your score will automatically increase-that is something you have to work for!