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If you filed Chapter 7 and your credit report indicates a charge off of 11720 can they still try to collect the sum even if Chapter 7 was filed?
Wiki User
∙ 17y ago
it will show the balance & the bankruptcy followed there after.so the answer is NO. GOOD LUCK
Wiki User
∙ 17y ago
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If a credit card does a charge-off and sends it to a collection agency can the original creditor still try to collect?
yes
Once you've been preapproved havent they already run your credit if so why do they charge you a credit report fee at closing?
Some brokers do a "preapproval" without running your credit. They base their answer on how you deem your credit is. It is very irresponsible of a lender to do. In most cases the lender runs your credit early in the loan process. As a convenience to you, they do not charge you upfront. If they did, they would also have to collect upfront for the appraisal, title work, automated underwriting findings, processing, underwriting, etc. Rather than charge you as each of these costs are incurred, the lender will normally collect most of these fees at closing.
What is a charge off on your credit?
A charge off is when a creditor basically gives up trying to collect the debt and "charges off" the debt from their books. They do this more for their benefit than the one who owes. It allows them to close out the file and clean up their records. This looks especially bad on a credit report.
When does chapter 13 come off credit?
Bankruptcies (both Chapter 7 and Chapter 13) remain on your credit report for 10 years.
Is it legal to get a credit card secured during chapter 13?
While involved in a Chapter 13 repaying of debts the debtor must receive permission from the bankruptcy trustee in charge ofthe casefor all major financial transactions.
What does a charge off mean on my repo'd car?
Your creditor added a negative entry (a charge-off) to your credit report and will continue to attempt to collect on the debt.
If a credit card does a charge-off and sends it to a collection agency can the original creditor still try to collect?
yes
If you incur a debt on credit card after you file chapter 13 and are still under the bankruptcy can that credit card company do anything legal to collect your debt?
Declaring bankruptcy does not allow you to go out and spend money without having to pay it back. Yes, the debt is not covered by the Chapter 13 filing, so they can do what they can to collect the new debt.
Once you've been preapproved havent they already run your credit if so why do they charge you a credit report fee at closing?
Some brokers do a "preapproval" without running your credit. They base their answer on how you deem your credit is. It is very irresponsible of a lender to do. In most cases the lender runs your credit early in the loan process. As a convenience to you, they do not charge you upfront. If they did, they would also have to collect upfront for the appraisal, title work, automated underwriting findings, processing, underwriting, etc. Rather than charge you as each of these costs are incurred, the lender will normally collect most of these fees at closing.
Do charge offs go off if you file chapter 13 bankruptcy?
Charge off will still show up on your credit report as such as well as the bankruptcy. Chapter 13 requires the individual to repay a portion of the charged off balance this is a type of Settlement that the credit card companies/loan agengies will accept as legally binding agreement. Chapter 13 usually require a payment for 36 to 60 months.
Can you be sued after a bill was charged off on your credit record?
Yes, a 'charge off' does not invalidate the debt nor the legal rights of the creditor to collect that debt.
Mortgage lates after filing chapter 7 Can a mortgage company report lates after filing of a chapter 7 and before a discharge?
Yes. That reporting to a credit agency of an item of fact, is not an attempt to collect the debt. Your not expecting you mortgage debt to be discharged are you?
What is a charge off on your credit?
A charge off is when a creditor basically gives up trying to collect the debt and "charges off" the debt from their books. They do this more for their benefit than the one who owes. It allows them to close out the file and clean up their records. This looks especially bad on a credit report.
When does chapter 13 come off credit?
Bankruptcies (both Chapter 7 and Chapter 13) remain on your credit report for 10 years.
What does a 0 balance charge off mean?
A 0 balance charge off means that the debt company has given up trying to collect the debt. It may sound good, but the effect on the credit rating is very bad.
Is it legal to get a credit card secured during chapter 13?
While involved in a Chapter 13 repaying of debts the debtor must receive permission from the bankruptcy trustee in charge ofthe casefor all major financial transactions.
How is your credit affected by a chapter 13 bankruptcy verses a chapter 7 bankruptcy?
Both have the same negative impact on your credit.
