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Once a person has been approved for chap 7 bankruptcy should the names of all the creditors that the person owes still appear on the credit report or should there just be one listing of the bankrupt?
Wiki User
∙ 14y ago
The BK filing and status are listed under the "public record" section and each creditor remains on the report. Each trade line affected by the bk will have a note that states it's status and will remain on the report. BK filing manages or absolves legal obligations to debts, but it does not help your credit.
Wiki User
∙ 14y ago
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Can you remove bankruptcy from credit report?
Yes you can remove a bankruptcy from your credit report. You must dispute it to the credit bureaus using the Fair Credit Reporting Act. The credit bureaus have 30 days to verify the listing or it must be removed from your credit report. A bankruptcy should only be disputed if it is erroneous or inaccurate.
Chapter 13 Bankruptcy Provides Relief to Debtors?
If you're overwhelmed by debt and have a steady job, filing for bankruptcy under Chapter 13 of the federal bankruptcy code might work for you.The federal government calls it the "wage earners" bankruptcy as it is targeted at people who have jobs and want to repay the debts they incurred. Chapter 13 calls for debts to be paid off in three to five years. The government likens the process to a consolidation loan only the debtor pays a bankruptcy trustee who distributes money to creditors.A key element to Chapter 13 bankruptcy is that, unlike Chapter 7 bankruptcies, a debtors property is not sold to pay the debts. If a debtors house is in foreclosure, the debtor will be allowed to keep the house, though he must keep current on mortgage paymentsand repay late payments.Eligibility for Chapter 13Only working individuals, including the self-employed, can apply for Chapter 13 relief. The debt limitation changes periodically, but in 2011, people could have up to $360,465 in unsecured debt, such as consumer loans, and $1,081,400 in secured debt, such as home mortgages. Debtors must undergo credit counseling with a federally-approved agency within six months before filing for Chapter 13. They also cannot have had any previous bankruptcy filings dismissed because they failed to appear within the same period.The ProcessThe bankruptcy court requires debtors to file a substantial amount of paperwork with the bankruptcy petition. Required documents include a list of assets and liabilities; a listing of income and expenditures; copies of contracts, unexpired leases and a recent tax return, as well as proof the debtor has participated in credit counseling. Information must also be filed for the spouse even if that person is not filing for bankruptcy.After the petition is filed, which requires payment of fees that were under $300 in 2011, a trustee is appointed to oversee the rest of the process. Once the petition is filed, creditors may not call the debtor about repayment, start a lawsuit to recover payment or garnishee wages.The trustee will help the debtor draw up a payment plan, and both will meet with creditors to discuss it. The plan must be approved by the bankruptcy court. The debtor must start making payments within 30 days of filing. When the debts have been paid, the bankruptcy can be discharged.
Why did GM change it's stock symbol from GM to GMGMQ.PK and what does bankruptcy have to do with stock symbol?
GMGMQ.PK is a "pink sheet" listing. It is a symbol used for very high risk stock.
Does filing bankruptcy remove bad marks from your credit report?
No. What will happen is all the defaulted accounts listed in the bankruptcy will be marked as such.."included in bankruptcy". The credit history, late payments, judgments, etc. will remain the same. In addition to the scenario in the above answer: The bankruptcy filing itself will be listed in the "public records" portion of your credit report. The disposition needs to be listed also (the discharge). The "bad marks" (i.e., the accounts) will show on your credit for 7 years. The bankruptcy listing will show for 7 years for a completed and discharged Chapter 13 bankruptcy and 10 years for a discharged Chapter 7.
Can bankruptcy be taken off your credit report if the bankruptcy was dismissed through the courts?
Bankruptcies are a matter of public record and this is why they appear in credit histories. A Chapter 13 listing will remain on your credit report for seven years from the filing date and a Chapter 7 will remain on the credit report for 10 years from the filing date. The credit report entry will state the bankruptcy was filed and dismissed, not discharged.
How do you find if a person was included as a creditor in Chapter 7 bankruptcy and not notified?
The creditors are normally notified by certified mail...or a system involving a listing considered reliable that their name on it means they were included in the mailing. (And of course, if it is posted in legal notices papers, that normally qualifies as notice too). So, if there is any mailing listing and especially a listed one, that includes the creditors name, they have been notified. If it isn't there, then they haven't.
How can a co-signer file bankruptcy on an unpaid vehicle without interfering the credit of the primary signer?
By listing the creditor on the bankruptcy schedules.
Can you file bankruptcy on a government farm loan?
You don't file bankruptcy "on" any loan. You file bankruptcy , listing all of your debts. Debts that are not dischargeable include child support arrears, student loans, federal income taxes filed or changed by the IRS within the three years prior to filing and certain judgments for damages due to fraud. State income taxes also cannot be discharged.If you obtain credit knowing you are bankrupt or intending to file bankruptcy, the creditor can object to the discharge of that loan.
Where can one obtain an updated listing of bankruptcy forums?
There are lots of money saving experts' forum online their we can find the updated listing of bankruptcy forums. Their one can also find out the answer about how and when to apply method from the experts of the forum
Is there reputable bankruptcy information online?
There are several reputable sites on the internet that can help you get information about bankruptcy. Before you enter into an agreement with any online service check their references and their listing with the Better Business Bureau.
When filing bankruptcy do you list the original creditors or the collection agencies?
You will list on the petition the actual names of the creditors not the collection agencies. After you file your petition you will give your docket number to any of the creditors or the collection agencies who are trying to collect monies for the creditors listed on the petition when they call you or send their demand letters. Please be very careful to include ALL the creditors you wish to declare bankruptcy on. Once you file your petition you cannot add creditors later. You can actually amend your BK Schedules anytime prior to discharge, so if you forget someone, its not too late. However, you will have to mail the notices of Commencement of Chapter 7 yourself and will be responsible for renoticing the creditors if notices are returned due to a dead address or forwarding expiration. I recommend listing both the collection and the original creditor. The collection agency may have purchases the debt and be more than a collection agency at that point. Also, listing the collection agency means that that they will be notified of the automatic stay directly by the court and the phone calls will stop sooner. Regardless of what you do, remember that the new law that goes into effect in October 2005 requires you to list the original creditor at the address on your statements. I am a bankruptcy attorney and I always list both the original creditor and the collection agency or attorney representing the original creditor so that the creditor cannot later complain that they did not receive proper notice of the bankruptcy. I always pull a fresh credit report from all 3 bureaus on the date the petition is filed so that I don't miss any creditors who may have bought an account or that are representing a creditor in some way.
Do you list a company or the shares of that company?
The company files with the authority to be approved for listing. Subsequently the shares registered trade with an IPO.
What is the Air force approved nwrm listing containing all assets identified as nwrm items?
Master NWRM List
What are some reputable bankruptcy law firms located in Los Angeles?
There are many reputable bankruptcy law firms in Los Angeles. For a listing of these law firms and the attorneys who work for them see the local yellow page listings for this area.
Can you remove bankruptcy from credit report?
Yes you can remove a bankruptcy from your credit report. You must dispute it to the credit bureaus using the Fair Credit Reporting Act. The credit bureaus have 30 days to verify the listing or it must be removed from your credit report. A bankruptcy should only be disputed if it is erroneous or inaccurate.
Can an original creditor collect a debt not listed in a discharged chapeter 7 bankruptcy?
Of course. Your saying the person/co you owed money to (the creditor) went bankrupt. So? His/its bankruptcy does not relieve or change YOUR debt in any way...whether he transferred the debt or not, before or after filing. In fact, the debt you had to that bankrupt party is an asset of its. Hence, when he declared bankrutpcy it is very commonly given to one of HIS creditors as a way to pay them.
If you have an account that is showing negative and it was included in a bankruptcy can you have the negative account removed or does it stay there and count as two negatives?
The term negative is rather confusing. If the account did not have a balance it would not have been included in the bankruptcy. Any account included in a bankruptcy will remain on the report for the requred length of time, open accounts would be seven years, they will be marked included in bankruptcy. The BK accounts listing will remain for 10.
