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The accounts that you discharged in bankruptcy should no longer show on your credit report after 1 year?
Wiki User
∙ 14y ago
The accounts can remain up to seven years after the last payment was made, but will show a zero balance due to a bankruptcy filing.
Wiki User
∙ 14y ago
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Is it true collection debts erase from your credit report after 7 years?
Yes, however, bankruptcy can remain on the report longer.
What are the credit requirements to open an internet merchant account?
Merchant accounts are often given to individuals with no or poor credit ratings. However, the longer that you are in business and as your monthly charge volume grows, your credit rating becomes more important, and it is then important to have a good credit rating.
When should you close credit accounts?
Credit Cards and Your Credit Scoretrust me when i say, don't close your credit card accounts as soon as you pay them in full. definitely cut the cards in half and store in a safe place. do not contact the creditor to inform them that you are paying the account in full and closing it. by closing your accounts soon after paying them off, you end up "decreasing" your credit score with the three main Credit Bureaus (Equifax, TransUnion, Experian). i know this all too well because i just had this happen to me. in my opinion, it's not fair, but it's the way it is. i was informed by my local Credit Bureau (for future reference) not to cancel/close credit card accounts when I've paid them in full and no longer want to use them. i was told to let the accounts remain active/open until the credit card company contacts me to cancel them due to non-usage (this can occur within one or more years from the date of your final payment). by doing this, your credit scores will not be affected and that's a good thing to have happen these days.
Will paying off a few newer accounts in collections help your credit score or will it hurt by staying on your credit report even longer?
Paying off collection or charge offs is NOT SUPPOSED TO reset the DLA (date of last activity). This is the date that determines how long a derogatory account can show on your credit report. You would need to find out the DLA on your specific accounts and follow up after payment to ensure that they are not re-aged. This would be illegal. Better yet, why not offer to pay for removal from your credit report completely?
If the accounts receivable turnover ratio is decreasing accounts receivable will be on the books for a longer period of time?
180 days.
What happens to a judgment lien in a bankruptcy?
If the bankruptcy is discharged you are no longer responsible for the debt.
Will a voluntary auto repossession still show on your credit reports after Chapter 7 is discharged?
Most likely. They are two separate issues.AnswerYes. It will show that you no longer owe the debt, as well. AnswerIt MAY show up, however, if the debt for the vehicle was discharged in bankruptcy, it cannot be reported. There can be no negative reporting on a discharged debt - not even for a voluntary repo. If the vehicle was surrendered as part of the bankruptcy, the loan should show as a ZERO balance, no past dues, and 'included in bankruptcy' on your credit report.
Can your old creditors still make entries on your credit report after the bankruptcy has been discharged?
Yes, they can. The real question is, why would they want to? It costs creditors to place (and to update) information on the credit bureaus. If their debt was discharged through your bankruptcy, the only entries they should be making are to "clean up" the account and mark it as "discharged" or "included in bankruptcy". All other negative information needs to be removed from the tradeline so that this no longer impacts your credit score. (You are already taking a huge hit to your score for the legal action) If this has not happened, perhaps this particular creditor has not been notified that their account was discharged. Either you or your attorney needs to send the creditor a copy of your bankruptcy papers and request that they update the credit bureaus accordingly.
What does it mean for a bankruptcy to be discharged?
You may be referring to the discharge of debts in bankruptcy. Not all debts can be discharged. Most discharged debts are partially discharged in Chapter 11 and Chapter 13 actions. Debts or the portions thereof that are discharged no longer exist at law and creditors no longer can attempt collection. It is a "fresh start". You attorney can advise you as to which debts are likely to be discharged, which ones reorganized, and which debts will likely not be discharged.
How long after filing chapter 7 bankruptcy can you purchase a house?
Typically, mortgage companies are willing to lend to a consumer 12 months after a bankruptcy is DISCHARGED. Make sure that the disposition is recorded on all three credit bureaus. Also, follow up and make sure that all credit accounts that were included are notated as "included in bankruptcy" and cleaned up, so that they will no longer impact your credit scores. You also need to establish and pay on time positive credit. Twelve months of positive payment history on even one account will help you to get another mortgage.
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 it DID IN FACT AFFECT MY CREDIT. I can NO LONGER get any. I received denial letters stating the reason for being denied, "Bankruptcy." So do your homework according to your state.
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.
Can a debt collector change the date of last activity on an account that was discharged in bankruptcy?
The debt collector cannot change the date of anything, legally. If the account was discharged in bankruptcy, everything up to the filing date is not owed any longer.
When does a bankruptcy come off of your credit report...10 years from the filing date or from the discharged date?
Discharge. Although it is actually avail for anyone wanting to look further, and as a matter of federal court records, for longer.
If you make voluntary payments on a car loan that was discharged in a bankruptcy can they still report it as a repossession on your credit report even though the debt is not legally owed?
My guess is that they probably can still list a repo on your credit report. Normally you get a double-hit on your credit report when you surrender property in bankruptcy: you get hit with the bankruptcy (which knocks your credit score down by 75 to 150 points) and you get hit with a repo/foreclosure for the surrendered property. Just because a debt is discharged in bankruptcy doesn't mean that it won't be listed on your credit report, it simply means the debt is no longer collectable. The credit report will continue to show the debt on your credit report and should list it as "discharged in bankruptcy." Similarly, if a person surrenders a home in bankruptcy, the foreclosure still goes on their credit, and if a person surrenders a car in their bankruptcy, it still shows up as a repo on the credit report. So, my guess is that a repossessed car, even one for which the debt was wiped out in bankruptcy and one that was not repossessed for some time after bankruptcy since voluntary payments were made for awhile, will still show on the credit report as a repo when it is ultimately repossessed. I can't say this is a definitive answer, but this is how I think the process works. Please note that nothing in this posting or in any other posting constitutes legal advice; this is simply my understanding of the facts, which I do not warrant, and I am not suggesting any course of action or inaction to any person.
Can second mortgage lien holder foreclose on your home after bankruptcy is closed?
The short answer is yes they can because once the bankruptcy is discharged you no longer are protected for debtors who wish to collect on a debt.
Can you file an adversary proceeding for a discharge of your student loans if you filed bankruptcy 6 years ago?
It's my understanding that student loans are not discharged by bankruptcy any longer. YOu should check this, though
