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What happens to loans or lines of credit if an issuinglending bank claims bankruptcy?
Wiki User
∙ 15y ago
All outstanding loans with any bank is part of their balance sheet and when a Bank insured by the FDIC declares BK, the FDIC will take over and manage the loan. If the loan is owned by a Lending Istitution or creditor not controlled by a federal agency, most assets (which is what companies consider a loan that is being collected upon) will be sold to another lending institution. In the event that the company goes under and your loan is not purchased by another institution, you would have to review your collateral (ie: house, car, boat etc) carefully, becasue it may casue you issues in trying to sell it in the future.
Wiki User
∙ 15y ago
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What bankruptcy information should you know before you consider filing for bankruptcy?
Bankruptcy is the filing of a petition that claims your assets, and your inability to pay for them. Bankruptcy severely effects your credit, and is present on your credit for 7 years. During this time getting credit cards or loans can be very difficult.
What happens to credit cards in a bankruptcy when there is a zero balance?
it does not work
Will your credit rating be affected by your partner filing bankruptcy?
If your partner files for bankruptcy and you don't then the bankruptcy will not appear on your credit report. But you will be partly responsible for before bankruptcy filing. Generally filing bankruptcy will affect the credit rating of the individual who filed it.
If you file bankruptcy will that remove a charge off report from a credit card?
Filing bankruptcy does not remove a charge off report from a credit card on your credit report. It just adds bankruptcy to your credit report.
How do you get bankruptcy off your credit report?
A bankruptcy will remain on a credit report for the required ten years, it cannot be removed arbitrarily.
What bankruptcy information should you know before you consider filing for bankruptcy?
Bankruptcy is the filing of a petition that claims your assets, and your inability to pay for them. Bankruptcy severely effects your credit, and is present on your credit for 7 years. During this time getting credit cards or loans can be very difficult.
What happens to credit cards in a bankruptcy when there is a zero balance?
it does not work
When finished with bankruptcy what happens?
The bankruptcy stays on the credit report for 7 years, so you need to try to build up your credit profile.
How long after you file bankruptcy can you put claims to remove from your credit?
It stays on your credit report for ten long years and they won't remove it.
What happens to your credit rating when you file bankruptcy?
Credit rating plummets when filing for bankruptcy. Bankruptcy should be the last resort and one should try everything to not go bankrupt - keep saving as much as possible.
What happens if you run up credit cards before filing bankruptcy?
The judge may disallow those debts from the bankruptcy because you are obviously attempting to defraud the credit card company.
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?
The bankruptcy will appear on their credit if you include this card in your bankruptcy. If you leave the card off the bankruptcy, it will not effect their credit.
What kind of services does Chicago Credit offer?
Chicago credit offers debt counseling and bankruptcy services. They employ a team of lawyers to assist in your bankruptcy claims, and also employ financial advisors to help you decide if filing for bankrupcy is the right choice for you.
How will a bankruptcy effect your credit score?
will bankruptcy increase you credit score over time
Will your credit rating be affected by your partner filing bankruptcy?
If your partner files for bankruptcy and you don't then the bankruptcy will not appear on your credit report. But you will be partly responsible for before bankruptcy filing. Generally filing bankruptcy will affect the credit rating of the individual who filed it.
If you file bankruptcy will that remove a charge off report from a credit card?
Filing bankruptcy does not remove a charge off report from a credit card on your credit report. It just adds bankruptcy to your credit report.
Do you have to get credit counseling before you can file for bankruptcy?
You do not have to necessarily get credit counseling before you can file for bankruptcy.
