No, the items still aren't paid and were still charged or written off by the lender. Agreeably, the BK may make it so what you still owed is no longer due...but it was charged off (somebody took the loss and didn't receive what they anticipated and you promised they would, resulting in your benefit).
And BK generally doesn't change the status (or release) a judgement...which once again will have always occurred and should be reflected as such...but may at some point become satisfied or the still due amount dismissed. You can't change accurate history... you had debts that the lenders had to act and go to judgment or collection over, that weren't paid as agreed.
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.
Bankruptcy. Bankruptcy will not remove a judgment from the debtor's credit report. The judgment will still remain for the required time if it is discharged in bankruptcy, settled or paid in full. Valid judgments remain for the required 7 years. Most judgments are renewable and can be reentered on the debtor's credit report whenever that action is taken.
You cannot have liens or judgments removed unless you write the credit bureaus and give them a copy of your discharged bankruptcy. Some liens and judgments will not need to be paid but will still remain on your credit report.
When you have filed Bankruptcy.
The charge offs will remain the required seven years and should be noted as included or discharged in bankruptcy.
"Whether a debtor keeps credit cards after filing bankruptcy is up to the credit card company. If you are discharging a credit card they will cancel the card unless you reaffirm the debt. Even if you have a zero balance the credit card company might cancel the card."
Charge-offs remain on your credit report for 7 years. If the account has been included in a bankruptcy, it should be marked as such...."included in bankruptcy". However, according to the Fair Credit Reporting Act, if you dispute the charge-off with the credit bureau and the creditor can not verify the account, it must be removed from your credit report immediately. Only the original creditor or the credit bureaus can remove a charge off, either through negotiations or through the dispute process.
Attorneys deal with consumer credit regulation, including attachments, garnishments, assignments for the benefit of creditors, judgments, and bankruptcy.
All reportable items with the exception of bankruptcy will stay on your report for 7 years from the date of the reportable occurance.
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.
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.
No. In most cases, public record will remain. That is why many BK attorneys, credit counselors, etc. inform you that a bankruptcy never really "goes away".