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It is a good idea...the charging off of an account, done by the creditor, is nothing more than an accounting entry he makes. It is just the way his books reflect that he has had aloss - an asset that won't be received. Your still responsible for the debt. Might as well acknowlege and clear it.
Wiki User
∙ 16y ago
Wiki User
∙ 15y agoWrite offs are still valid debts by you.
Write off is only a required accounting entry by the creditor so his records reflect the bad business and loss of expected income or asset. It does not in any way discharge or change your obligation to pay.
if you file BK you must include them
EVERYTHING you own and EVERYTHING you owe is included in the BK and must be reported. They are given different classes, some debts can't be discharged and some assets cannot be taken, and the assets are used to pay the liabilities. YOU CANNOT PICK AND CHOSE WHAT IS INVOLVED.
Secured loans have first call on the money from the sale of the asset that secures the debt...if it isn't enough to pay off the loan...the remainder is a claim as any other general creditor against all other assets.
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Can you include an SBA loan when filing bankruptcy?
Yes
Can home owners association fees be included in a bankruptcy?
Your bankruptcy attorney can help you decide what to include in your filing petition.
Does filing for bankruptcy re-age delinquent accounts included in?
"Included in" bankruptcy? No. It stops any interest or penalties on unsecured debts. If the bankruptcy fails, the accrued interest or penalties will be added to the account, and the statute of limitations starts ticking from where it was on the date of filing.
Do you need to include all credit cards when filing a chapter 7 bankruptcy?
Yes, all debts and assets must be included in the bankruptcy filing. If a mistake is made and some debts and/or assets are not reported, the filer should contact the BK attorney or the trustee immediately. Deliberately ommitting information on a bankruptcy filing are grounds for dismissal. In addition when information especially assets is deliberately withheld the person(s) can be charged with bankruptcy fraud which is a federal crime and if convicted can be fined and/or imprisoned.
Is a credit line on your house included in bankruptcy?
That is up to the person filing the bankruptcy. You can include or omit any debt that you choose.
The accounts that you discharged in bankruptcy should no longer show on your credit report after 1 year?
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.
Does updating collection accounts to a bankruptcy lower your credit score?
The fact of filing bankruptcy is already going to lower your credit score, and the point of bankruptcy, part of it anyway, is to resolve unpayable debt such as collection accounts. It is in your best interest to add the collection accounts to your bankruptcy, but if you consult your BK attorney, he is likely to advise you of this. The bankruptcy is the first next step in repairing your credit and improving your credit score.
What if you forgot to include a checking account information on your bankruptcy case?
"Forgot"? The forms or your lawyer asked for all bank or other financial accounts. If the balance in your account was close to zero at the time of filing, you may not need to worry, but if there was a significant balance, you should amend your Schedule B to include it. Check with your lawyer or get a bankruptcy lawyer.
Do you include your mobile home when filing for bankruptcy?
You haven't said where this is. -That would very likely come under the bankruptcy laws of your province or state.
Can a loan you borrowed from a friend be covered under a bankruptcy?
Generally yes, if there is a contract signed by both of you (the lender and borrower) and you include that debt in you bankruptcy filing.
Can a HELOC that is charged-off by the lender be included in a chapter 7 bankruptcy?
It has to be included in a bankruptcy filing. A charge-off is a tax break for the lender. It has nothing to do with whether the debt is still owing.
Can a creditor add an account to your bankruptcy when the account was opened after filing and you didn't include it yourself?
No, debts acquired after the filing cannot be included in the BK petition.
