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When filing for bankruptcy and owing to a line of credit does the bank still keep the house even if this one is protected with a homestead insurance?
Wiki User
∙ 16y ago
Generally speaking, when Chapter 7 bankruptcy is declared, it means a person's debt exceeds their assets. If the amount of debt owed to a mortgage bank for a home, the bank has no interest in taking a home which will not cover the mortgage debt. All debts are wiped away.
Wiki User
∙ 8y ago
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Will bankruptcy remove life insurance loans?
Life insurance loans are not on your credit report.
What is covered by a trade credit insurance policy?
Trade Credit Insurance is a type of insurance which is offered to businesses. The insurance policy covers accounts receivable, guards against bankruptcy, and protects the business against credit risks.
Will you be able to get homeowners and auto insurance if you declare bankruptcy?
Yes, you can still get insurance after bankruptcy. You may have to pay a higher premium though due to a poor credit score. You also may want to shop around for a better rate. There are still insurance companies in the United States that do not credit score.
If your home has equity and you file bankruptcy on the credit cards do they go after your home?
Generally you have to list your home as an asset. But there are different kinds of bankruptcy, and if things work out, your home ownership could be protected. See a bankruptcy lawyer!!
What is the best auto insurance company if you have claimed bankruptcy?
There is no best insurance company for a Bankruptcy. Some Insurance Companies will not accept application for coverage from people with a bankruptcy. Some will accept you application but may charge you a higher rate. Yet other companies just don't check credit at all so it would not matter to them if you've had a bankruptcy or not.
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.
If you have affordable auto insurance before filing bankruptcy based on good credit do you have to tell the insurance company you filed?
BK will not affect any insurance policies that are already in effect.
Will a bankruptcy affect your auto insurance rates?
I don't actually work for an insurance company, but I do know that credit can affect your rates (bad credit = worse rates). Insurance, after all, bases its life on risk: the riskier they think you are as a client, the higher your rates. Credit is the same way, so it only makes sense that a bankruptcy would increase your auto insurance rates. Yes, bankruptcy will affect your insurance rates. I have Erie insurance and my rates did go up quite a bit. My home insurance more than my auto insurance. I had only filed one claim on my home insurance in 27 years and never late in payment and yet my rated jumped almost $200. I was told this was because of the bankruptcy. I recommend you this site where you can compare quotes from different companies: insureinfo.us
Who will issue home insurance 5 years after filing bankruptcy without penalty of a higher rate?
All companies I know of will issue a home insurance policy after bankruptcy. The only factor bankruptcy plays is in how much you will pay. Some insurance companies use your credit as a factor in how much they will charge you. Some companies do not use credit scoring at all. Best thing to do is shop around and find the best coverage for the best rate you can find.
How much do homeowners insurance rates increase due to poor credit from a bankruptcy?
not much. should not matter too much. homeowner's insurance is anyway too low.
If you want file bankruptcy on credit cards of a large amount could you lose your house to pay off creditors?
How a home is handled in bankruptcy depends on the type of BK filed, state or federal or a combination of the two. In chapter 7, all nonexempt assets are liquidated to pay creditors. The state or federal homestead exemption would apply in regards to the home. In a chapt. 13, debts are consolidated and a payment plan of 3-5 years is set up to repay creditors. And any secured debts are usually reaffirmed with the lender. You can refer to the bankruptcy statues of your state to ascertain if your home is protected by the homestead exemption amount.
How will a bankruptcy effect your credit score?
will bankruptcy increase you credit score over time
