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Will your credit rating be affected by your partner filing bankruptcy?

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2011-07-14 13:37:12
2011-07-14 13:37:12

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.

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Related Questions


This is an incorrect assumption that leads many people to avoid filing for bankruptcy. They fear that a bankruptcy will ruin their credit for a long time and that they will not be able to use credit, rebuild their credit or purchase a home in the future. The reality is that the majority of the people who are considering bankruptcy, already have poor credit, due to late payments, repossessions and foreclosures. Further, most people who file for bankruptcy can rebuild their credit to a relatively good level after two years. This depends significantly on what they do after filing for bankruptcy. It is important that you work toward rebuilding your credit after 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.


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.


In some cases, it actually does. This really depends on a lot of factors and variables, but I have seen credit scores increase 100+ points after filing a bankruptcy.


Bankruptcy IS debt relief. After filing bankrupt, you HAVE no more debts. No credit, either, but that's the way it works.


"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."


After filing bankruptcy, it is extremely important to be very careful to pay bills in full and on time. Missed payments or carrying credit card balances can negatively impact credit scores.


To receive a car loan after filing for bankruptcy you will probably have to rebuild your credit before applying. You can also find a co-signer with amazing credit to counteract yours.


No, a credit score is compiled from a consumer's complete credit history.


No, in fact it will leave a Bankruptcy record on your credit report for 10 years.


Most likely, yes. One of the biggest effects that filing for bankruptcy has is on your credit. Bankruptcy will stay with your credit for roughly 10 years and because of that your score will decrease, at least initially.


can you stop wage garnishment from your wages if you file bankruptcy


No, a BK does NOT remove negative items in credit reports.


No, filing bankruptcy will never help improve your credit score, it stays on your report 10 years whereas a repo or foreclosure normally remain 7 years. So bankruptcy would only make your credit worse.


probably not because you would probably have bad credit because filing for bankruptcy so id have to say wait awhile.



Yes. It has to be turned over to the bankruptcy trustee to be counted as an asset.


Filing for bankruptcy is a complicated process and one should consider hiring a lawyer to help with the filing process. You also need to undergo credit counseling and be aware of what type of bankruptcy to file.


That is up to the person filing the bankruptcy. You can include or omit any debt that you choose.


Bankruptcies are a matter of public record and this is why they appear in credit histories. A Chapter 13 listing will remain on your credit report for seven years from the filing date and a Chapter 7 will remain on the credit report for 10 years from the filing date. The credit report entry will state the bankruptcy was filed and dismissed, not discharged.


Bankruptcy can stay on your credit report for 10 years. For more information about debt and bankruptcy, it is best to consult with an attorney. They can provide a complete picture of the benefits and negatives of filing for bankruptcy.


Most states do not require you to take a credit counseling course before filing bankruptcy. This is typically a volunteer activity.


No, however once you have completed the 1 year term of bankruptcy you can then apply for a pre-paid credit card to begin rebuilding your credit.


We will assume this questionis regarding filing Bankruptcy. You are never blacklisted during bankruptcy. It will remain on your credit report maximum of 10 years. That does not mean you will not be able to reestablish credit after filing bankruptcy during those years. What you will be able to obtain will depend on your payment history after the bankruptcy, the type of credit applied for and the length of time since you filed.


You are not prevented from moving as a result of filing bankruptcy. Filing bankruptcy is not a crime.



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