0
Your mother-in-law was told that If she doesnt pay her creditors that debt would go away after seven years is that true?
Wiki User
∙ 19y ago
Sorry but that is not true.. although the debt may disappear from her credit file after seven years(negative statements are usually removed by the 3 major agencies after seven years).. The original creditor or one of its agents(a collection agency or debt purchasing agent) has up to her states statute of limitations to bring action to collect the debt.. anywhere from 3- 15 years
Wiki User
∙ 19y ago
Add your answer:
Earn +20 pts
What procedures would you use when dealing with foreign creditors?
In order to answer the question, knowing whether or not the borrower is a corporate entity or an individual is important given the management of international creditors. Please provide the additional information so we can adequately answer the question.
Can creditors call you at work UK?
Yes, they can. It would not be appropriate for them to phone your employer and talk to them about it. But they can phone your personal work phone.
How can you improve your credit score after your bankruptcy is completed?
First of all, I would wait a few months and request a free copy of your credit bureau (by mail) to make sure your bankruptcy is no longer on your file. Hopefully all your creditors with negative ratings are all gone. If you have any creditors with good ratings, you should continue using them because the established creditor is good for your bureau. If you do not have any good creditors then you should try to apply for one or two creditors and keep them in good standing for at least 2 years before applying for more, if necessary. Personally I think 2 or 3 creditors are maximum you should have.
Can you make a deal with creditors?
Yes but when trying to do so you should understand that you will have to pay the creditors something until the debt is settled and it is best to get a 3rd party to mediate and negotiate the deal. Alternatively you could go bankrupt - and that would void the debts BUT with a serious blemish to your future creditworthiness.
What do you do if you receive an inheritance shortly before your Chapter 7 meeting with the creditors?
Any money you inherit prior to a bankruptcy being discharged would have to be revealed to the judge and trustee assigned. These newly acquired assets would be factored into your financial picture and may be captured in whole or part to pay your creditors. It is possible that a sizable inheritance would cause your bankruptcy petition to be "thrown out". Consult with a competent attorney to learn the exact implications in your case and state.
Why are creditors interested in the income statement?
Creditors would interested in an income statement because it would show the potential for revenue. Creditors would be more likely to lend money to a company with a positive bottom line.
Is gods favorite number seven?
Seven is not His favorite number, if it were then there would be seven months in a year, seven hours in a day. there would be seven of anything. He will punish those who believe seven is His favorite number. p.s. hey Tia....
If the actions of the government consistently favor inflation would you expect the minority of the voters to be creditors or debtors?
Creditors
What type of account is the sundry creditors?
sundry creditors is a personal account. the rule applying would be debit the reciever, credit the giver
Would your period stay on if you got your shot while your period was on?
it doesnt matter what time of the month you get it it will still be effective within seven days of injection
In general the republican party has opposed inflationary policies during the past 100 years would this platform tend to attract creditors or debtors?
creditors.
What would have made it easier for debtors to pay their creditors?
Paper Money
Would have made it easier for debtors to pay their creditors?
Paper Money
Debtors or creditors would be more likely to favor inflation?
Debtors.
Why creditors would be interested in the balance sheet of a business?
Creditors are interested in balance sheet to check that how much money company has already taken as a loan from other creditors and how much assets are pledged and will company be able to return credit or not.
On my credit report it says included in the chapter 13 payment plan. Will this information come off after seven years?
The only fair answer to this is sometimes. Chapter 13's are sometimes removed after seven instead of ten years by creditors voluntarily, but there is no guarantee or requirement that they do so. More importantly, having a bankruptcy on one's credit report is not near as negative as some creditors would like you to believe. Fact is, if you have good income, the creditors will find a way to finance what you want regardless of your credit report - and conversely, if you have a perfect credit report and no income, you are not going to be able to buy anything on time anyway.
Can property owned by a couple be protected from creditors liens by signing a quitclaim deed to one spouse in Oklahoma?
No, this would be fraud on the creditors and they can sue to have the transaction rescinded or nullified.
