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What is a set off in a chapter 7 bankrupcty Does this refer to the credit cards was charged off by bank?
Well, this will be clear as mud... Set off (or offset), is when a creditor is owed money at the same time they may owe the debtor for something...and he nets the amount for his claim...generally it is not allowed. Generally, any amount that the debtor owes needs to collected in BK (likely at a reduced amount and amounts the creditor owes must be paid in full). However there are, generlly again, some exceptions...for example the Government has the right to offset amounts owed in tax by amounts that it either would refund or pay to the debtor. However, in the agreement one makes for getting credit or loans banks frequently include terms that allow them to offset any amounts owed on to them by amounts on deposit in their institution. Generally this can't be done while the automatic stay on collections are in force, but even that is situational. That any debt was charged off, or not, is never important or relevant. Charging off is an accounting entry required by the lender so they properly reflect the bad debt (which would have been previously reported as income or an asset) and no longer is either. It does not forgive the debt, or change it ior their right/obligation to collect it in any way...it is just a reporting that it was bad business and is a cost or expense to the owners/stockholders and cannot be expected to be avalable to pay things, like payroll, rent, etc.
What else can I help you with?
Who is charged for misusing credit cards?
People who misuse credit cards are charged for misusing credit cards.
What kind of bankruptcy is it called when you only include credit cards?
Chapter 7. The credit cards would be unsecured debts.
What happens to charged off credit cards?
They are sold to collection agencies and negatively impact your credit report.
What exactly are 0 credit cards?
0 credit cards have no annual percentage rate, which means that you don't get charged anything yearly for having the credit card. They are usually for people with really great credit.
What is the interest charged by Chase credit cards?
Like almost all credit card companies, Chase offers a number of different credit cards. The interest charged by Chase ranges from only a few percent to close to a standard rate (20% at most credit card companies).
Why credit cards are money?
Credit cards are not money, they are used to purchase things under a temporary loan, which can be repaid at a later time for a small fee charged by the credit card issuer.
What is the APR for credit cards?
The APR for credit cards is the annual percentage rate that represents the cost of borrowing money on the card. It includes interest and fees charged by the credit card company.
Does HSBC offer credit cards with cash back rewards?
No, HSBC does not offer credit cards with cash back rewards. While their credit cards do offer cash back, it is not a reward and one can be charged a hefty interest fee when requesting cash back.
If you have good credit history with some credit cards will they still show that on your credit report and that you paid on time after filing chapter 7?
It depend on the individual credit card companies if they report on your credit history or not, like some department store credit cards may not show on a credit report
How many points will your credit score go up once your Chapter 7 bankruptcy falls out off your credit report?
Significantly, but most important of all will be what have you done to make sure you have paid your credit cards on time and how have you rebuilt good credit since you last file Chapter 7.
What are the benefits of only accepting cash vs taking also credit cards?
If you take credit cards at your business, you will be charged a fee for service. It will be a percentage of the amount paid by the card holder. If you get paid in cash, it is ALL yours!
What is the fee charged by retailers for accepting credit cards?
Retailers will rarely charge a fee for accepting payment from you the customer, they accept fees charged by credit card networks and processors, called a discount rate. The fees are based on Interchange categories that vary by card type, with debit cards being the least costly and rewards and business cards being among the highest.
