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You went through chapter 7 2 years ago and found your 2nd mortgate listed on your credit report as discharges and included in bankruptcy 0 balance what does this mean?
It may mean the credit report is in error. It may mean there was no equity supporting the second mortgage and your lawyer filed a motion to "strip" it down (especially if it was before the 2007 changes took effect). It may mean you do not owe the second mortgage any more.
It is unclear if the credit report is a new one, and you don't say if you've been paying the second mortgage since then.
What else can I help you with?
If you have an account that is showing negative and it was included in a bankruptcy can you have the negative account removed or does it stay there and count as two negatives?
The term negative is rather confusing. If the account did not have a balance it would not have been included in the bankruptcy. Any account included in a bankruptcy will remain on the report for the requred length of time, open accounts would be seven years, they will be marked included in bankruptcy. The BK accounts listing will remain for 10.
We did not reaffirm our van in the bankruptcy and kept making payments if we surrender it to the bank are we liable for the balance after auction?
If you did not list it in your BK, you will be responsible for any outstanding balance that is not recouped in the auction. Yes. Secured property is not dischargeable in any bankruptcy filing. ------------------------------ If you included it in the bankruptcy, but just didn't reaffirm it, you won't be responsible for any balance.
If a credit card is discharged in a bankruptcy should it still show a balance on a credit report?
It will remain on the report for the required length of time and should be marked "included in bankruptcy."
Do you have to get full auto coverage if you file bankruptcy?
If you're auto payment is included in your bankruptcy, then yes, they will require you to keep full coverage as long as there is a secured balance on the vehicle.
Can you include a private school balance in bankruptcy?
Yes, a private school balance can be included in bankruptcy. Depending on the type of bankruptcy filed (Chapter 7 or Chapter 13), the debt may be discharged or restructured as part of the bankruptcy process. It's important to consult with a bankruptcy attorney for guidance specific to your situation.
Should the balance of a creditor you filed chapter 7 on show zero on your credit report after it has been discharged?
No. Bankruptcy discharge does not mean the money isn't owed. It means that creditors cannot attempt to collect it. The money will always be owed. Accounts included in bankruptcy will stay on the cr marked included in bankruptcy, for the full seven years.
Can Chapter 7 remove your name from a joint mortgage?
There is nothing that "removes" a name from a mortgage. That contract, like all contracts, is relevant until it is completed (paid). However, chapter 7 bankruptcy can discharge the debt. On any joint debt that one party discharges through bankruptcy, the other account holder becomes 100% liable for the balance.
Do you put closed accounts on in a Chapter 7 bankruptcy?
As long as there is a balance on an account, it should be included in a Chapter 7 filing. One of the first things a bankruptcy trustee will ask at the meeting of creditors is whether you have included all of your debts & assets in your schedules. Even if thee is no balance, which one would expect with a closed account...it does not hurt - and can only help - by including info about it on your schedules. Info on any and all financial things only assures that the bankruptcy protects you from anything to do with them, known or unknown to you, now or in the future.
How do credit entries appear on your credit report after a chapter 7 is discharged and do they disappear from the report or show as 0 balance and indicate their inclusion in a bankruptcy?
The still stay on your credit report the normal length of time for negative credit entries (7 years). After the discharge, they might still show a balance but should also make not of being included in the bankruptcy.
Do you have to list credit cards with a zero balance in a bankruptcy?
no
Will your credit report only show a discharged bankruptcy or will it also show all the accounts included in the bankruptcy?
Your credit report will show both the accounts (which were listed first) and the legal entry of the bankruptcy in the public records portion of your credit report. Once a bankruptcy is discharged, credit grantors should update the account listing (called a trade line) and make sure that no derogatory information is showing (like past due balance or collection account notations) EXCEPT for the "included in bankruptcy" statement. This is what SHOULD happen. It's up to you to follow up and make sure that your credit report looks like it is supposed to after a bankruptcy.
Can the Bank go after the cosigner for a balance that was settled with them before a bankruptcy?
yes, unless the co-signer claims bankruptcy
