Debt and Bankruptcy

To get technical, a bankruptcy does not "dismiss" a judgment. However, the end result is the same- a bankruptcy will "discharge" the debtors responsibility to pay the judgment which makes unenforceable - uncollectible. It is against Federal law to try and collect funds that have been discharged in bankruptcy.

Prior to the discharge in a bankruptcy, and IMMEDIATELY after the filing of your bankruptcy petition, an "automatic stay" by the court is put in place to freeze all collections actions against you.

There are several exceptions which include certain taxes, student loans and fraud.

Real property tax liens(s), followed by the holder of the oldest recorded lien.

Yes, if one got the loan after foreclosure proceedings began.

When banks make credit decisions, they want to consider as much up-to-date information as possible. If a foreclosure is coming up but is not on the credit report, the bank may grant the loan. Once the foreclosure shows up on the report, the bank will conduct due diligence and see if they would have granted the loan knowing about the foreclosure. Most banks would not and will call the loan, making you responsible for paying immediately.

R9 is the code for foreclosure and write-off as uncollectable for any credit account...this code in any credit profile will send a credit score down low, usually to the 600 level which is usually unacceptable for any further new loans....Word of advice, on any current accounts that you do have at that point in time, keep your payments current and depending on that companies relationship with you, you may be able to keep that account open (like a credit card). however, once a credit profile gets one R9 code, the computer that figures these scores will assign more higher numbers for scores at the earliest opportunity for any further delinquencies. a perfect score of accounts for all credit cards and mortgages, as well as any other accounts will show R1 across the board.

A coupon rate is not a good estimate of a firm's cost of debt, as it is only a reflection of the firm's cost of debt when bonds were issued, not the current cost of debt. It's not representative of the yield in the current market.

Ask your lender

Ask your lender.

Yes

If a loan from a credit union has been discharged in bankruptcy court, that credit union cannot collect and must write the loan off.

Creditworthiness

Debt held by businesses is called Business debt

If you lost the home or no longer own it you can do chapter 7 (if eligible) and have this debt eliminated. If you are still in the home and want to keep the home but reduce or eliminate the second look at a Lien strip through Chapter 13.

No?

If the card was only in the deceased's name AND the surviving spouse was not a listed authorized user AND the surviving spouse never used the card for his/her own purchases, the spouse is not responsible for the debt. The estate is liable for the debt, so no assets of the estate can be distributed to the heirs at law or by will until the debts of the estate have been paid. If the debts exceed the estate's assets, it may file for bankruptcy of the estate under state law. Consult a local experienced bankruptcy lawyer.

The key is the number of days in which the credit is collected by the company. Bad debt percentage alone is not the ultimate measure, it is a combination of different credit control percentages along with the time within which debts are collected that matter.

P.O. Box 15168

Wilmington, DE 19850-5168

send a statement to the patient's employer

For the duration of the Order, the debtor will be subject to similar restrictions as in bankruptcy. When in a DRO, The debtor must not obtain credit of £500 or more, without disclosing that they are subject to a DRO to the lender. The debtor may not be involved with the promotion or the management of a limited company, without the court's permission. The debtor may not carry on a business in a name that is different from the name under which the DRO was granted under, without telling the people that the debtor does business with, the name which they were granted the debt relief order.

Although DRO's are aimed at providing a cheaper method of seeking debt relief, they are not an easy option to get rid of debt and should only be considered when other options, such as debt management are not viable.

The only way to escape from debts is to stop using your credit cards. Start paying off your debts by saving a little here and there from your paycheck and put that into your savings account. Start off with one and work your way down to the last one. It will take awhile, but it can be done.

6

You are typically off the market for about 3-4 years. At that point some mortgage companies will begin to look at your overall credit situation again, but you will have to show much credit growth and responsibility.

no

Yes. But some are bought by people who see the property listing before it is listed as a foreclosure.

Motion to vacate sale means cancelling the order that confirms the sale of the foreclosed property. The word "vacate" means cancel in this case.