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Debt and Bankruptcy
State of owing money to creditors. A person or organization is bankrupt when judged to be legally insolvent.
Total questions 7000
Can you refinance after bankruptcy?
Many people who have filed bankruptcy know little about the process. Often times debtors are unaware of their options in a...
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How soon after Chapter 7 bankruptcy can you buy a new house?
Buying a House after Bankruptcy First, any bankruptcy must be "discharged" by the court. You also cannot be in any "Credit...
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How do you get an old bankruptcy removed from your credit report?
Under the Fair Credit Reporting Act negative information can be included in your credit reports for seven years. However,...
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When in bankruptcy is it hard to rent an apartment or house due to the bad credit rating?
It can be but I have found that if you have good rental history you should be able to rent. Answer My husband and I filed...
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Should you declare bankruptcy?
Personal bankruptcy generally is considered the debt management option of last resort because the results are long-lasting and...
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How do you remove liens and judgments from your credit report that were discharged in a Chapter 7 almost 2 years ago?
Removing Liens and Judgments You are probably referring to the "Public Records" part of the credit report. In that case you...
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How long after you file bankruptcy can you get a checking account?
A checking account has nothing to do with a bankruptcy unless the bank you are going to deal with does a credit check on you and...
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If a chapter 13 bankruptcy was voluntarily dismissed not discharged can it be removed from your credit file?
You can't get it removed. It is a public record. If you file a bankruptcy and get it voluntarily dismissed the next day, it will...
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Will bankruptcy hurt your spouse's credit rating?
I'm not a lawyer and I can't give you anything close to a definitive answer, but I do know that your credit rating will be...
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Will a voluntary auto repossession still show on your credit reports after Chapter 7 is discharged?
Most likely. They are two seperate issues. Answer Yes. It will show that you no longer owe the debt, as well. Answer It...
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Can you get credit cards after filing Chapter 13?
Credit cards after a bankruptcy One can get a credit card after bankruptcy but I believe it has to be a "secured" credit card...
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How will your ex-spouse's bankruptcy affect you if you had a joint mortgage which you are still responsible for?
Spouse's bankruptcy It can. Since even a quit-claimed mortgage loan continues to show on your personal credit report, it MAY...
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When must you leave your house after bankruptcy?
I am also in the same situation you are in. According to my attorney, I dont have to move out until the mortgage company...
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Can bankruptcy hurt your chances of finding another professional job?
While there are laws which prohibit discrimination for race, color, religion, sex, national origin, age, disability, and...
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What happens when someone you co-signed for has filed for bankruptcy?
About 6 months ago I had to deal with the same thing. What happened to me was, that the card and all $3000 was turned over to me....
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After being dismissed from bankruptcy can you refile for it immediately after?
You can refile after your bankruptcy case has been discharged by the court. I filed a chapter 7 in December, it was discharged...
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What happens to your savings and checking account when filing bankruptcy?
Bank accounts You can generally keep both your checking and savings account when you file for bankruptcy. However, if you...
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Should you file bankruptcy if most of your debt has been charged off?
Filing bankruptcy I may be wrong on this, but my understanding is that "charged off" simply means the creditor has written the...
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Was bankruptcy always listed for 10 years?
Bankruptcy It has always been 10 years. Some CRAs will take it off after 7. Bankruptcy has its basis in the Bible. The...
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Can you get a bankruptcy removed from your credit report if it was never officially filed?
Yes you can, Kind of! I did exactly the same thing. I wrote letters to all three CRA's and 2 of the 3 removed them. I filed a...
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Can you buy a car with cash and then declare bankruptcy?
Check your local bankruptcy exemptions. Find out what the vehicle exeption is (In Ohio its $1,000). Buy a car that is worth...
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Will bankruptcy remove your student loans?
NO Answer In some extreme cases, yes. In your cas no. I worked for Direct Loans so I know a little about these things. You...
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Can you just declare bankruptcy on your credit card debt?
Yes you can but you must include all your debts including your home (if you have a mortgage),car loans and even your borrowed...
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Can you receive a tax refund this year if you filed bankruptcy last year?
Tax refunds I acuatlly filed Chapter 13 in Oct. 2005 and just got a $5,000 refund back and the trustee will not let me have it....
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What do you do if your ex wants to declare bankruptcy?
Check your divorce paperwork. Usually, there's a provision within the decree stating that any financial obligations- such as...
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Do both spouses have to file for bankruptcy or just one?
Bankruptcy One person can file a bankruptcy in a marriage. You will need to take into account the income and expenses of...
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When did the chapter 7 bankruptcy laws change from 7 years to 10 years?
Actually, It never was 7 years. Chapter 13 is 7 years, and Chapter 7 is 10 years (sometimes longer). That regulation is at least...
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What effect will a five year old bankruptcy have on getting a job that requires a background check?
Federal Law prohibits employers discriminating against job applicants because of their personal financial situation. However,...
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Can bankruptcy be removed from your credit report in less than 10 years?
Bankruptcy removal Unfortunately, there is no way to have a bankruptcy removed from your credit report before the statute of...
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Is there a resource for finding out collection agencies names and addresses for bankruptcy?
Get a copy of your credit report from the three major credit bureaus. You can get one free copy from each per year by law. You...
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How do you get phone service after declaring bankruptcy?
You should have no problems getting any type of utility in your name. Just call and sign up. Be prepared for security deposits...
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Can a roommate's bankruptcy have a negative effect on your credit report?
No. Not unless you all share a SS # too. Answer The only other situation where a roomates bankruptcy would might affect your...
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Will bankruptcy discharge a 14 year student loan?
When I filed Chapter 7 and asked about my student loan, I was told by the judge that I must have paid on it for at least 7 years...
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If you have two homes can you reassure only on 1?
You can reaffirm any secured debts you want, so keeping one house is not a problem. I would contact an attorney though and...
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How do you find a mortgage company to re-finance you if you are in a Chapter 13 bankruptcy so that you can come out of the bankruptcy?
You do not need perfect trustee payment history to be approved for a refinance of a Chapter 13. With a dismissed Chapter 13 I can...
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If you did not get your mortgage reaffirmed does this mean you will lose your property?
From my understanding after filing Chapter 7, our house was not reaffirmed, but the mortgage company clearly states that as long...
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Will bankruptcy affect the co-owner of a house?
To me this is a pretty easy no. Once you get the report I would dispute it and make the bureau prove that your mom filed...
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If you filed for Chapter 7 bankruptcy on ten years ago what is the date that this should be removed from your credit report?
If you filed on May 20, 1994, then the statute of limitations for that will be up on May 20, 2004, and should then be deleted...
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Can bankruptcy be removed from your credit report if you filed for Chapter 7 but did not complete the proceedings?
No. A bankruptcy becomes a public record as soon as it is filed. Its the same as any other type of lawsuit. Even if they are...
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Ten years after a bankruptcy are all included accounts removed from your credit report?
The accounts affected by your BK filing should drop-off after seven years, under the normal course of business. You will want to...
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How do you get a credit card debt that was included in a bankruptcy removed from your credit report?
Write a letter of dispute to the credit repository. Include copies of your drivers license, social security card, utility bill,...
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If a tax debt is owed to the IRS can filing bankruptcy settle this debt and allow you to start over?
Yes you can start over but this does have an extreme barring on your credit. You can include the years prior to three years from...
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Is it possible to get financing to purchase a house and a car after filing Chapter 7 bankruptcy for the second time?
You need your Bankruptcy Chapter 7 to be discharged first before getting a loan to buy a house. Most lenders require two to four...
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What is the formula or procedure creditors and debt collectors use to figure out how much money they will settle a debt for?
This answer is best explained by the process in which the collector assumes the debt in the first place. Let's say you owe the...
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If items are reaffirmed in bankruptcy but the credit report shows a 0 balance and the items were discharged through bankruptcy do you still owe the creditors?
You always "owe" creditors after a bankruptcy, they just can't try and collect. If you reaffirmed the debt, you can be held...
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After 8 years of having a discharged bankruptcy can you still be denied credit?
Yes, your bankruptcy is on your credit report for at least 7 up to 10 years according the the credit reports I recently recieved....
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Why do many companies not want to give you credit when you have a dismissed bankruptcy?
The bankruptcy is still on your credit report atleast under "Public Records". Any filings show up there. The fact that it was...
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How will filing for divorce affect a Chapter 13 bankruptcy?
i believe that Bankruptcy planning should be done before the final divorce decree is obtained. This way your required payment of...
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Why declare bankruptcy if you do not have any assets?
If you have no assets, then it's a great way to get rid of debt. Chapter 7 bankruptcy is FAST, and normally pretty cheap compared...
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Can you keep your home if you file bankruptcy on a second mortgage?
You can not "file bankruptcy on a debt". You can only "File bankruptcy" which includes ALL debt. If you file a Chapter 13, you...
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Can a judgement be settled by going to the courthouse and making payment for the judgement amount?
Yes. Then get a letter stating the debt was satisfied and photocopy it. Get a report from each reporting agency, dispute it...
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If a recorded judgement against a debtor is listed incorrectly is it exempt from that bankruptcy proceeding?
There's lots of details that can change how that situation comes out, such as the nature of the judgment and which chapter of...
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Can creditors go after an ex-spouse if their name was on credit account even if the divorce said the other partner was responsible?
They can try. Will they be successful? Hard to tell without knowing which state you live in and the exact terms of your divorce....
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When you file Chapter 7 and surrender your home are the judgement and liens removed from home for next owner if they were in Chapter 7?
Yes. The home is sold through the Sheriff Sale process if you surrender and the Trustee abandons.
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If your home has no mortgage can you save it by placing in a revocable or irrevocable trust prior to filing Chapter 7?
Your best bet is to file a Chapter 13 and forget attempting to "hide" the asset. It will most likely create more provlems and...
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Can monies owed to the state of Maryland but not taxes be discharged in bankruptcy?
To be certain of the status of such debt you should check the state statutes if filing a state bankruptcy. If it is a Federal...
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How does being part of a debt repayment plan affect your ability to rent?
It should not have any positive or negative affect at all. Answer The above answer is only correct, if your landlord does...
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How long will a dismissed bankruptcy stay on your credit?
It depends on your state. Usually 7 to 10 years. Answer It is irrelevant whether the bankruptcy is discharged or dismissed...
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Are assets in your children's names like custodial accounts and 529 plans protected if you have to file bankruptcy?
I don't know anything about 529 plans, and I can't cite any law or cases, but it has been my experience - in Southern Indiana at...
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How do you find out if your bankruptcy status is correct?
I'm not sure what this question means by "bankruptcy status." Assuming it means whether your credit report has correctly listed...
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How soon can you purchase a new home after filing chapter 7 bankruptcy?
That depends on how high an interest rate you are willing to pay. How much cash you can put down, issues of that nature. The...
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When a debt in collection is transferred to a new collector or lawyer does that become the new date from which it takes 7 years to remove?
Yes, sorry. Answer I disagree with the first answer. If that was the case then nothing would drop off from anyone's cred it...
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How can you file bankruptcy if all your assets and business assets are in a trust for your children?
That's a really complicated situation, and you will definitely want to see an attorney in your area about it since there are lots...
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If the primary owner files bankruptcy and has a co-signer can the co-signer continue to pay and take ownership of property?
That's an issue that has to be decided by the court, the lender and the exemption status of the property.
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Will the credit of the co-owner but not cosigner of your car be affected if you file bankruptcy?
No, because the co-signor is not file a bankruptcy with you and the creditor will go after the co-signor instead of you.
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How long does it take for a collection agency to sue you to repay a debt?
A collection agency cannot sue. What they can do is refer the debt back to the original creditor recommending a lawsuit. It is...
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How does a collection agency determine how much money they will settle a debt for?
a collection agency will usually take up to 30% off a debt but only if it is over $500 i once owed $5,300 on a returned vehicle...
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If you are listed on your partner's credit cards could you be held responsible for her debt if she declares bankruptcy?
If you are listed on the account and she files bankruptcy, you are liable for the amounts on the cards. You may be able to get...
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Can you get a bankruptcy removed from your credit file if the full amount owed was not correctly reported in dollars and cents?
A bankruptcy is "on" your credit report the instant you file it and will not be removed for 7-10 years. Its a public...
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Why would a creditor object to a debt being discharged if the debtor no assets and very little income?
It's according to how much you owe. If it's a large amount they may give you a hard time. You them need to go in front of the...
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Is the co-signer and co-buyer the same thing on a bank application?
Co-buyer = Name is on the title and has rights to the property. The lender will PROBABLY insist that this person also sign the...
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If your husband has to file bankruptcy do you have to file with him?
No. It is similar to your taxes, you have the option of filing jointly. However, if you have been married for awhile and have...
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Would you be asked to put a mortgage on your house to pay your bills if you file for chapter 7 bankruptcy?
No. But if you have equity in your home it may not be the best approach. A chapter 13 is designed for a situation where the...
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A bankruptcy can not be wiped off your credit report until after 10 years but if the accounts on your credit report which were discharged in the bankruptcy can these be taken off?
The debts which were wiped out in bankruptcy still stay on your credit report, but they should be listed as "Discharged in...
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Will a collection agency or the original creditor accept monthly payments to pay off a debt that is in collections?
Most of the time a collection agency will accept 2-3 equal payments to pay off the balance. Answer As of right now no they...
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Can a debt collector threaten to sue and give a 24 hour period to respond in order to negotiate?
A collection agency will say or do anything to get you to pay. They will harass you, your family, and your co-workers. It doesn't...
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Is it legal to relist a 12 year old debt once it has fallen off of your report?
The Fair Credit Reporting Act states that "...the statute of limitations...shall begin upon...the expiration of the 180-day...
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If you make voluntary payments on a car loan that was discharged in a bankruptcy can they still report it as a repossession on your credit report even though the debt is not legally owed?
My guess is that they probably can still list a repo on your credit report. Normally you get a double-hit on your credit report...
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How long does a bankruptcy stay on your credit report?
Bankruptcies on a Credit Record A Chapter 7 bankrutpcy may display on your credit for 10 years from the date of filing. Chapter...
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What should you do if you are deep in debt?
Whether it is caused by personal or family illness, the loss of a job, or simple overspending, a financial crisis can seem...
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How soon after a foreclosure covered by bankruptcy can you buy another house?
The Short Answer is 3 years before you can obtain an FHA insured mortgage and 5 years before you can obtain a "conforming"...
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Can you get a repossessed car back by filing chapter 7 or 13 bankruptcy in Arizona?
This would be best answered by a good bankruptcy attorney who knows Arizona law.
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If you convert a chapter 13 bankruptcy to a chapter 7 will this further affect your credit scores?
Yes converting a Chapter 13 to a 7 will further lower your credit score. It will show up on the public records section at the...
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Does your credit score go to zero when you file bankruptcy?
Interesting Question! A credit score of Zero occurs for a variety of reasons-most due to no credit history, but not due to...
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Will your credit score go up after your chapter 7 bankruptcy passes the 10 year mark?
Adding to below--it shouldn't even be on your report after 7 yrs. Lots of times it drops off before that. Answer Yes, but...
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If you have a 1st and 2nd mortgage can you list the 2nd in chapter 13 bankruptcy and reaffirm the 1st?
This is one of those "maybe" questions. I would think it doubtful, as you cannot play favorites when it comes to creditors. It...
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What percentage of Australian people go bankrupt?
Check out this site: ...
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After bankruptcy what are the steps and timeframes to building good credit?
After your discharge, you will be untouchable (for the most part) for 12 months. It would be helpful to your future credit...
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Can you declare bankruptcy on consolidated student loans?
I'm a bit unclear as to what you mean by "consolidated". If loans are from private lenders, and have no Federal/State connection,...
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What are the chances that creditors will still try to collect from you if you just left court for a chapter 7 bankruptcy?
Legally they can't, once the bankruptcy is filed it places an automatic stay on collection attempts/calls, lawsuits,...
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Is minimizing WACC by having a largely debt-based capital structure a high-risk strategy?
Yes, the higher the % of assets financed with debt, the higher the risk of financial ruin. Why? You can skip a dividend to an...
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If you have a charged off debt past 7 years can a new company get a collection company to collect the debt?
I don't know what state you reside in, or how the debt is classified However, it seems possible that the SOL has expired. Write...
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Can an irrevocable trust file bankruptcy without impacting the beneficiaries of the trust?
An irrevocable trust can only file under a Chapter 7-11-13 if is defined as a "business trust". If that hurdle is met then to...
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Is bankruptcy or consolidation better for your credit?
If the referrence is to a consolidation loan then that depending on the party's financial situation would be a better choice than...
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What is the difference between a bankruptcy and a bankruptcy with a repossession on your future credit ratings and loan possibilities?
I would say the difference between a bankruptcy and a bankruptcy with a repo is not great enough for a person to keep a car they...
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With a cross collateralized debt when the vehicle was surrendered can the creditor demand payment for deficiency?
In the state of Texas, yes the creditor can follow for the deficiency balance.
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Can you receive student loans after filing bankruptcy?
One can usually get student loans after bankruptcy so long as they meet the other eligibility requirements for those loans. ...
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Can credit cards make you pay any balance not paid from the bankruptcy courts?
No. All balances (except those which extend beyond the plan - like mortgages) are discharged at the end of the 13 plan. If you...
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If you filed bankruptcy in 1997 in NC do you fall under the 10 or 7 year rule for removal on credit report?
I believe it doesn't matter what state you filed, bankruptcy is a federal matter. It will stay 10 years on credit reports!
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Can you claim back taxes on a bankruptcy?
Claiming Back Taxes in Bankruptcy Only if they are more than three years old and meet specific requirements More...
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