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Early on, you will notice lots of credit card offers and auto loan offers in your mailbox because you will not be able to file again for seven years. If creditors know this you are almost less of a liabilty than the average joe without a bankruptcy. However, your interest rates for credit cards and purchases will be much higher than joe's. When you get closer to that seven year mark you become much more of a liability to lend to again.
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Will paying off a car loan raise your credit score after a bankruptcy?
The bankruptcy will still be reported on your credit file for up to ten years however, it will denote that the car loan was paid off. So to answer the question wil it raise your credit score. The answer is no.
How many years on credit history for bankruptcy?
10 years. If you are interested in buying a home you have to wait at least 24 months from the date it was released/discharged in order to qualify for a home loan. So, though it takes 10 years for a bankruptcy to be removed from your credit profile you can qualify for a home loan in as little as 2 years from the Date of Release or Date of Discharge.
Can you get a car loan if your bankruptcy was dismissed?
yes you can because i said so
Are you liable for a car loan if the owner files bankruptcy and the car was charged off?
That depends on what you're asking. Who filed bankruptcy? The owner of the car or the owner (holder) of the car loan? Did you co-sign on the loan? If you co-signed on the loan and the other signer files for bankruptcy, yes you are liable for the loan. If the owner (holder) of the car loan files for bankruptcy, you are still liable to the owner's creditors (and you need to find out who they are so you can get the lien released).
What are the rights of a cosigner when the primary filed bankruptcy then didnt pay the bankruptcy so the bankruptcy was dismissed?
As a cosigner, you are not at all protected if the primary signer files for bankruptcy. In many cases, filing for bankruptcy relieves the primary signer on the loan from his obligations towards the loan, at which point the lender will turn to the cosigner for payment. You'll either have to pay the loan or file for your own bankruptcy (if necessary).Unfortunately, you're stuck with the loan regardless of whether or not the primary signer successfully completes his bankruptcy filling. You may want to contact a bankruptcy lawyer for some additional advice or assistance.
Paying back a discharged loan after chapter 7 bankruptcy?
There is no reason to repay a loan after a discharged bankruptcy, if you have done so, you can reclaim all your money from the creditor (you'll have to go through court).
I cosigned a loan for my granddaughter she has filed bankruptcy will her creditors come after you too?
If you are a cosigner on a loan, you are responsible for the debt of the loan if the primary signed defaults on the loan. So, yes you can be called to pay on the loan by the creditors.
Can a person secure a mortgage after filing for bankruptcy?
"It is exceedingly difficult to do so. In most cases, bankruptcy inhibits that for the duration that the filing stays on record. If you do get a loan, it is usually at 8-12% rates, or 3-5% above the average. Total cost might be 200% of non bankruptcy loan."
What is available to Ch 11-er's?
We filed chapter 11 in 1999. We were just pre-approved for a home loan a few weeks ago and close on our house October 21st. Our bank didnt even question the bankruptcy. I do think the bankruptcy has to be at least 2 years old but you should check with your lender first. There are tons of loan programs out there so dont count yourself out just because of a bankruptcy. Good luck!
Can you apply for a loan while in chapter 13 bankruptcy?
Not without permission from the bankruptcy trustee/court. Yes. But you will have to overcome a lot of obstacles in order to obtain one. Some lenders will approve a home loan if you are in Chapter 13 bankruptcy but only after you have paid consistently for one year and have a credit score of 620 or above. Lenders, as a rule, will not consider a loan until you have approval from the Bankruptcy Court. You will have to ask your bankruptcy trustee for approval to get the loan. This trustee will give you an amount you are allowed to finance. Unfortunately, the amount is usually low. Here is an example: Annual income: $100,000 All payments to Bankruptcy Court have been consistent for 2 years. Credit score: 630 Amount needed to finance home: $119,000 Bankruptcy Trustee Loan Approval Amount: $65,000 Although you may qualify to receive a loan in the amount of $119,000, the bankruptcy trustee will only allow you to finance up to $65,000. If you do not have $54,000 to make up the difference.....you will not be able to purchase the home. That being said, it's worth a try. So before you start looking at houses for sale, have your attorney request the bankruptcy trustee for loan approval and what amount. At least from there you will know where you stand.
Can you get a student loan if you have filed bankruptcy?
I am trying to figure this out myself as I have recently filed bankruptcy and both my husband and I are students. There is a portion of the bankruptcy code that makes it illegal for government agencies to refuse student loans to those who have filed bankruptcy. So, as far as getting Title IV funding, such as government backed loans, you should still be able to get them. Title IV loans are not granted based on credit worthiness and therefore should be given to those who have filed banlruptcy, as long as there are no other eligibility issues, such as a student loan in default, drug conviction, etc. If you want to get a loan from a private lender, then they are under NO obligation to give you a student loan if you have filed bankruptcy or have other credit problems. For example, the Plus! loans that are available to parents are based on creditworthiness, so a bankruptcy would affect your ability to get this type of loan. As far as my student loan after bankruptcy, I did have to fill out additional paperwork and am still awating the results. I will post again after I find out what happens.
Why is it so hard to refinance your mobile home after 8 months discharge of a bankruptcy?
It is hard to refinance any home after 8 months out of bankruptcy. However it will still be based alot on your credit score. Check with if you can believe US Bank as to there guidelines. I have found them very forgiving. Also lenders like a lower loan to value LTV on a mobil home than a stick home.
