Bankruptcies are considered negative information on your credit report, and can affect how future lenders view you. Seeing a bankruptcy on your credit file may prompt creditors to decline extending you credit or to offer you higher interest rates and less favorable terms if they do decide to give you credit.
Which of the following debts could possibly be forgiven?
Answer Expert Verified So the answer is A. Credit Card. A credit card debt can be forgiven under chapter 7 because it is the main reason why people file for bankruptcy just to discharge their credit card balance.
Can a bankrupcy from 10 years ago affect my loan?
If the question is “ever” than it appears your answer is “yes.” I suspect there is or will be a follow up question about how long ago the bankruptcy was. The reality is that a bankruptcy from more than 10 years ago will have little if any affect on your ability to get the loan…
What happens to grandmother’s money when you go to college?
The present value of a growing perpetuity will decrease if the discount rate is increased. Your grandmother is gifting you $150 a month for four years while you attend college to earn your bachelor’s degree. At a 4.8 percent discount rate, what are these payments worth to you on the day you enter college?
What happens to your mortgage when you file bankruptcy?
Most people who file for bankruptcy choose to keep their mortgages and car loans outside of the bankruptcy, but these lenders stop sending the normal monthly billing statements when the bankruptcy is filed. This can be confusing, and it comes at the worst time because bankruptcy changes so much about a person’s financial situation.
Can a bankrupcy be pulled after the expiration of 8 years?
As a practical matter, prior to expiration of 8 years, it is hard to keep that information from them since employers are allowed to pull your… If the question is “ever” than it appears your answer is “yes.” I suspect there is or will be a follow up question about how long ago the bankruptcy was.
