Legal Question in Credit and Debt Law in Arizona

Questions on loan applications

When asked a question on a loan application such as "Any bankrupcies?" and one has filed under chapter 13 years ago, must one answer "yes?" Also, are they legally allowed to ask such a question and how long will it show up on one's credit report?


Asked on 8/31/00, 12:20 pm

1 Answer from Attorneys
Keith Knochel Law Offices of Keith Knochel

Re: Questions on loan applications

Yes they may ask and you need to answer truthfully. However, the company can determine whether or not it will reflect poorly based on how long ago you received your discharge. Your credit report will show the bankruptcy for a minimum of 10 years, depending on whether or not you have cleaned up your credit report. You can contact our office at 800-677-1010 for assistance.

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Answered on 10/09/00, 12:18 pm


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