Those very much effect your credit, With bankruptcy your debts are cleared, However everything you have gets taken away, and you have to live 7 years without being able to even get a target card. Reposession will cause problems for you aswell especially when you want anothewr car loan or house. The above understates the seriously bad effect on your credit (or creditablity) it has. But really - what could be worse for your creditability than having asked for and made absolutely solemn promises that you would pay back a (or many) loan(s)....and then not doing so. Why are you believable or responsible now? Also, BK stays on credit reports for at least 10 years (most other things, like late payments, are only for 7).
Stays on your credit rating for 7 years. Has a very negative effect.
lowers your score
The fact that you have a repossession on your credit report is not a determining factor of whether your can file for bankruptcy. Generally in bankruptcy you can remove the debts from the repossession of your vehicle.
No.
Neither is good. However, a repossession does less damage and is removed from your credit report within less time than a bankruptcy.
You present proof that the repossession never occured. You can dispute it with the credit reporting agency.
Yes, there is no difference. A repossession is a repossession.
Yes, but perhaps not as adversely as an involuntary repossession.
It hurts it very badly.
Yes, it's one of the worst things that you can do to your credit.
Both, Its bad debt period and you will suffer bad with either.
A repossession will significantly lower your credit score, regardless of the balance. It will take around 7 years before the repossession is removed from the credit report.
A repossession is a repossession, no matter if it is voluntary or not. Your credit will be ruined for 7 years.
It depends on how your father's death, the repossession, and the cosigners credit are corelated.