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Is it better to buy a car with a horrible credit history or wait until a bankruptcy is discharged?
Wiki User
∙ 8y ago
Wait until the bankruptcy is discharged.
Dear Lord, yes, wait until the debt is discharged! Otherwise you will get stuck with horrendous interest rates which, even if you can afford the resulting inflated monthly payments, will take forever to build any positive equity in the vehicle. And remember that a discharged debt is not the same as a charged-off debt...you will still owe a charged-off debt.
Wiki User
∙ 8y ago
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Is a dismissed or discharged bankruptcy better on a credit report?
In theory a dismissed BK should be removed from a CR in seven years. A discharged BK, in ten years. Equifax, however will usually inform the consumer that they will carry both for the full ten. The reality is neither is better, they are both very damaging to a person's credit history.
Can a bankruptcy court keep a debtor from marrying?
You can, but depending on the type of bankruptcy, household expenses and income may be reexamined for the settlement. It would be more simple to wait until the bankruptcy has been discharged. It also might be better for your own finances to carefully evaluate how you will manage finances as a couple.
Do you have to pay back paydayloans when your are bankruptcy?
No, they should be listed with all debts you want discharged, provided they were made before you filed. If the payday loans were borrowed before you declared bankruptcy and they are discharged make sure you do not pay back a penny on this debt, or you will owe it!! Payday lenders know how to use every trick and how to use the legal system better than you do!
If you can not pay a judgment against you is it better to file a bankruptcy?
Hope you had a lawyer defending you against the judgment suit. You can use one now. Many, if not most judgments will not be discharged in BK.
How long after a bankruptcy is discharged should you wait to get the best interest rate?
after about 6 years you should get a good rate of interest with a much better chance of not being turned down for credit.
How long does it take for your credit to get better after you are discharged from Chapter 13 bankruptcy?
Your credit score starts going up the minute the bankruptcy is filed. Debts incurred after the filing (even the day after), are exempt from the bankruptcy. If you make house and/or car payments on time, your score goes up Legally, they can hold it for up to 10 years.
Is it better to declare bankruptcy or have your car repossessed?
BK only stops the repo process until the BK is discharged. BK does not mean you can keep the car without paying for it. My opinion? Give the car back.
Can you refile for bankruptcy as an individual after dismissing a joint petition?
Possibly. If there were no creditors complaining, (Motion for Relief from stay) then you should have no problems. Note though that you may have issues getting the first bankruptcy dismissed. Also, you may be better off letting the bankruptcy continue as a joint peition just to save the headache of refiling. Debts are discharged either way.
If an account is closed by a credit grantor why would the card holder continue to make payments after bankruptcy findings are closed?
The card holder is under no legal obligation for the card holder to continue making payments after filing for bankruptcy, unless the case is dismissed without a discharge. There are some who believe that they can improve their credit rating by pay off debts that were discharged in a bankruptcy, but I believe there are better methods to reestablish credit after bankruptcy.
If the IRS and State are taking money from your checking account and payroll check for personal taxes will declaring bankruptcy stop this?
In general, Federal tax lien are not able to be discharged through bankruptcy. You didn't mention what state you are in, but whether or not state taxes would be exempt would depend on applicable law. You should consult a bankruptcy attorney for exact answers to this question.The short-term answer is yes - filing bankruptcy will stop a garnishment and IRS bank levy from continuing. However, if the taxes are not going to be discharged in the bankruptcy then this only a short-term solution.I would recommend checking with a tax firm who specialize in debt resolution. There is probably a better way to fix this than filing bankruptcy, preferably a way that will not affect your credit rating any further.
Is bankruptcy worse for your credit than having a judgment against you and paying back the debt?
Yes. Paying back is obviously viewed better than not doing so...regardless, or maybe especially if, the amount not paid was legally discharged.
Can you go bankrupt if you work and can afford to pay the debts them off?
You can but its a last resort for so many reasons. Bankruptcy follows you even after you are discharged so be very wary. The stigma with bankruptcy is extremely negative and the likelihood of someone finding your history after you are released from bankruptcy especially in a techological age is certain. Options if you have employment and can repay is debt arrangements, refinancing and garnishee orders. Companies to who you owe debts will invariably seek garnishee orders before bankruptcy because they will eventually get their money. All I can say is don't look at bankruptcy as the panacea of debt problems. Find a debt assistance service. Your future will be so much better served if you can demonstrate you had issues and you resolved them rather than reverting to the all too simple bankruptcy.
