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Better is not the best word, but a chapter 7 could wipe out the car debt and your other debt. If you just to the repo - they can still come after you for the 4500 dollar difference if they sell it for only 4k (most likely it will be sold for 2k or so) which would make the debt higher. Both will hurt your credit so if you are going to take the hit, I recommend you get rid of all of the debt and have some money to pay for things you need. Of course going bankrupt takes money too!
Bankruptcy means that you will lose your home, as does repossession. The only way to stop either is to start repaying your debts and there are many financial solutions companies out there which could help.
If you have mortgage arrears then speak to your mortgage lender ASAP, you may be able to come up with a repayment plan to repay your mortgage arrears along with your future mortgage payments. It is always important that you take action sooner rather than later so that your bankruptcy or repossession can be stopped.
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Is it better to have a repossession or a bankruptcy on your record in regards to credit recovery?
Neither is good. However, a repossession does less damage and is removed from your credit report within less time than a bankruptcy.
Can you file for bankruptcy with a repo on your credit?
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.
Does bankruptcy remove a repossession from your credit report?
No.
How do you remove a repossession on your credit report after bankruptcy is discharged?
You present proof that the repossession never occured. You can dispute it with the credit reporting agency.
Is bankruptcy or repossession worse for your credit?
Both, Its bad debt period and you will suffer bad with either.
Which is better to file bankruptcy or voluntary repossession?
file bankruptcy that bay you wont loose your stuff
Is it better to have a repossession or a bankruptcy on your record in regards to credit recovery?
Neither is good. However, a repossession does less damage and is removed from your credit report within less time than a bankruptcy.
Can you file for bankruptcy with a repo on your credit?
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.
Can you get your car back after a repossession if you file chapter 13 bankruptcy?
In GA Can you get your car back after a repossession if you file chapter 13 bankruptcy
Does bankruptcy remove a repossession from your credit report?
No.
Can you file a claim in a bankruptcy for repossession fees?
Sure
How do you remove a repossession on your credit report after bankruptcy is discharged?
You present proof that the repossession never occured. You can dispute it with the credit reporting agency.
Can you do chapter 7 after repo?
There is nothing about a repossession which prevents eligibility to file for bankruptcy.
If you file bankruptcy do you have to pay the balance after a repossession?
It depends of which B/K you file and whether you complete it.
Is bankruptcy or repossession worse for your credit?
Both, Its bad debt period and you will suffer bad with either.
What happens if my car is repossessed and then I file bankruptcy?
Any leftover debt from that car repossession can be put in your bankruptcy petition..so if you owed $12k and the bank sold it for $6k..then you can file bankruptcy on the remaining $6k.
Is a voluntary repossession better than a repossession?
neither looks good on your credit.
