your stuck paying for the car leagly its your loan.id get the car back from him be cause he's not obligated in any way for that loan now the only one that will get screwed is you bad credit wise.
After a person files bankruptcy, one must raise their credit score high enough to obtain a credit card. Once this is done, the process is simple and all a person must do is to fill out the normal paperwork.
Yes, as long as the bankruptcy has been discharged, your credit score is 580+, and you earn enough income to support the additional loan.
Bancarrota is a Spanish word, but translated into English means Bankruptcy. Bankruptcy is when someone does not have enough money to payback any of their debts. Filing for Bankruptcy can have very negative effects a person's credit rating.
Yes it will affect your chances for a virgin money credit card. This will happen becasue for any credit card that you are applying to you need a good enough credit score to qualify.
Having a bankruptcy reopened to include debts is very difficult, it is usually only allowed if the BK has been ruled a "no asset" case. The ususal reason for reopening a BK, is non-exempt assets have been found and are of enough value to liquidate and the monies be used to repay creditor(s). Contact the bankruptcy trustee for specific information pertaining to an individual case.
Strangely enough, yes it does negatively but temporarily affect ones credit score.
Then your credit can be high enough so that you are spending more money on credit interest than you can keep up with, there for, you are losing money
Your obligation is to let your attorney and/or bankruptcy trustee know about this. They will decide if the asset needs to be divided among creditors or included in your payments.
A bounced cheque would affect your credit score in a negative way. A Bounced cheque means you have been delinquent in your payments and credit agencies may have this affect your credit score badly. A low credit score means, lesser credit eligibility and lesser financing options. So be careful while writing cheques. Ensure that you have enough funds in your account before you write any...
More than likely you will get normal rates. Your credit score and debt-to-income ratio are the most important things when determining your creditworthiness and what interest rate you will get. The bankruptcy itself doesn't directly influence your interest rate, it just influences your credit score, and if your credit score is already 631 then you probably have nothing to worry about. Bankruptcy is usually a big enough factor in the credit score to affect car purchases for around 12 to 15 months after the bankruptcy case is over, and affects mortgage acquisition for about 2 years after the case is over. Please note that nothing in this posting or in any other posting constitutes legal advice; this is simply my understanding of the facts and law, which I do not warrant, and I am not suggesting any course of action or inaction to any person. Speak to a lawyer for specific advice. If you have any questions, please refer to a lawyer in your jurisdiction. Thanks!
1st-- verify that you were not included in the bankruptcy--I've seen plenty of spouses that thought they did not go bankrupt but did. Signatures were requested by the attorney for certain paperwork--you signed without paying too much information---later you might find out you had been included in the bankrupcy. 2nd--if you were included in the bankruptcy and it was done jointly. Then that would answer your question about the car. The lender can't contract you because of the bankruptcy. Now, if you were not included in the BK and you are sure that you signed the promissory note on the car, then you should call the lender and ask for a detailed letter as to what happened with the account. You need to know that you might be opening a can of worms but it is either now or someone calling you later on this! You might find that when the car was sold, there was enough money to take care of the balance and any repo fees--so it is paid off. Or you might find that there is a deficit balance that has to be taken care of. (the car didn't sell for enough and there still a balance due) Make arrangements with the lender to pay off the balance -- see if they will re-write the balance as a brand new loan so that you can pay installments and get this reported as a good account on your credit report. You may have to do some explaining on your credit for the account that shows up as a repo. You can request that a quick explanation be added to the repo account on all 3 credit reporting agencies.
That totaly depend on what else is happeneing in your credit world.. Just because your car gets reposessed? NO once they take your car there is nothing else you need to do with them. If you are in debt for way more than you can handle then you might want to think about bankruptcy, But first talk to a credit councellor, sometimes they can get your interest totally wiped out and lower your monthly payment low enough for you to handle them. Defifnitely talk to a credit councellor first!