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If you file bankruptcy will it also erase a vehicle repossession on another person's credit report?
Wiki User
∙ 16y ago
It doesn't erase anything on your own credit report....just adds to it, why would it change someone elses? It adds that you are a bankrupt as well as having missed payments and had a repossession.
A credit report simply reports what happened in the past....what ever you do now does not change it...you live with the history you created.
Wiki User
∙ 16y ago
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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.
Which sort of bankruptcy should one use to retrieve a vehicle in Florida that was repossessed yesterday?
A vehicle is a secured debt, therefore bankruptcy action would not reverse the repossession. Bankruptcy only places a temporary halt to repossession or foreclosure of secured property. The only option available to the borrower to recover a repossessed vehicle is to reaffirm the lending agreement or make some other type of settlement with the lender.
Can they repo another vehicle for ransom my daughter was told this by the repo man?
No. The only vehicle that can be repossessed is the vehicle for which the agent has a valid order of repossession, OR in some cases, a vehicle the agent encounters (such as reported by a camera car) in the process of locating another repossession. Anything other would be wrongful repossession or possibly grand theft auto and extortion.
Can a vehicle repossession agent take another car if the original is no longer available?
No.
Can a motorcycle be repossessed if the co-owner has a bankruptcy?
A motorcycle is considered a secured debt, meaning the cycle itself is the collateral for the loan. Bankruptcy temporarily halts repossession of a vehicle. In order to keep the vehicle the debtor must reaffirm the loan with lender. Be advised, all secured lenders can petition the BK court to lift the BK stay so that repossession action can continue.
How long does a creditor have for repossession of vehicle after bankruptcy discharge in OH?
Thats a good question to ask your B/K attorney for state specific advice.
What are car repossession laws in Missouri regarding notification to auction a vehicle?
what are the legalities of voluntary vehicle repossession
If your vehicle loan was made in one state but the vehicle is currently in another state which state's repossession laws apply?
the state the car is in govern the repossession, the lenders choice on which state governs collection efforts. Read your contract.
What happens to a vehicle when the title is held by two persons who are not married and one person files bankruptcy?
Vehicles are considered secured property and the debt is not dischargeable in bankruptcy action. The situation cited would not place the vehicle in jeopardy depending upon the way the vehicle title is worded and the exemption status. In such a case it is highly unlikely the bankruptcy trustee would order the vehicle sold. That being the case any decision concerning the vehicle would belong to the lender not the bankruptcy court.
Are the repossession agent allowed to charge a storage fee and and a repossession fee in the state of Missouri?
Yes. The repossession fee is like a tow bill. They did pick up the vehicle. The storage fee is the time it takes to get the vehicle off of their lot. Each day adds another day of storage fees.
You kept making car payments after discharged in chapter 7 if you stop paying and don't surrender the car can the lender go and undo your bankruptcy?
No. But, the vehicle will become a repossession if payments are not made.
How much is a repo fee from gm?
Repossession fees are variable for all auto lenders. Repossession fees are real costs that are accrued in the repossession of a vehicle, or based on these costs. Fuel, number of visits, wages, insurance, etc. are all taken into account. So the repossession fee on one vehicle may be vastly different, greater or less, than the fees on another.
