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If your credit report indicates that your car loan was cleared by bankruptcy can you stop making payments?

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2015-07-16 19:19:09
2015-07-16 19:19:09

Nan, why not ask your B/K attorney?? S/he is more familiar with your case than anyone else. The fact that you "thought" you reaffirmed indicates a possibility that you didnt.

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Yes. It is more difficult, but it is also ESSENTIAL to recovering from bankruptcy. You must take out credit and have precise, on time payments in order to help rebuild your damaged credit score post bankruptcy.

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Late payment will drive your credit score into the ground rapidly. Many people question filing a Bankruptcy even though their credit is shot through late payments on mortgages and other bills. Filing Bankruptcy put all collection activity on hold and your accounts show current and up to date as long as you make your payments on time. Most people are surprised tofine their credit in much better shape after a BK than before with a much higher credit score Late payments can always be corrected, and this will be reflected on your credit file. Bankruptcy, however, will stay on your credit file for six years.

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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.

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This is an incorrect assumption that leads many people to avoid filing for bankruptcy. They fear that a bankruptcy will ruin their credit for a long time and that they will not be able to use credit, rebuild their credit or purchase a home in the future. The reality is that the majority of the people who are considering bankruptcy, already have poor credit, due to late payments, repossessions and foreclosures. Further, most people who file for bankruptcy can rebuild their credit to a relatively good level after two years. This depends significantly on what they do after filing for bankruptcy. It is important that you work toward rebuilding your credit after filing for bankruptcy.


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