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Is a repossession better than bankruptcy on your credit report?

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2015-07-16 18:05:38
2015-07-16 18:05:38

I think the B/K is the lessor of the 2 evils. from what I've read, its better(if there is such a thing) to wait until the creditorsget the judgments. The do the B/K thing and get the repos and judgments taken off at one time.get legal advice before you do B/K, it stays on your record for up to 10 yrs.

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Neither is good. However, a repossession does less damage and is removed from your credit report within less time than a bankruptcy.

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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.

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You present proof that the repossession never occured. You can dispute it with the credit reporting agency.

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No you cannot remove a repossession off your credit report if your cosigner has a judgement on the repossession.

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Filing bankruptcy does not remove a charge off report from a credit card on your credit report. It just adds bankruptcy to your credit report.


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