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.
Neither is good. However, a repossession does less damage and is removed from your credit report within less time than a bankruptcy.
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.
You present proof that the repossession never occured. You can dispute it with the credit reporting agency.
No you cannot remove a repossession off your credit report if your cosigner has a judgement on the repossession.
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.
A repossession is a serious negative and will drop your scores.
Bankruptcy lowers your credit report.
i need to get a repossession off my credit report
It should be removed from the credit report in 2009. A bankruptcy remains on a credit report for ten years from date of discharge.
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.
Like other credit items in your history (other than bankruptcy) it will remain on your credit report for 7 years. You may be able to have it removed sooner if it is not documented properly.