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.
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
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.
It should be removed from the credit report in 2009. A bankruptcy remains on a credit report for ten years from date of discharge.
A bankruptcy will remain on a credit report for the required ten years, it cannot be removed arbitrarily.
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.
It hurts you credit tremondously. It will stay on your credit report for 7 years, and there is nothing you can do about it. Do not allow your car to be repossed. Voluntary repossession on not any better. Contact the lender and work something out.
The amount of time a bankruptcy stays on your credit report after discharge differs between Chapter 7 and Chapter 13 Bankruptcy. With Chapter 7 bankruptcy, the Chapter 7 stays on your credit report for 10 years. Chapter 13 bankruptcy, after discharge, it shows for 7 years on your credit report.
No, the information remains on your credit report.
The repossession stays on your credit report for 7 years.
No. The repossession will be its own listing. If is was including in the bankruptcy, it will be listed as 'included in bankruptcy' but it will still be listed as its own listing.UPDATE: Actually, you can force Equifax, Experian and TransUnion to remove a Bankruptcy from your credit report and you can do it legally using a federal law that is in place. Credit Bureaus MUST have "verifiable proof" of the "bankruptcy" in their files if they are going to report the negative item on your report. The dirty little secret the credit bureaus don't want you to know is that they do not have any "verifiable proof" in their files for any of the negative items on your credit report. The Federal Court that the bankruptcy was filed in may have this information on file but the credit bureaus don't. If you request the credit bureau to provide you with the "verifiable proof" that they have in their files they will remove the negative from your file.Not only can you get a Bankruptcy Legally Removed from your credit report but you can also get Foreclosures, Default Judgments, Tax Liens, Repos, collections etc...all removed. All negatives no matter how bad, how many or how recent ... they all can be removed legally!
A business bankruptcy is visible on a business credit report for approximately 10 years.
Debts included in the bankruptcy should be noted as such in the credit report. The bankruptcy will remain on the credit report for ten years.
The effect on your credit will depend on how the lender chooses to report it to the credit bureau. Sometimes a lender will be willing to report it 'paid as agreed' or 'settled' entry on the credit report rather than an actual repossession. If it is reported as an actual repossession or foreclosure it will be on your credit for seven years and negatively effect your rating.
Chapter 7 will stay on your credit report for 10 years from the date bankruptcy was filed. Chapter 13 typically stays on your credit report for 7 years from the date the bankruptcy was filed, however, can remain on your credit report for 10 years.
Yes you can remove a bankruptcy from your credit report. You must dispute it to the credit bureaus using the Fair Credit Reporting Act. The credit bureaus have 30 days to verify the listing or it must be removed from your credit report. A bankruptcy should only be disputed if it is erroneous or inaccurate.
No, it cannot be removed but the information can be amended to read correctly. A bankruptcy discharge remains on a credit report 10 years from the date of discharge.
Bankruptcy filings typically stay on a debtor's credit report for 10 years.
Ten years from the date of discharge.