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Both, Its bad debt period and you will suffer bad with either.
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∙ 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.
Does bankruptcy remove a repossession from your credit report?
No.
Is it better to have a repossession or a bankruptcy on your record in regards to credit recovery?
Neither is good. However, a repossession does less damage and is removed from your credit report within less time than a bankruptcy.
How do you remove a repossession on your credit report after bankruptcy is discharged?
You present proof that the repossession never occured. You can dispute it with the credit reporting agency.
Is it better or worse for your credit to let the bank foreclose on a mortgage of a second property while facing bankruptcy?
A foreclosure or bankruptcy is never good for your credit, this is something you'd be better off discussing with an attorney. You can avoid foreclosure by filing bankruptcy.
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.
Does bankruptcy remove a repossession from your credit report?
No.
Is it better to have a repossession or a bankruptcy on your record in regards to credit recovery?
Neither is good. However, a repossession does less damage and is removed from your credit report within less time than a bankruptcy.
How do you remove a repossession on your credit report after bankruptcy is discharged?
You present proof that the repossession never occured. You can dispute it with the credit reporting agency.
What is the difference between repossession and bankrupcty and which one is worse?
For any personal credit related concerns I recomment a website that I know has many very good answers to even the toughest questions. It is an 'ask' site directly on Experian's website which is hosted by Maxine Sweet, the V.P. of Public Affairs for Experian. You can get to the site from the following link: http://www.experian.com/ask_max/index.html A repossession is the term applied to action taken on a defaulted vehicle loan. The vehicle, which is the security of such a loan, is either involuntarily repossessed (taken), or voluntarily turned in. Repossession is simply a word. The derogatory credit issue is the fact that repossession only ever follows default of a loan. A bankruptcy is a legal action with its' own set of ramifications and consequences. Consumers file bankruptcy when they are unable to repay debts. As such, it is serious and can impact their credit for up to 10 years from the date of discharge. Because bankruptcy is a legal action, it appears in the "public records" portion of a consumer's credir report. It requires a disposition, either a discharge or an order to vacate (dismissal). Consumers with ANY legal item in the public records portion of their credit (bankruptcy, tax liens, foreclosures and judgments) take larger deductions to their credit scores for all adverse activity during the reporting period. Therefore, a bankruptcy is considered "worse" on a consumers credit than a repossession.
Can you get your car back after a repossession if you file chapter 13 bankruptcy?
In GA Can you get your car back after a repossession if you file chapter 13 bankruptcy
How long will a car repossession be on credit?
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.
Is it better or worse for your credit to let the bank foreclose on a mortgage of a second property while facing bankruptcy?
A foreclosure or bankruptcy is never good for your credit, this is something you'd be better off discussing with an attorney. You can avoid foreclosure by filing bankruptcy.
Can you remove a repossession off your credit report if your cosigner has a judgment on the repossession?
No you cannot remove a repossession off your credit report if your cosigner has a judgement on the repossession.
If you just divorced and already have foreclosures and repossessions on your credit report will filing bankruptcy help your credit score?
No, filing bankruptcy will never help improve your credit score, it stays on your report 10 years whereas a repo or foreclosure normally remain 7 years. So bankruptcy would only make your credit worse.
What looks worse on your credit report Late payments or a bankruptcy?
Bankruptcy looks worse on your credit report than a late payment. They will both drop your score quite a bit, but a bankruptcy lets your lenders know you gave up on the debts owed, so making it harder to get new loans. You can always try to contact the credit bureaus to try and dispute the negative listings and have them removed if possible.
Should I file for bankruptcy after a repossession and other bad debts piling up?
Only if you think that you cannot get out of the debt, or if your credit score is already very bad.
