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Is bankruptcy worse than not paying credit cards and letting your car get repoed?
Kimmitch2008
Depends on your monetary situation.If you can make the payments then no but if you have alot of debt then yes declare.If they repo you lose the car and all the money you invested in it to that point.After the car is auctioned(at a very low price)you are then responsible for the balance plus all the fees.So if you go into bankruptcy before a repo you are much better off monetarily.
Wiki User
∙ 18y ago
Wiki User
∙ 15y agoBetter or worse is really an entirely situational thing. BK does resolve the debt, which is important, especially since I'm not sure your options are exactly what your thinking...why do you think you can just not pay credit cards and your loans but only your secured assets are what are at risk and the others just go away? Generally speaking, your assets, (current and future), as well as your income (current and future) can and will be subject to seizure (termed garnishment when wages) to satisfy the debt they get a judgment for. Obviously, they can (and as it is their business, very good at) using all legal methods to enforce the right, or compel you to pay...(of which there are many). You will be entirely responsible for any costs they incur to enforce and collect the full amount of the debt, interest, penalties, legal fees, etc. too. So a small debt for something you bought can grow very large, very quickly. Of course, they may just sell the right to collect to a third party, but the result is the same. And while you may feel you simply don't have anything to take (or even a wage they can garnish)...a judgment stays in force for 20 years (and can easily be renewed)...so you better want to be poor, have nothing and be worth nothing for a very long time! It isn't unheard of for some collection agency to find you have an outstanding judgment from years ago...now that they see you have something...(a car, a house, a lottery winning...anything) and get their fee by collecting it with all the back interest. Really, common sense should tell you, all these large, powerful, rich and influential banks and lenders have not become so by accepting "I can't/won't pay...what ya' gonna do about it" and not being able to collect their loans and the costs of doing so as just a part of doing business. The laws are written with their input to assist them…the entire financial world revolves around banks and lenders and creditors having the ability to collect what they are owed. Your best served by paying, and if you really can't, contact them to work out a plan to do so you can live with
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How long on your credit rating after a motorhome is repoed?
Seven years.
What if your cosigner died and your car was repoed can you get it back without paying the price of the car?
NO
Can a lienholder put a repo on your credit if the car has been totaled and instead of filing a claim you wish to keep the car and keep paying on it?
YES, IF you were in default and they repoed it. NO ins. coverage IS default. Do you HAVE the car NOW?
How will filing for bankruptcy help before your car is repoed and if you are not able to file in time how soon will they garnish your wages in Ohio?
"How will filing for bankruptcy help before your car is repoed? As soon as the B/K is filed, an AUTOMATIC STAY is in force. lenders must stop ALL collection efforts. If your not able to file for bankruptcy before being repoed how long will it take for them to garnish your wages in Ohio. ": That will depend on how quickly the lender files the paperwork, the court gets to it,ect. Guesstimate?? 1-6 months.
I filed bankruptcy in July and included my car in the bankruptcy it discharged out of court in Oct its now December and they still havent picked up the car how long after that does the car become mine?
unless you opted to keep your car and continue to make payments, they should have repoed it already. in other words, if you still want to keep the car you can only if you keep paying for it.
If you had a brand new car repossessed last year and it was sold at auction for 10K and you had a 28K loan can you get out of the 18K you still owe if your credit was perfect?
No! You are stuck with owing the 18k and you don't even have the car. Letting the car be repoed was your fault. You should have contacted the lender and worked something out, or made the payments you agreed to. You didn't, so now you will pay, and your credit is ruined for 7 years, and you no longer have that perfect credit. Yes you can get out of owing the 18k its called bankruptcy.....but then your credit score will be less than perfect. Depends on your state, but that is what is referred to as "deficiency" and most states allow creditors to collect it.
If you file for bankruptcy and your car is being repossessed through the bankruptcy with a loan on it and the car interior has been modified and damaged would you still owe anything on it?
If the car is being repoed then you owe something.
If a car is repoed can they repo your new car?
If you aren't paying for that car's payments then yes. The only reason why your car should be repoed it because the payments aren't being made on it. It doesnt matter if your car is from the 1940's or if you brought the car last month, the car can be repoed if you dont pay the payment for 2 or more months (consult dealership for it's repo rules).
How soon can a car be repoed after filing chapter 7 bankruptcy?
Because of the "automatic stay", which goes into affect as soon as a Bankruptcy is filed, your car cannot be re-possessed while the Bankruptcy is in progress (unless the creditor files a motion with the court asking for relief from the automatic stay). However, as soon as the Bankruptcy is discharged or closed - which occurs approximately 6 months after it is filed - the car can be re-possessed.
What happens when 2008 car is repoed?
You will have a certain amount of time to bring the loan current and get your car back. Otherwise it will be auctioned off, if you are lucky enough and the car auctions for at least what you owe on it, you will only have to deal the with scar of a reposession on your credit. If it sells for less that what you still owe on the loan, you are responsible for paying that back.
If a person gets their repossessed car back within a certain amount of time can the bank report it on their credit in Arizona?
If a person's car gets repoed, the bank can report it on their CR in any state. When they redeem it doesnt matter, its the fact that it got repoed that gets reported.
If you called the creditor and arranged payment for late car note and he agreed to the arrangements but repoed your car isn't that somehow wrong?
Yes, its SO wrong. Same thing happened to me and the day I was to wire them the funds, they repoed my car. So, I got an attorney, filed bankruptcy and they gave me my car back. Now, they will get 1/2 of what we agreed on. Idiots.
