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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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โˆ™ 2015-07-16 18:11:31
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Q: Is it better to have a repossession or a bankruptcy on your record in regards to credit recovery?
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Which is better to file bankruptcy or voluntary repossession?

file bankruptcy that bay you wont loose your stuff

Is a voluntary repossession better than a repossession?

neither looks good on your credit.

Is it better to let a car be repossessed or negotiate a buyout with a creditor?

It depends on your financial status, and whether there are other financial factors such as bankruptcy. The repossession is a much more serious blow to your credit standing than arranging a buyout.

Should you let your car get repossessed or file bankruptcy or what if you wrecked your car with no insurance and you are 3 months behind on payments?

The Lender may or may not want to repo a wreck. Bankruptcy, same deal. Call the lender, tell them what the car looks like, and let them decide. ___ File bankruptcy if you are buried in unsecured debt, not to save the car. Especially a wrecked car. ___ "Repossession" looks slightly better (not MUCH better) on a credit report than a Chapter 7. Let it get repossessed.

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Is it better to do a voluntary repossession?

It will save you some money BUT you will still have a repo on your CR.

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.

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Bankrupty or foreclosure which is best?

bankruptcy is better. If you have to decide foreclose or banko, put your house in bankruptcy. When you have a foreclosure, they can sue you for the balance

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When can a car be repossessed after bankruptcy is filed?

you better go look in you driveway

Is a repossession better than bankruptcy on your credit report?

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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