You should pay off your repossessed car if you want to fix your credit quickly. If you are not worried about your credit, you can wait to pay off the car or file for bankruptcy.
This would be best answered by a good bankruptcy attorney who knows Arizona law. I believe no matter what you do bankruptcy or not, they will get the car, it does not wipe your credit clean.
The fact of filing bankruptcy is already going to lower your credit score, and the point of bankruptcy, part of it anyway, is to resolve unpayable debt such as collection accounts. It is in your best interest to add the collection accounts to your bankruptcy, but if you consult your BK attorney, he is likely to advise you of this. The bankruptcy is the first next step in repairing your credit and improving your credit score.
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.
If you reaffirmed your car loan during your bankruptcy, you agreed to continue making the payments. If you included your car in the bankruptcy, then the loan was wiped clean, as it appears to have been according to your credit report. Your car should have been repossessed, but apparently wasn't. You should check with the lawyer who handled your bankruptcy, but my guess is that your car slipped through the cracks.
It is possible to recover from a bankruptcy. You should start by getting a secured credit card to rebuild credit. After about seven years you should be able to find a standard credit card that will allow you to get a card.
Paperwork relating to the bankruptcy should be kept until at least the bankruptcy is off your credit report.
My guess is that they probably can still list a repo on your credit report. Normally you get a double-hit on your credit report when you surrender property in bankruptcy: you get hit with the bankruptcy (which knocks your credit score down by 75 to 150 points) and you get hit with a repo/foreclosure for the surrendered property. Just because a debt is discharged in bankruptcy doesn't mean that it won't be listed on your credit report, it simply means the debt is no longer collectable. The credit report will continue to show the debt on your credit report and should list it as "discharged in bankruptcy." Similarly, if a person surrenders a home in bankruptcy, the foreclosure still goes on their credit, and if a person surrenders a car in their bankruptcy, it still shows up as a repo on the credit report. So, my guess is that a repossessed car, even one for which the debt was wiped out in bankruptcy and one that was not repossessed for some time after bankruptcy since voluntary payments were made for awhile, will still show on the credit report as a repo when it is ultimately repossessed. I can't say this is a definitive answer, but this is how I think the process works. Please note that nothing in this posting or in any other posting constitutes legal advice; this is simply my understanding of the facts, which I do not warrant, and I am not suggesting any course of action or inaction to any person.
Credit rating plummets when filing for bankruptcy. Bankruptcy should be the last resort and one should try everything to not go bankrupt - keep saving as much as possible.
It will remain on the report for the required length of time and should be marked "included in bankruptcy."
It should be removed from the credit report in 2009. A bankruptcy remains on a credit report for ten years from date of discharge.
not much. should not matter too much. homeowner's insurance is anyway too low.
The bankruptcy will appear on their credit if you include this card in your bankruptcy. If you leave the card off the bankruptcy, it will not effect their credit.
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.
Bankruptcy is the filing of a petition that claims your assets, and your inability to pay for them. Bankruptcy severely effects your credit, and is present on your credit for 7 years. During this time getting credit cards or loans can be very difficult.
Bankruptcy lowers your credit report.
Look at the date your bankruptcy was filed. 10 years from that date it should be off.
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.
You end up with HORRIBLE credit if you don't pay your bills and you let your possessions get repossessed.
If the debt that you were sued over, or the judgment itself was included in your bankruptcy, you only need send a copy of your bankruptcy papers to the credit reporting agencies. The judgment will not "come off", but it should get marked "included in bankruptcy" or "discharged through bankruptcy".
The debt should be identified as being in bankruptcy or discharged in bankruptcy. It will remain on the list for 7 years. The bankruptcy will remain on the report for 10 years.
No, because you have your own separate credit report.
If your partner files for bankruptcy and you don't then the bankruptcy will not appear on your credit report. But you will be partly responsible for before bankruptcy filing. Generally filing bankruptcy will affect the credit rating of the individual who filed it.
Your credit report will show both the accounts (which were listed first) and the legal entry of the bankruptcy in the public records portion of your credit report. Once a bankruptcy is discharged, credit grantors should update the account listing (called a trade line) and make sure that no derogatory information is showing (like past due balance or collection account notations) EXCEPT for the "included in bankruptcy" statement. This is what SHOULD happen. It's up to you to follow up and make sure that your credit report looks like it is supposed to after a bankruptcy.
You do not have to necessarily get credit counseling before you can file for bankruptcy.