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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?

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Wiki User
2016-03-17 15:24:01
2016-03-17 15:24:01

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.

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File bankruptcy if you are buried in unsecured debt, not to save the car. Especially a wrecked car.

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"Repossession" looks slightly better (not MUCH better) on a credit report than a Chapter 7. Let it get repossessed.

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Of course not! It wasn't stolen or wrecked, it was taken from you for failure to pay on the loan!Be sure to cancel the insurance.

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NO, That's what car insurance is for.

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If you buy a car, lend it to a friend and it get wrecked then you have to get it reposessed with a bk. What can the creditor do if the car is wrecked? Even after the bk can you be charged for missing or broken parts?


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