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You describe a situation that leads to a very low credit score. The fact that your care was reposessed tells you that. yes,you were still under a contract.My car was repoed,because of one payment was late.But they were charging extra insurance collision even though I had full coverage.After the fact they relize that I had insurance now they put the money they owe me towards my car that they have. Your credit score will be low because of the bankruptcy and the repossession. Yes, you may still owe money if you didn't add the lender for the car to your schedule of debts. You should talk to your attorney about this even if the bankruptcy discharged, he may be able to re-open it to add the deficiency balance left after the car was sold.

2006-08-21 15:19:26
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Q: What will happen to your credit score if you filed bankruptcy in April and missed a car payment in June but made it in July and your car was repossessed in August and do you still owe them money?
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What is bankruptcy refinancing?

Bankruptcy refinance helps homeowners who had bankruptcy or other credit matters get a home loan to find a payment assistance, and helps restore their credit while also achieving their financial security.


Can you get a repossessed car back by filing chapter 7 or 13 bankruptcy in Arizona?

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.


How will your credit score be affected when the bankruptcy drops off?

That depends on, what's on your credit bureau file. The score will look at the age of your credit cards, balances and payment history


Should you pay off your repo car?

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.


If you are an additional card holder on a parent's credit card account and you file bankruptcy will the bankruptcy appear on their credit?

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.


If you make voluntary payments on a car loan that was discharged in a bankruptcy can they still report it as a repossession on your credit report even though the debt is not legally owed?

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.


Should you file bankruptcy when your car gets repossessed?

That totaly depend on what else is happeneing in your credit world.. Just because your car gets reposessed? NO once they take your car there is nothing else you need to do with them. If you are in debt for way more than you can handle then you might want to think about bankruptcy, But first talk to a credit councellor, sometimes they can get your interest totally wiped out and lower your monthly payment low enough for you to handle them. Defifnitely talk to a credit councellor first!


Stopping a bankruptcy order over credit card?

Been paying a credit card under a payment agrement the company sold on the debt to another company and the have sent a letter and a draft of a bankruptcy order for the full amount!


How many years do you remain blacklisted?

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Where can repossessed cars be bought?

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If you file bankruptcy will that remove a charge off report from a credit card?

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How does bankruptcy affect your credit ratings?

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What happens to your credit when your car is repossessed?

You end up with HORRIBLE credit if you don't pay your bills and you let your possessions get repossessed.


What length of time is covered by a credit report?

The length of time that information remains on a credit report varies as to whether it's a bankruptcy, judgment, tax lien (paid/unpaid), late payment or an inquiry.


How do repair credit after bankruptcy?

CreditRepair are experts in the credit repair field and helps individuals meet their credit goals. CreditRepai process has been been developed, refined and proven over many years and thousands of customers redirect.is/m5p2rhp


If you're married and your husband's car is soley in his name and was repossessed will it show on your credit as repossessed?

No, because you have your own separate credit report.


In California how many years can a creditor continue to chase you for payment and report it to the credit bureau?

Until you pay your debt or file bankruptcy.


Will your credit rating be affected by your partner filing bankruptcy?

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.


Do you have to get credit counseling before you can file for bankruptcy?

You do not have to necessarily get credit counseling before you can file for bankruptcy.


How do you get bankruptcy off your credit report?

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If the mortgage was reaffirmed but on your credit report it appears as Bankruptcy is this an error?

Yes, a reaffirmed mortgage needs to reflect the mortgage payment history before, during and after the bankruptcy proceedings. "In Bankruptcy" needs to portray only DISCHARGED BY or INCLUDED IN...Bankruptcy. Contact your mortgage company so that all of your payment history shows on all three bureaus. No. Not if it were a part of the bankruptcy filing. It may or may not be marked included in bankruptcy or reaffirmed in bankrutpcy. It will still remain on the CR for the prescribed time.


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.


The accounts that you discharged in bankruptcy should no longer show on your credit report after 1 year?

The accounts can remain up to seven years after the last payment was made, but will show a zero balance due to a bankruptcy filing.


What happens to your credit after a car is repossessed?

Normally your credit is ruined for 7 years.


How do you remove bankruptcy from your credit rating?

The only way to remove a bankruptcy from your credit report is to dispute it to the credit bureaus. The credit bureaus have 30 days under the Fair Credit Reporting Act, to verify your bankruptcy withe the court that filed it or it must be removed from your credit report.