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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?
Wiki User
∙ 17y ago
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.
Wiki User
∙ 17y ago
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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.
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
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.
How many years do you remain blacklisted?
We will assume this questionis regarding filing Bankruptcy. You are never blacklisted during bankruptcy. It will remain on your credit report maximum of 10 years. That does not mean you will not be able to reestablish credit after filing bankruptcy during those years. What you will be able to obtain will depend on your payment history after the bankruptcy, the type of credit applied for and the length of time since you filed.
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.
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.
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!
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 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.
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?
We will assume this questionis regarding filing Bankruptcy. You are never blacklisted during bankruptcy. It will remain on your credit report maximum of 10 years. That does not mean you will not be able to reestablish credit after filing bankruptcy during those years. What you will be able to obtain will depend on your payment history after the bankruptcy, the type of credit applied for and the length of time since you filed.
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.
Where can repossessed cars be bought?
Repossessed cars may be purchased from many car dealerships some specialize in repossessed vehicles and others may have the occasional defaulted payment. Another great place to find repossessed cars is with a financial institution, there are many people struggling, taking credit, the car is often the first thing repossessed when the loan is called in.
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.
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.
