Better is not the best word, but a chapter 7 could wipe out the car debt and your other debt. If you just to the repo - they can still come after you for the 4500 dollar difference if they sell it for only 4k (most likely it will be sold for 2k or so) which would make the debt higher. Both will hurt your credit so if you are going to take the hit, I recommend you get rid of all of the debt and have some money to pay for things you need. Of course going bankrupt takes money too!
Bankruptcy means that you will lose your home, as does repossession. The only way to stop either is to start repaying your debts and there are many financial solutions companies out there which could help.
If you have mortgage arrears then speak to your mortgage lender ASAP, you may be able to come up with a repayment plan to repay your mortgage arrears along with your future mortgage payments. It is always important that you take action sooner rather than later so that your bankruptcy or repossession can be stopped.
file bankruptcy that bay you wont loose your stuff
Neither is good. However, a repossession does less damage and is removed from your credit report within less time than a bankruptcy.
The fact that you have a repossession on your credit report is not a determining factor of whether your can file for bankruptcy. Generally in bankruptcy you can remove the debts from the repossession of your vehicle.
In GA Can you get your car back after a repossession if you file chapter 13 bankruptcy
Will bankruptcy stop a repossession
You present proof that the repossession never occured. You can dispute it with the credit reporting agency.
There is nothing about a repossession which prevents eligibility to file for bankruptcy.
neither looks good on your credit.
Both, Its bad debt period and you will suffer bad with either.
It depends of which B/K you file and whether you complete it.
Any leftover debt from that car repossession can be put in your bankruptcy petition..so if you owed $12k and the bank sold it for $6k..then you can file bankruptcy on the remaining $6k.
it could go either way. It will say "included in BK" if you included it and repo if you did not.
If by settled, you mean get your car back, no, unless the bankruptcy was filed before the car was sold at auction (unlikely to be several months).
Depending on your state... a car that is included in a Chapter 13 Bankruptcy cannot be repossed. The Bankruptcy laws protect you from repossession. Just as long as you are in Chapter 13 and are making payments to the Trustee, your car cannot be repossessed.
No, this is not legal. When you filed the bankruptcy, you and your property are automatically protected under the "stay." The stay prevents any collections or repossession action for the duration of the bankruptcy, and will not be lifted until the BK is discharged or dismissed.
A vehicle is a secured debt, therefore bankruptcy action would not reverse the repossession. Bankruptcy only places a temporary halt to repossession or foreclosure of secured property. The only option available to the borrower to recover a repossessed vehicle is to reaffirm the lending agreement or make some other type of settlement with the lender.
Yes, it is called bankruptcy. Move quickly though. If the lender obtains a judgment against you before you file bankruptcy, you will still owe on the loan.
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.
IF you list it on the B/K. it goes away, you dont owe it anymore.
They buy loans that are on their way to bankruptcy, repossession, or in a long state of defaulted payments. They are almost impossible to reach.
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.
Yes. If you default on your car loan you will remain liable for the debt.
When someone files for bankruptcy, they are protected and their possession will likely not be repossessed. However, if they are, subject to repossession you would have to talk to a lawyer in order to keep the car.