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MY friend’s leased car was repossessed and she has bad credit now…I am thinking bankruptcy is the logical next step.
Any advice or insight is appreciated.
Hey…Julius "genius". I asked the question.
I did not answer the question.
Perhaps, some reading comprehension ?
The question is- she was told a repossession is counted against her for 10 yrs. Is this true?
Is there anyone here who has actually filed bankruptcy?
Posted in: Auction FAQ | | Comments (4)
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You didn’t keep your end of the bargain…….you pay………
Comment by kapn — March 17, 2011 @ 9:02 am
i wouldn’t file bankruptcy unless they’re deep in debt, like over $20,000. If its just one repossession, it will hurt their credit, but not as much as bankruptcy
Comment by rustang4698 — March 17, 2011 @ 9:02 am
it will negatively damage her credit, for probably seven years or so.
I really don’t see how bankruptcy is a logical step. It’s supposed to be a absolute last ditch resort to save yourself from having everything taken away from you because of overwhelming debt. It’s not a credit scrubber.
Laws have been passed to make it much harder to delcare it,and you can still be liable for the things you owe. Not to mention that it will make a nasty dent in your credit report for 10 years.
It’s like trying to clean off a blood stain with a nuclear bomb.
Comment by Rigo — March 17, 2011 @ 9:02 am
Yeah…. if your "friends" car get repossessed you bet it’s gonna show on her credit report. If the repossession is the only bad thing on her credit report than I think bankruptcy is a bit drastic… start being responsible and taking care of the car payment…
Comment by ShamWOW!!!! (btw I'm a girl) — March 17, 2011 @ 9:02 am