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before i do this? the repo will be erased once i file bankruptcy right? any thing else i should know? i want to repo the car b/c its a piece of junk and i cant afford the payments anymore.
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Nothing gets erased and the bankruptcy shows up on your credit report. All a bankruptcy filing erases are the debts, not the bad reports.
Comment by Steve D — May 22, 2011 @ 11:26 am
the repo will show as an individual item on your report but the whole bankruptcy will stay reported for 10 years on chapter 7. If you do this be sure to include all your bills like past due utilities or whatever and start over clean.
Once your bankruptcy is discharged you have to try to reestablish credit. Any items you get after a bankruptcy will be important to keep timely payments so your credit improves.
Some places won’t even give you any credit till 2 years minimum have passed. Getting a credit card is a good way to start. Good luck.
Comment by seekn2know — May 22, 2011 @ 11:26 am
The repo and the bankruptcy will stay on your record for several years. You will have a difficult time getting any kind of for a long time. I don’t know all of your financial issues, but if getting rid a what you consider a piece of junk car you can no longer make payments on, I promise you that you’ll be very sorry and that you may not be able to walk away from this as simply as you believe. They will not let you declare bankruptcy over a car.
Comment by David M — May 22, 2011 @ 11:26 am