question on credit reports

[sofarindebt]

If we are giving up our car in bankruptcy, will it still go down as a repossession?

Also, if we included our house in bankruptcy, but still have no notice of sherrif sale, and say we don't actually have to be out of our house for another year, will the foreclosure report as of the bankruptcy date or a year later? I would think we could dispute it to have it changed to May of 07 when we filed??

[sofarindebt]

anyone?

bump

[JRScott]

If they are surrendered as part of the bankruptcy then it will be seen as one event. Even if the estate isn't settled completely for some time.

[treehugger1]

If you are declaring BK, any current concerns about BK and credit reports should be the last of your concerns. You won't "save" your credit report by filing BK. Be thankful you have the oppotunity to start over if filing a BK 7. I'm not trying to be derogatory, but filing for BK with the sense that you will "protect" your credit and worry about a repossesion should be the last thing on your mind. Good luck in your new future.

[sofarindebt]

treehugger, the reason I ask.....

is because they say you can typically buy a new home 2 years after foreclosure. If we don't actually forclose a year after our bankruptcy, I am wondering if it is 2 years from bankruptcy or 2 years from the actual foreclosure. Obviously we are on 2 different levels here.