Getting Ready

[tanya3670]

Hello All,

I am in the process of completing the consumers credit course and at this point my credit score is 424... I know... When I go to file for BK this will go down dramatically wont it? Also I had a vehicle that was financed and got behind a few months and it was charged off I still have the vehicle they have not come to get it they have my address but still have not come for it. Will I be able to keep this vehicle? Include it in my BK? I am filing for Ch 7.

[FraggleRock]

There are ways to clean up your report, check out the "rebuilding your credit" forum.

[monlyba]

i doubt you'd be able to keep a car that you file on. my understanding is that if you want to keep an asset that you are financing, you need to be current and remain current on the payments. with a really low credit score, i would think filing bk would help you out - maybe not immediately, but it would probably help rather than hurt to eliminate some delinquent debts. especially if you try to start rebuilding your credit after discharge.

[tanya3670]

Thank you both for your responses.. FraggleRock at this point that is not an option.