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    #1

    repo before filing

    hello everyone

    well yesterday the bank left me a message on my cell phone saying that they try to reach me by mail and phone and im ignoring them.....yeah its true i dont pick up
    i have missed the last 2 payments 690/month is what im paying they said they are now turning it over to repo
    now i havent filing yet b/c i dont have money to start
    but when i do file for cp 7...
    is it bad that they will repo before i file?
    does it make a difference b/c when u try to get a loan they always ask have u had anything repo?
    the car is in my garage...
    when it is repo can i put the full amt i have left to pay? 36,000

    thanks everyone
    im just nervous and curious about what to do
    Tags: None
    #2
    Yes, any deficiency balance will be wiped out in the bk filing.

    Comment

      #3
      As I understand it anything that happens before you file will be reported on your Credit Report. Anything that happens as a result of filing will be reported as "Included in Bankruptcy."

      Once Bankruptcy is filed, the debts can be discharged and the vehicles can be repossessed without affecting your Credit Report. (Actually, they're not SUPPOSED to affect your report but sometimes they still do -- you'll need to dispute these.)

      The best thing you can do is have everything perfect one day and then file Bankruptcy the next day. If you can't have everything perfect, try to avoid as many problems as you can before you file. Do everything you can to avoid the repossession!
      Last edited by Keebler; 08-27-2008, 08:43 PM.
      Discharged November 2008 100 days after filing no-asset Chapter 7. We intended to let a two-year-old vehicle go back to the bank and reaffirm an inexpensive ten-year-old SUV and our home mortgage. In the end we surrendered ALL of our vehicles and reaffirmed NOTHING. We'll "ride through" our mortgage after the court ruled it an undue hardship.

      Comment

        #4
        I ASKED MY attorney this exact question yesterday

        he said it made no difference

        Comment

          #5
          Originally posted by texas99 View Post
          I ASKED MY attorney this exact question yesterday

          he said it made no difference
          As in: Bankruptcy will trash your credit and a repossession can't hardly trash it more.

          Facts that are facts will appear on your credit report unless the facts happened as a result of the bankruptcy.

          Like me not making payments WILL show up on my credit report because the late payments happened outside of bankruptcy protection. Will it matter? Well, compared to the Bankruptcy itself, these problems will seem minor and will probably heal about as quickly. Therefore the attorney AND the forum is correct -- it matters but it doesn't!
          Discharged November 2008 100 days after filing no-asset Chapter 7. We intended to let a two-year-old vehicle go back to the bank and reaffirm an inexpensive ten-year-old SUV and our home mortgage. In the end we surrendered ALL of our vehicles and reaffirmed NOTHING. We'll "ride through" our mortgage after the court ruled it an undue hardship.

          Comment

            #6
            Having a repo and a BK will hurt your credit more than just the BK. We managed to avoid a repo before we filed so the bank cannot list it as a repo. We got 60 days late when we filed so we have a few lates. However, everything else was current when we filed.
            Filed 9/5/07
            341 10/4/2007
            Last Day for Objections 12/3/2007
            DISCHARGED 12/4/2007

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