Thinking about a Chapter 7 bankruptcy . .?

Okay so I live in Massachusetts and I don%26#039;t have that bad of credit card debt but its been a almost a year since i made any kinda of payment which i know the chapter 7 will whip out. .but what i%26#039;m worried about is i really want it to whip out the repossession of the car I used to own. . I really want that to go away cause its the one thing I know i%26#039;ll never be able to pay off. . thats why they took in the first place. .now the credit cards i could probley chizzle at if I made payment plans but not the repo. will the chapter 7 take care of this or will it never go away unless I pay all the money they are asking for??

Thinking about a Chapter 7 bankruptcy . .?

Your repo-ed car is no longer a secured debt because they already took the property away (their security interest). So what you have left is a repo deficiency. A repo deficiency is an unsecured debt and it will be wiped out by your bankruptcy - meaning that you will no longer be responsible for paying it.

Thinking about a Chapter 7 bankruptcy . .?

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Thinking about a Chapter 7 bankruptcy . .?

I think (but I%26#039;m not sure) that since it is already repossesed, that is going to stay with you.

Thinking about a Chapter 7 bankruptcy . .?

Chapter 7 bankruptcy is the commonest denotation of bankruptcy. It stands for waiving or canceling of debts that you have incurred. As an individual, you can select between Chapter 13 or Chapter 7 bankruptcy. Selecting between the two is not easy. The bankruptcy court will study your circumstances before deciding which type of bankruptcy is applicable to you.

The Chapter 7 bankruptcy is applicable if you have no regular sources of income. It works by reducing or clearing off all your debts. You can then make a fresh start without having to worry about having to pay your debts.

Once you file for Chapter 7 bankruptcy, the bankruptcy court assigns a trustee who works as an intermediary between you and the debtors. He oversees everything and checks out if the bankruptcy plan is going as planned.

Thinking about a Chapter 7 bankruptcy . .?

Bankruptcy doe%26#039;s not make lines of credit good or bad go away. They simply show as %26quot;included in bankruptcy%26quot;.

If the repossession has already taken place? It will remain on your credit no matter what for 7-years from the last reported date.