So my Audi TT was just repoed today :-( I got out of the air force, and just wasnt able to make the $550 month payments. My credit is probably 550 (or less) and don't want to even know what the repo will bring it down to. I also have about $3,000 in credit debt (that I've been paying late on also) My question is, if I declared bankruptcy....will I be better off? I read that I would get my car back (if I did it before the 10 day grace period after repo)- and my debts would be cleared. Would it be easier to recover from a bankruptcy or bad credit + a repo? I don't need credit for anything in the coming years (that I can foresee) but in about a year I need to get a student loan for a pilot academy I will be going through (the GI Bill will be paying 60% of it). Any advice is greatly appreciated!!
I'd say it would be easier to recover from a BK. That would only take about 2 years to get to the point where you could start to recover whereas the other route would take much longer.
