i plan on filing bankruptcy to buy some time to pay up my car payments but, i do not plan on going through with the bankruptcy, will this work? if the filing gets put on my credit can i get it removed even though i canceled it?
I have heard of people filing BK to stop repos. In theory it won't be removed from your credit report, but people have been successful in having them deleted. But nothing in life is guaranteed! Have you tried working a repayment plan with the loan company?
There is an automatic stay that goes into effect once the petition for bankruptcy is filed. It would prevent the repo, but you are talking about a lot of money. Can't you work with them? If you have to pay a lawyer to do the petition plus the filing fees, you are looking at between $695 and $995 to do this. Most lawyers want most if not all of the fees up front and I've never heard of any attorney actually filing the petition without getting the filing fee. There has to be a better way for you to do this. L
Ok, been there done that. It will stall the repo, but you will still have a bk petition on your report. Its just as bad as the bk itself and it stays for 7 years vs 10 years. If you do file why won't you just go thru with it. It will give you temporary relief but long term misery. I did the same thing you want to do. I started the filing and then dismissed it twice before I finally actually filed. Therefore I have 2 petitions and 1 discharge. And the only way to get rid of the bk is to dispute it. Disputing it as cancelled or something like that is admission and will therefore be verified immediately. Some have been successful and others have not. You need to think more about your financial situation. Delaying the inevitable is what it sounds like to me. If you are thinking of going this way, follow thru and complete the process. You will recover from it, I promise you. If you've been here for any period of time, you will see people who have paid there bills faithfully and had a few mishaps and there credit is worse than mine. Its a shame but the truth. Make a plan and stick with it. Take the advice of others
If I had to choose between a repo and a BK, I would choose the repo. BK's are notoriously hard to remove. If you file a BK7 it is there for 10 yrs. If you file a BK13 it will go in 7, but if you get it dismissed, some of the bureaus see that as a failure to keep up payments so they can leave it for 10 years. Most creditors want to know discharge date to determine awarding new credit. You can't give them that. As someone else pointed out, you will probably pay the atty more than your past due payments.
