repossession

[sonicman]

about 4 years ago i had my car repossessed in texas and now i am being sued for the balance after they sold it. what will happen? should i file for bankruptcy? if i file for bankruptcy will it resolve the amount remaining on the car?

 

[Ladynred]

Whether or not to file for bankruptcy kinda depends on the amount of your debts and your income. If the repo'd car is the only problem, bankruptcy may not be the answer. The bk will stay on your credit report for 10 years.. and for a few years following your discharge getting any loans or other unsecured credit it going to be nearly impossible.

Yes, if you file for bankrupty, the collection process will be stopped and the debt will most likely be discharged in a Chapter 7. The judgement would also have to be vacated.