jrdejavux

Bankruptcy and credit report question ?

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Hello everyone, I would like to get advice on my situation, I have been considering bankruptcy for the past month but the only thing that is holding me down is that about 5 months ago me and my wife bought a new truck she is the primary and I'm the secondary person on the loan and this is the only joint account we have together, my problem is I will still be paying for the truck after bankruptcy but I'm afraid of ruining her credit because of my bankruptcy or showing bankruptcy on her credit report. Any advice ?

Thanks George From SD California

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Your BK will NOT show on her report. Just do not miss or be late for a payment on the truck. It will continue to show as a regular "paid as agreed" tradeline right through BK and discharge. I had the same situation late last year and it is now "paid in full" and closed w/ no lates. There is no reference to my BK7 on the tradeline whatsoever, and actually helped my score after discharge.

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jq26 thanks for your reply kinda makes me feel better since im the second person on the loan she co signed for me but any ways can anyone from Califonia have an input on this matter ? The only reason im considering bankruptcy is bc 2 CA are after me, one served me already and i dont know what to do since i cant afford to pay them :shock: any advice on this matter ?

thanks

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I couldn't give you specific advice without ripping apart your personal info. Generally, use BK as a last resort. Besides, under new BK law, you may be forced into a BK13 unless your income is extremely low.

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Your BK will NOT show on her report. Just do not miss or be late for a payment on the truck. It will continue to show as a regular "paid as agreed" tradeline right through BK and discharge. I had the same situation late last year and it is now "paid in full" and closed w/ no lates. There is no reference to my BK7 on the tradeline whatsoever, and actually helped my score after discharge.

That is not true. My brother was the cosigner on my auto loan. His bankruptcy showed on my credit report. I got the creditor to remove the remarks by schmoozing, but it did show up.

I have since filed my own BK. I am keeping the vehicle without reaffirming. Now it is showing up again. This is my opinion of what to do. Include the vehicle on your Schedule D, but don't include it on the mailing matrix. The creditor will never be notified. Just keep making the payments on time. If they get notification, they have to report it as "included in bankruptcy" if they normally report it to a CRA.

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