sandra1 Posted September 7, 2007 Report Share Posted September 7, 2007 there are 2accounts only that I plan to file bankruptcy. one is for my car I still have but its listed as a charge off on my credit report. and I have a judgement for $4732.00. my bal owing on my car is $17,000.00other than that all my other creditors Im able to pay on time with them(small credit cards).So my question is if approved for bankruptcy for those debts, will those debts still stay on my credit report for 7years, and in addition BK for 10years.Or are they deleted from the credit report and put in the bk for 10years. Link to comment Share on other sites More sharing options...
bingo Posted September 7, 2007 Report Share Posted September 7, 2007 First of all, you can't pick and choose your creditors in a bk filing. You'll have to list the cc's with small balances.Individual debts will be on the report for 7 years. The bk will be in the public recors portion of your report for 10 years. Link to comment Share on other sites More sharing options...
jq26 Posted September 7, 2007 Report Share Posted September 7, 2007 A BK7 is a total liquidation. I'd suggest paying off the credit cards so they are not on your list of creditors in your BK matrix at filing. But that's not that much debt to file over. Maybe there are better ways to handle it? BK for $22k in debt seems extreme unless you are on a fixed income. Link to comment Share on other sites More sharing options...
LadynRed Posted September 8, 2007 Report Share Posted September 8, 2007 I'd suggest paying off the credit cards so they are not on your list of creditors in your BK matrix at filing And that opens another can of worms called 'preferential payments'. Probably not worth throwing away the money, the creditors aren't going to leave the accounts open even if you do pay them off ! Link to comment Share on other sites More sharing options...
sandra1 Posted September 8, 2007 Author Report Share Posted September 8, 2007 what about chapter 13, i was reading about it, I can still keep my car and still make payments. chapter 13 stays on my credit report for 7 years instead.I read that your payment plan is some where between 3 to 5 years and when I move into my family house I know I can possibly pay it off sooner than 3years. I even heard that I can include my back irs taxes which is about 13,000.00. and hopefully after the chapter 13 shows up on my credit report, I can rebuild my credit. because right now its shot. my experian went down from 520 to 446. I feel like I have no choice since wachovia bank (car loan) wont make any exceptions. I have the money now to catch up on my back pymts to bring me current, but they told me to late bcuz its a charge off now and they will only accept the full amount of loan. Link to comment Share on other sites More sharing options...
Freak Posted September 8, 2007 Report Share Posted September 8, 2007 Unless I am missing something, you can continue to make payments on the vehicle, and if necessary and agreeable creditor, bring the account out of arrears, to keep it. I kept mine during the 7, and it was my only means of being able to produce income - getting to and from work. I haven't studied up on the new BK laws, but it would seem that the courts would not want to take your means at producing income regardless of a 13 or 7. Link to comment Share on other sites More sharing options...
sandra1 Posted September 8, 2007 Author Report Share Posted September 8, 2007 Unless I am missing something, you can continue to make payments on the vehicle, and if necessary and agreeable creditor, bring the account out of arrears, to keep it. I kept mine during the 7, and it was my only means of being able to produce income - getting to and from work. I haven't studied up on the new BK laws, but it would seem that the courts would not want to take your means at producing income regardless of a 13 or 7.I have already contacted wachovia bank, I told them I had the money to pay off the arrears and bring me current they would not negociate with me.they told me its a charge off already and its to late to negociate.I would really like to bring up my auto loan to current, and then call I.R.S to make argmnts.and as far as my judgment is concern with household bank they are already garnishing my wages 25% (I did fill out a exemption claim form and still waiting on those results). However,since my credit is shot, I thought what more could it hurt if I filed chapter 13. Link to comment Share on other sites More sharing options...
Freak Posted September 8, 2007 Report Share Posted September 8, 2007 It looks like there is some information missing in the OP for anyone to be able to offer decent, reliable advise. I didn't see anything about the IRS, or what the judgment was for - Household? . If you still have the car, and they have charged it off, then repossession is not far off, if not already underway. I don't have enough experience yet to give to much more. Read through the all the threads here, they offer some good tips. Time consuming, but worth it. Then, organize your thoughts, and post again. If Household and your auto loan are the only things negative on your CR, filing BK would protect you, but would keep the TLs on there, and add the BK along with the judgment. Link to comment Share on other sites More sharing options...
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