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Posted in Bankruptcy
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TD2012

8 Contributions
1 Person Helped
car loan reporting as repo after bankruptcy
I included a car loan in my bankruptcy and it is reporting as a paid after repossession. Can they report that way? I thought it had to just say closed/included in chapter 7. The same loan was the same on my Husbands report but his was just updated to open and no other information reported except late payments.
Should I leave it the way it is? Is it better to have it opened with late payments or to have it closed as part of the bankruptcy?

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Top Contributor
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First necessary information needed is did both you and your husband file bankruptcy or just you?   If it was both, you will want the item marked closed and paid comment, even if it is listed as closed through bankrupty.   If it was a joint account and you were the only one that filed bankrupty, then your husband still has legal liability for the loan.   The item will remain on your credit report for 7 years from the date that the auto loan was reported in default.   Filing the bankrupty will remove the debt, not the collection itself on your credit report.

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