Credit Advice

Have a question? Have advice to share? The combined knowledge and experience of everyone in the Credit Karma community can help you. Enter your question or help others below to get started!

Question

Posted in Bankruptcy
Profile Image

Question By
Randyl31

0 Contributions
0 People Helped
if i file for bankruptcy an have car im am paying on do i loose the car
This would be my first time thinking about something like this so can someone explain how bankruptcy work

Your Credit Scores Should Be Free. And Now They Are.

View your scores and reports anytime.

SIGN UP NOW
All Responses

Result 1-1 of 1Results per page: 5 | 10 | 25Page 1 of 1   Previous | Next
Top Contributor
1132 Contributions
1210 People Helped

There are different types to file. Mostly for consumers it will be either a Chapter 7 or a Chapter 13. 7's are usually structured to forfeit all obligations of repaying your debts, however, you must return all collateral involved. Chapter 13 is basically a high tech debt consolidation (in a since) You keep what you own and your lawyer, along with the courts and creditor's approval, will agree to a structured repayment plan. Bk's will ruin your credit for 10 years and you will not be able to finance virtually anything for the first 5 years.. This is just a brief over view of the Bk's for further info do some research or contact a Bk lawyer. Ps. If you can weather the storm: double up on payments cut back on eating out work more overtime, I'd advise you to do so and just fix your credit and reduce your debt. You'd be better off. I'm speaking from experience.

Result 1-1 of 1Results per page: 5 | 10 | 25Page 1 of 1   Previous | Next

Your Credit Scores Should Be Free. And Now They Are.

View your scores and reports anytime.

SIGN UP NOW

Reply to this Question

Write your response:
Enter Your Comments

The Credit Advice pages of the Site may contain messages submitted by users over whom Credit Karma has no control. Credit Karma cannot guarantee the accuracy, integrity or quality of any such messages. Some users may post messages that are misleading, untrue or offensive. You must bear all risk associated with your use of the Credit Advice pages and should not rely on messages in making (or refraining from making) any specific financial or other decisions.