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kknmae1015

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recovery ~ bankruptcy versus an auto repossesion
is it easier to bounce back from a bankruptcy or a repossesion? I am in a spot where Im underwater on my car and simply cant afford the payment. I dont want to cause myself more damage for the future can anyone help with the insight of bouncing back from the two options.

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Been through both. It is far easier to bounce back from a repossesion. A Bk stays on your credit for I think 10 years and usually you can't finance anything unless you have it approved by the courts for the whole time you are active in the Bk, which is usually a 5 year deal. Afterwards your credit is shot!

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