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I have a repo that is about 6-years old. I owe 12k on it. The loan officer I am working with for my mortgage says the way they reporting it will never fall off with age. I do not want to default on any loans and want to remain in a good credit standing with my current creditors. I have invested a little over 10k in my credit trying to clean it up. I just do not have 12k laying around to settle this reaming balance. I am really not sure what to do about it??? The repo did not happen in LA, it happened in Texas. I have moved to LA since the repo.
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Bankruptcy Attorney serving Burbank, CA
Partner at
Law Office of Mark J. Markus
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bankruptcy is certainly an option to consider and can help you rebuild your credit more quickly. I suggest you have a consultation with a bankruptcy attorney in your area for more details.
Mark J. Markus, Attorney at LawCertified Bankruptcy Law Specialist--State Bar of CaliforniaHandling exclusively bankruptcy law cases in California since 1991.http://www.bklaw.com/bankruptcy blog: http://www.bklaw.com/bankruptcy-blog/Follow Me on Twitter: @bklawr
Answered on Jun 11th, 2012 at 11:58 PM