QUESTION
Will my credit report show a repo or get damaged further when I surrender the car?
Asked on Oct 23rd, 2016 on Bankruptcy - Nevada
More details to this question:
I have been through chapter 7 bankruptcy and received my discharge. I have retained my vehicle and loan, however I never reaffirmed the loan. I plan to surrender the vehicle at some point in the future, as it is upside down and getting older. Is it just going to fall under the bankruptcy discharge and not get reported as an additional item on the report?
4 ANSWERS
Bankruptcy Law Attorney serving Austin, TX
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Law Office of Susan G. Taylor
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You will not have a repossession notation on your credit report or suffer a deficiency.
Answered on Dec 12th, 2016 at 9:02 AM
Commercial & Bankruptcy Law Attorney serving Powell, OH
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Ronald K. Nims
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The surrender should not be on your credit report.
Answered on Nov 30th, 2016 at 4:29 PM
I, as a lawyer, do not know the answer to that question. You would be well advised to speak to a mortgage broker. They specialize in credit issues.
Answered on Nov 22nd, 2016 at 4:26 AM
The bankruptcy discharge prohibits the reporting of payment or non payment of a debt so any repossession should not appear on your credit report. But mistakes can and do happen, so monitor your credit report so that you can quickly dispute any improper reporting.
Answered on Nov 18th, 2016 at 5:29 PM