i got a repo on my credit?

Question

and would like to know if what will be the best way to get this off my credit ? file bankrupty ? just let it ride out and how long dose
a charge off /repo stay on your credit i was told i would be better off to file bankrupty and start all over???

Answer 1

Well, right now you have one negative mark, a repo. It will stay for around 3 years, and you aren't the only person in the world who has had something taken back for non-payment.

Or, you can file bankruptcy, and stiff ALL your creditors. That will stay in your record for 7 years.

Of course the minute you file, every sleazy credit company will offer you high interest credit, knowing you won't be able to file bankruptcy again for a long time.

Gee, what a choice...

If it were me, I'd try to work something out with the ones who did the repo, perhaps a partial payment for them taking it off your credit report?

Answer 2

Since you did not say how long ago it was since they repo'd and sold the vehicle or how much you owe for the deficiency, whether you have other debts that would be added into the bankruptcy etc., it would be hard to say if you should file bankruptcy or not.

The reporting statute of limitations start the day the vehicle was sold creating the deficiency and runs for 7 years.

The collecting statute of limitations on a repo fall under the UCC for 4 years from the sale of the vehicle creating the deficiency.

So, it will remain on your reports for 7 years from the sale and they can legally sue you up to 4 years after the sale. After the 4 year mark they cannot legally sue you, (even though they may and probably will try to sue before or after that date) but they can continue to bug you for payment.