I filed bancruptcy 3 months ago. I had a unsecured loan that I did not want filed under bacruptcy because I had a co-signer on it. but my lawer filed it anyway. if I still make the payments on it, will it still help improve my credit?
2007-09-26 08:50:22 · 4 answers · asked by hartmannr3 1 in Business & Finance ➔ Credit
Not unless you reaffirmed on the loan and even if you did you would have to call the lender and get them to agree to continue reporting to the bureaus.
2007-09-26 08:57:36 · answer #1 · answered by ? 7 · 3⤊ 0⤋
Credit repair can only be achieved through financial discipline and hard work. Any easy way out of a poor credit history is undoubtedly tempting, but it may lead to further financial difficulties in the future. If a poor credit history is due to circumstances beyondpayment patterns, his situation can improve in a period of two to three years. This way, even in the case of bankruptcy, a consumer is likely to be offered charge and credit cards within a year or two if maintaining a steady income.
2007-09-26 21:16:52 · answer #2 · answered by Anonymous · 0⤊ 0⤋
no do not pay it, whoever had the loan accepted the lawyers
bankruptcy, they cannot collect from the co-signer, but
I would definitely ask your lawyer to make sure !!!!!!!!
If your co-signer starts receiveing phone calls, tell
them to put it in writing and mail it. Also, check with Lawyer
to ask him how long he is available per your contract with
him to answer any creditors calls that might come up
that specifically pertain to your bankruptcy. Never talk to
any creditors, always make them put it in writing !!!!!
2007-09-26 15:57:58 · answer #3 · answered by Anonymous · 0⤊ 1⤋
If you pay it, it won't help your credit. It will however, help out your co-signer who will be contacted to pay the debt. Bankruptcy relieved your responsibility but not your co-signer.
2007-09-26 16:08:48 · answer #4 · answered by bdancer222 7 · 0⤊ 0⤋