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Bankruptcy or Re-Possession
I have a car that is about to be re-possessed and was wondering what would be more damaging to my credit, re-possession or filing bankruptcy to avoid paying for the vehicle that I cosigned to purchase with my mother for my sister?
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Want to answer more questions in the Work & School category?
Maybe give some free advice about: Personal Finance?
Ok, I'm going to say what I've been told. I don't know if it is accurate. Perhaps a bank or some other place like that can best answer your question. Ask them which person they'd give a loan to first- one with a repossession on their credit record, or one who has filed bankruptcy.
Now. From my understanding, say a person wants to buy a new car. An auto dealership would be more likely to finance a person who has filed bankruptcy than a person who has had a repossession or a bad credit history.
Reason being, because they'll get their money from the bankrupt person one way or the other. They know that person can't file again for 7 years.
Like I said, I don't know how accurate that is or if it even answers your question. I do advise you consider my suggestion of talking to the bank.
ygs-30/f
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