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WALLSTREETESQ
WALLSTREETESQ, Attorney
Category: Bankruptcy Law
Satisfied Customers: 17084
Experience:  14 years exp., CH 7 AND 13 Bankruptcy cases, AFL-CIO UNION PLUS, UFT NYSID AND ALL MAJOR UNIONS
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My car is going to be repossed. I would like to know how it

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My car is going to be repossed. I would like to know how it will affect my credit and mostly what charges will I be responsible for. Is it better to voluntarily give the car up. I was unable to reach a settlement. Thank you
Submitted: 7 years ago.
Category: Bankruptcy Law
Expert:  WALLSTREETESQ replied 7 years ago.
IT IS BETTER TO GIVE IT UP AS COSTS ARE LESS FOR THE BANK, HOWEVER IN BOTH CASES WHEN THE CAR IS SOLD IN AN AUCTION THE REMAINING BALANCE WOULD COME AGAINST YOU AND THEY MOST LIKELY WILL BRING A SUIT FOR THE REMAINDER AND GET A JUDGMENT AGAINST YOU. IT WILL HURT YOUR CREDIT EITHER WAY AND THEIR IS A GOOD CHANCE OF A JUDGMENT ON YOUR CREDIT REPORT
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