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Going to file chapter 7

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Going to file chapter 7

I have talked to a lawyer and am planning on filing chapter 7. I have a car loan that I plan on keeping ( I hope to refinance after discharge). I have an auto reposession on my credit, but there is $0 balance that I owe. Will the repo still hurt my credit score post discharge?

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Re: Going to file chapter 7


magictyler wrote:

I have talked to a lawyer and am planning on filing chapter 7. I have a car loan that I plan on keeping ( I hope to refinance after discharge). I have an auto reposession on my credit, but there is $0 balance that I owe. Will the repo still hurt my credit score post discharge?


The ding you are currently getting from the repo will remain post-BK. If there was a balance which a CA was reporting, that would cause 100% util. Typically discharging that drops your util, removes the CA and results in a rapid score increase. In your case, I don't expect anything to change. 


Starting Score: 501
Current Score: 754 EQ,TU 745,EX 750
Goal Score: 800

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