Credit Cards Center Credit cards from our partners
New Visitor
Posts: 1
Registered: ‎07-10-2008

do I need to file bankruptcy?

I have made arrangements for voluntary repossession.  I am worried they will sue me for the remaining balance.  I can't pay anything right now, which is why I am turning it in.  Do I have to file bankruptcy to avoid being sued?  Do they always sue for the remainder amount?  I'm really nervous. Thanks.
Posts: 92
Registered: ‎06-02-2008

Re: do I need to file bankruptcy?

More than likely they will use any and all means to collect the debt. That could be debt collectors, or even suing you in court. Since you still legally owe them the money. As far as declaring BK, only you can know if that is the right situation for you.
Established Contributor
Posts: 660
Registered: ‎09-11-2007

Re: do I need to file bankruptcy?

Go see a couple of bk attorneys.  Tell them your story and ask for advice.  They usually do a free initial consultation.
But if you are even asking the question, it is probably better than 50-50 that the answer is yes.   But be sure you need to before you do.   It ain't good for the credit score.  You can recover, and faster than you think, but be sure before you go that route.
Advertiser Disclosure: The listings that appear on myFICO are from companies from which myFICO receives compensation, which may impact how and where products appear on myFICO (including, for example, the order in which they appear). myFICO does not review or include all companies or all available products.
† Credit cards for FICO Score ranges: The score ranges are guidelines based on actual applicant approvals and having a FICO Score in a particular range does not guarantee you will be approved for credit cards recommended in that range.

Copyright ©2001-2015 Fair Isaac Corporation. All rights reserved.   | Terms of Use | Privacy Policy | Sitemap

IMPORTANT INFORMATION: All FICO® Score products made available on include a FICO® Score 8, along with additional FICO® Score versions. Your lender or insurer may use a different FICO® Score than the versions you receive from myFICO, or another type of credit score altogether. Learn more

FICO, myFICO, Score Watch, The score lenders use, and The Score That Matters are trademarks or registered trademarks of Fair Isaac Corporation. Equifax Credit Report is a trademark of Equifax, Inc. and its affiliated companies. Many factors affect your FICO Score and the interest rates you may receive. Fair Isaac is not a credit repair organization as defined under federal or state law, including the Credit Repair Organizations Act. Fair Isaac does not provide "credit repair" services or advice or assistance regarding "rebuilding" or "improving" your credit record, credit history or credit rating. FTC's website on credit.