items about to drop , should i BK

[Anonymous]

i have a repo on a truck,, scheduled to drop in less than 2 years,,but i got a letter that they are sueing me (authentic) what should i do? should i BK or ride it out and then the possibility of garnishment etc,  they are not willing to work with me to a reasonable amount,, my score as of today is 669 and im sure a bk is going to kill it,, been working on repairing it for the last 4 years,, really hate to do a bk now that im approaching the 700 mark,, help please   edited

Edited to remove personal info.

Message Edited by llecs on 07-27-2009 01:33 PM

[llecs]

The judgment may or may not appear. A BK will appear. Depending on how much is owed, a BK may cost more than the CO. Also, whether you have a BK or a judgment from this or anything else, the damage is the same.

If it is going to drop in 2 yrs, then the repo was 5 years ago? Exactly when? When was the first late by which you never recovered? SOL in NY is 6 yrs. If you can prove that the first late was beyond 6 yrs ago, then you'd win.

Personally, I'd send them a DV letter.

[Anonymous]

it was 9/03,, shows as charge off 4/05,, then repo as of 2/05,, the Hilco got it trying to get the money,, they auctioned the truck and are coming after me for the loss as they didnt get squat for the truck at auction,, forgive me but i am a little unclear on the acronyms you used above,,  trying to get 15,500 from me. dont know if i should go to court as i havent had the truck for 5-6 years

[Anonymous]

sorry ,, first late was august of 04 and no i havent had any BKs had a few judgements that are no longer as of today (pulled annualcreditreport.com) just that repo of the truck.

let me ask this,, if i file the BK,, do the derogatorys that are listed presently fall off at the 7 year threshold time limit,, or do they stay on as derogatories in addition to the BK,, and are the derogatories list as the individual item and then also as a BK item,, i hope im not confusing anyone,, jsut wnat to know if they fall off after 7,, even if the BK is filed?

[Anonymous]

whats a DV letter?

[Anonymous]

another thing i didnt understand was that the truck was purchased for 42K then it shows as purchased by another lender,, with 36,805.00 written off ,, when the amount financed waqs 38K,, and had it for a year and a half,, dont know what they got at auction,, but they state they want almost 16K from me now?

[Anonymous]

sounds like you're close to SOL on credit report......if it's not a judgement it will stay on CR's for 7 years from date of last activity......if there is a judgement it will stay on CR's for 10 years....SOL's on credit reports are different then state mandated SOL's....some states are 2 years, some states are as high as 20 years...Deleware for instances...ever wonder why Credit Card companies are based in Deleware, Nevada, South Dakota and so on?   Depending where you live some creditors can come after you for money owed after it drops from your credit reports.  Having said that, once repo is off CR new creditors will not know about your repo problems.  Collection agencies count on you being uninformed.....