FICO and Ch 13 vs. repossession
Fri, 03/23/2007 07:43
My car was reposessed on Monday and I am trying to work with the bank to get it back, but they are asking for the lump sum of my balance and I'm not sure I can get that amount as quickly as they want it.
I spoke with an attorney this morning who said that I could recover my car by filing Ch. 13 bankruptcy.
So, my question is which is worse or better in the long run for my FICO score? Bankruptcy or the repossession?
I checked my credit report this week and I have several late-paying accounts and also have PDL debt, so clearing the repo is not the only challenge I have right now.