Personal Bankruptcy chapter 7

[CoolBreEze]

I was an independant contractor and i recently put an end to my business. I had to lease a truck and now i wont be able to make the payments. if i were to file chapter 7 on the lease, how would that affect me? Would it be better to just do a voluntary repo? Would filing chapter 7 really screw up my credit and for how long?

 

[rke55]

C7 will ruin your credit for 10 years. But, you can get cars, homes, CC quickly after you file and discharged.

 

[Michael Wechsler]

You probably don't want to file Chapter 7 if you don't have to. You may be able to negotiate a settlement agreement, especially if there is a risk of non-payment due to a declaration of bankruptcy. Getting blood from a stone is not usually a good option.

Originally posted by CoolBreEze
I was an independant contractor and i recently put an end to my business. I had to lease a truck and now i wont be able to make the payments. if i were to file chapter 7 on the lease, how would that affect me? Would it be better to just do a voluntary repo? Would filing chapter 7 really screw up my credit and for how long?

C7 will ruin your credit for 10 years. But, you can get cars, homes, CC quickly after you file and discharged.