From what I understand this is how it works:
1. You include GMAC (or other financing co. in your BK7)
2. Get new financing for the actual value of the car from USBank
3. The original debt is discharged
4. You have a new auto loan with a new lender and a smaller payment.
So the CR now looks like this
GMAC
Discharged in BK7
USBank
Open account, terms, pymts, high balance.
Is that correct?
TIA

So just to let everyone know who helped me out so much, how far I've done it. I have from my lowest low of 485 in the middle of last year to the low / mid 600 is gone! But I am! I have a couple TL's that I am having a very difficult time they get to move! Few CO and my BK7 discharged. But so far I have had a total of 11 TL from TL's and have 2 new and 2 other TL's, the AU accounts that should in the next weeks post. You should really boost my fico how long history with large bala

My wife and I are filing BK7 on Sept 1. Between us, there will be 15 accounts that should get discharged, 10 cc accounts, 2 unsecured loans, 1 mortgage, and 2 dr bills. 6 of these accounts will report on her credit report and 10 on mine (1 joint installment loan).
If we can pay the 2 dr bills (1 her's and 1 mine, both low balances) and 3 of my cc (low balances) , should we do it? That would make 5 baddies for her and 6 for me, instead of 6 for her and 10 for me. I ask so that when t

My BK7 be 2yrs 16th June . I plan on applying for preapproval 17th June. Im thinking if I refinance now that my guests can take a hit if the car loan paid off and replaced by the new Patelco loan. Will I lose points with the new story? Im just soooo ready to get rid of Cap One high rate
Thanks

My EX and TU reports on PG not on list A BK7 and last month some of the TLS that IIA were listed now “receive payment after CO / Collection” as “Charge-Off” or. I have two to EX (Fleet u0026 Wachovia) and three on the TU (Chase, Citibank, GMAC) 0.
I wrote dispute letters, both rating agencies, but should I to argue with the OCS?

I've been searching the boards now for 6 mos or more gathering lots of great info, and thought I'd share my first MAJOR victory. I filed bk 7 in Oct 2005 and discharged 2/06. So to get the ball rolling I did an online Dispute w/ CSC(EQ) 3/06/06. I received response on 3/24 with the results of their investigation. I disputed 7 items which included my bk7, FMC Judgment, employment info, Palisades, a former addy, & 2 accts 6+yrs old closed with lates on it (JCP & HHB). Here's th

My BK7 was discharged last week. This morning, someone hit my car and took off. I called the police and filed a report (I got the guys tag #, but the tag was registered to another car, and not the one that hit me). I did not reaffirm the car and I'm assuming the lienholder should be picking it up anyday. Luckily, I had already obtained financing for a new car, so I should be able to get another vehicle this weekend.
I'm concerned that the lienholder might try to hold me responsibl

Hi all, I wonder if anyone has any success
I get business line of credit with BK7 discharged in their credit and brine-p?
Thks in advance.
bkinsm have

I posted a while back asking advice about a BK7. I filed in 12-04, discharged 3-05. We had a vehicle through BOA, and have tried to get them to pick up the vehicle for nearly 2 years! I have finally decided to write them the following letter to get this done with! Please let me know if I should take anything out, or add anything. What is SOOO frustrating about this is that if we had a clear title to this truck (which we have to have a lien release to get.),we could sell this truck for 10,000 or

When in active BK7, how should student loans be notated? I logged into my student loan account today and they have my account marked as In Default. I called and talked to them and they say that is the current notation and that will be updated once my BK is discharged. What concerns me is that I dont want this moving from default to judgement or collections.
My wife is in the same position except hers says Account Suspended but is still seeking past due amounts. I have to have her call o