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How Can I avoid Bankruptcy?

My husband lost his job in December. We stopped making payments on our car and insurance, and we couldn't afford to re-register it in May. My car loan company tacked on a forced insurance so the monthly payment rose from 370 to 497. They refuse to work up a hardship rewrite to refinance to 250 a month even though my husband now has a new job. But. . . we are required to pay one payment of 497 to get it out of review status. I see no way of catching up. We are trying to sell it to a dealer, But we would need a loan to pay the difference an our credit is so shot I don't see how we could without a co-signer. If they repo- it, our wages will be garnished 25%. That's more than we could afford to live on, so I see no other option but bankruptcy. Unless anyone knows of a loan place that could work with us or anything else? I have till the 16th to find a solution.

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Asked by Anonymous at 4:31 PM on Jun. 9, 2009 in Money & Work

Answers (3)
  • We did bankruptcy and it wasn't too bad.

    Answer by Anonymous at 4:37 PM on Jun. 9, 2009

  • K, but My husband need to get a loan for his restaurant he wants to open sometime in the next 6 months to a year. And We are wanting to apply for a lease to own agreement with our landlords and we honestly want to have good credit to get a mortgage when the time is up.

    Answer by Anonymous at 4:51 PM on Jun. 9, 2009

  • We have tried to file bankruptcy twice and were told both times that we did not make enough money

    Answer by Anonymous at 5:11 PM on Jun. 9, 2009

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