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Bankruptcy!!!!! HELP!!!

Posted by on Jun. 9, 2009 at 4:38 PM
  • 10 Replies

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.

by on Jun. 9, 2009 at 4:38 PM
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Replies (1-10):
nessy1980
by on Jun. 9, 2009 at 4:42 PM

Try selling the car to carfax and if thats not a option then claim bankruptcy. I am going through a bankruptcy now because i got my truck repoed and then had a attorney after me and basically wanted me to pay 300 a month or shed try to sue me. I figured if she could sue so can all my other debts can too. if you have any questions you can email me.

Abuela09
by on Jun. 9, 2009 at 4:43 PM

You might want to consider looking into your retirement plan. Do you have one and have you done a rollover?

lilyrose73
by on Jun. 9, 2009 at 4:48 PM

You don't want to file bankruptcy just for 1 thing... also, even if you do bankruptcy they still might make you pay some of the car back.  You will also need a bankruptcy attorney that will cost you a minimum of $1000 and they need all the money before they will start you case.   For what you will pay to file, you can get your account back in good standing.  Good luck, I know times are tough.

Beth336
by on Jun. 9, 2009 at 4:53 PM

can u get a personal loan to pay it off? can you add the amt of the car onto your mortgage and refinance it that way? can they work with u call and say i can send this much money what can u do for me can u borrow the money for the payment?

1heart1mind
by on Jun. 9, 2009 at 4:57 PM

Already tried to sell it for a year and a half.  We have no retirement, 401k, savings, assets, anything.  We are already facing judgment on something else, yet we only have one stupid credit card and one loan left.  We do have other little things we owe money on, and some medical bills, but these are on hold.   So what do we do?  Take the Repo and get the church to keep paying for our rent?

bg26
by on Jun. 9, 2009 at 4:59 PM

I don't think you can file bankruptcy on something like that. There are some really good groups on here with a bunch of great ladies that can answer better then I could. Check out the Dave Ramsey group. Awesome bunch of girls on there.

Loved4Sure
by on Jun. 9, 2009 at 5:00 PM

so sorry you are going through this.

bankruptcy isn't the end, it is the beginning.

you will be scarred for 7 years after the court date. If you can weather through that than it may be your best option.

 



1heart1mind
by on Jun. 9, 2009 at 5:00 PM

We don't have a mortgage.  We rent and have no other assets.  We have tried trade ins and loan applications and no one will work with us without  a co-signer.  No one will or can. 

Loved4Sure
by on Jun. 9, 2009 at 5:01 PM

you can fine bankruptcy on ANYTHING. The laws have changed, and they may have to pay all or a portion of their debt back, but it will be more affordable and accomodate their financial situation.

Quoting bg26:

I don't think you can file bankruptcy on something like that. There are some really good groups on here with a bunch of great ladies that can answer better then I could. Check out the Dave Ramsey group. Awesome bunch of girls on there.


 



lilyrose73
by on Jun. 9, 2009 at 5:05 PM

If they can't come up with the $497 to get the payment current, how will they come up with the $1,000 + dollars to pay the attorney?  OP, can you get your church to loan you the money? 

Quoting Loved4Sure:

you can fine bankruptcy on ANYTHING. The laws have changed, and they may have to pay all or a portion of their debt back, but it will be more affordable and accomodate their financial situation.

Quoting bg26:

I don't think you can file bankruptcy on something like that. There are some really good groups on here with a bunch of great ladies that can answer better then I could. Check out the Dave Ramsey group. Awesome bunch of girls on there.



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