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Ok, here is the deal. I was stupid and young and let myself get talked into buying a neon 4 yrs ago. The car is having some major issues with the transmission and the repair costs more than I can afford. The warranty has expired and I owe more than it’s worth(duh). I can’t get approved for a car because my credit is bad and the car adds about 5,000 onto the potential loan. I have some other debt I accrued while I was unemployed and couldn’t pay my bills and I am thinking about filing bankruptcy. I understand that if I file bankruptcy they might not include the car because I owe way more than it is worth. So the question is do I let them re-po it first and then file bankruptcy and if so do both show up on the credit report? Help! And thanks in advance to all of you that give serious answers.

5 Comments »

1. 

   First, try to make an achievable arrangement with the lender. They would rather help you to get out of your jam than spend money and time on a repossession. Hope you can work it out.

   Comment by te144 — June 24, 2011 @ 9:03 pm

2. 

   Find if it’s possible to make a payment plan, because the bankruptcy and repossesion goes on your credit score.

   Comment by Missy H — June 24, 2011 @ 9:03 pm

3. 

   I have no idea who told you that your car may not be included because you owe more than the car. That is a false statement you do not say what or how much your other bills are. You did not say if you were going to file chapter 7 or chapter 13. You would want to include all debt in a chapter 7 and choose what bills you want to include in a chapter 13 to be put on a payment plan. If do a chapter 7 you have to qualify for that you, and you walk away from all debt and not pay for it.

   Comment by alandra555 — June 24, 2011 @ 9:03 pm

4. 

   umm… id say file for bankruptcy. hey good luck with your future, i hope you come out of this alive!

   Comment by Jennifer R — June 24, 2011 @ 9:03 pm

5. 

   I think you need to go to the bank and talk to an account representative, financial advisor or someone at the front desk who can direct you to the right person. This situation is way to big to just decide by yourself or by us strangers. Good Luck with whatever you decide and I hope you get yourself back on track. I CAN say however that filing bankruptcy should be your absolute 100 percent last resort and yes it ALL goes on your credit report.

   Comment by lemondrop — June 24, 2011 @ 9:03 pm

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