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I financed the car for 00. Now 00 is due to the bank (remaining balance, I had a car for about 6 months). Thepayment was due on April 1st, so they will repossess the car about May 1st. I couldnt negotiate my payments with the bank, they didn’t want to lower the interest. Can i sell my car to my neighbor for about 00 and the rest of the money (00) will go to the collection department because repossession is sooo bad?? I stopped paying my credit cards about 3 months ago and own about 30 K in debt. I am going to file for bankruptcy. I don’t have any real estate.

What options do I have>?? Please help me!

I was young, (22yrs old) had 2 jobs and made good money. I decided to trade in my old junk of a car and buy a brand new car. I had no credit history so my then bf helped co-sign for my new car. My interest was sky high but I didn’t care at the beginning because I had no idea what I was doing. I paid a very large amount per month and then after about a year, I lost my main job. A few months after that, I lost my other job. I now was collecting unemployment and went through HELL to make sure that car was paid off every month. I started making late payments and my life was just a mess because not only did I have to pay for that car, I had the insurance, rent, etc. I was no longer able to pay my car and that day came when Mr. repo came knocking on the door. They took my car after 2 years of me working my butt off and they auctioned it off for SO cheap (almost had a heart attack at how much they sold it for!)

This was in 2008 and 2 years later, I’m still struggling financially in more ways than a hundred lol…I have really bad credit, I can’t even open a bank account and I feel like my once so organized and amazing life is now totally off track. I don’t know what to do. These are my questions:

1. If I open a bank account, can my lender seize all my money? Not a savings, a checking account.

2. Being that I did not pay the upside down on the car (,000) should I file for bankruptcy and is it too late to do that after 2 years? And for those who want to suggest that I pay off the 16 grand, I’m not because I’m not going to pay for a car I don’t have anymore and you might say well you’re stuck with it you should have never bought a car you can’t afford I don’t want to hear it because you don’t know my story. I want serious answers, not answers that are going to sound mean and not help.

If there is anything that I’m missing? Please, any advise would be GREATLY appreciated. Thanks in advance

I found this intresting tidbit while doing some research online…
Repossession of Property: Not just phone calls and unfriendly visits, filing for bankruptcy will help you get back any property (including cars) that the creditor may have repossessed. (Provided the property has not been sold!)
from http://www.bankruptcyhome.com/creditandbankruptcy.htm

my car was reposessed about 2 weeks ago and is just now going up for sale. If I file for bankruptcy is it really possible to get my car back before its sold. I believe filing would require the bank to put a hold on the sale.

If I file for bankruptcy after my car got repossessed, do I still owe the deficiency the remaining balance of the car after it’s sold at auction?