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In April, I moved across state lines to move back in with my parents due to financial difficulties, and have since been unable to find another job. Louisiana, the new state I live in now, won’t even let me have unemployment due to some "error code" that’s way over my head.

Anyway, this morning my car was repossessed. It is in a seriously upside-down loan: the value of it is probably no more than 2000 dollars, while I owe something like 9,000-11,000 on it. I do not understand repossession laws or bankruptcy, or whether bankruptcy should even be an option.

I owe approximately 3,900 dollars in other unsecured debts (fees, credit cards, deficits owed to schools, etc), plus whatever mystery debts I might have that I’ve completely forgotten about. I owe around 15k in student loans, which from my understanding can’t be effected by bankruptcy and are the main source of my problems. I don’t think this is a reasonable amount of money to file for a bankruptcy, but I’m not sure of what other options I might have.

Should I attempt to negotiate with the creditor of the car to maybe have it returned? (I don’t have work — but being that I’m 40 miles out of civilization, without a car, I will never be able to GET work.)

Should I surrender the car completely and let the bank resell it? Would I still owe the money left on the balance of the loan?

My long-term goals are to try and get back into school to get a degree after getting a secured job, but with my credit destroyed, I’m not sure how best to repair it from this point forward. Any advice would be appreciated. (( And while I know someone’s going to come on here and say I’m a deadbeat, bla bla bla, I’ve applied to over 400 jobs since I’ve been here and have only had failed, expensive interviews — you try doing that with only 8 dollars to your name. I know I work hard, so don’t waste your time or mine. ))
As usual, people post the "it’s your fault!" responses with no useful information — I’m looking for advice. You are not aware of anything that is or is not my "fault", for all you know a contributing factor to my move may have been that I need to take care of my elderly parents. I know what I owe and what I am responsible for — I am just looking to move forward without getting taken advantage of.

I am currently unemployed and in the process of getting my leased car repossessed. I will have student loans but no other income. If they repo my car, can they take money from my student loan to pay off my debt? I have no job and that’s the only money i will have. What can they do to sue me if I have no income? I live in Canada.

The average person can’t continue to pay the ridiculously high food prices at super markets,Gasoline gallon cost, underwater home mortgages with values still dropping,Student loans with no available jobs, high priced repossessed auto resell meanwhile the market is flooded previously owned cars & trucks. Credit card debt due to job loss or medical bills etc.

The citizen majority has high debt due to employers suppressing wages,busting & eliminating unions, lack of opportunity for workers to be co-owners of corporations without stock purchase hence their toiling labor ain’t enough for the tyrants at the top.

Did i mention the 14.3 trillion dollar deficit the federal govt & corporate business says each of you citizens are responsible for.

I’m thinking we get rid of the oppressive failing parts & take control over money,business & govt for ourselves under a true daily direct Democracy.

Oh did i mention how both Legal & illegal immigration supported & carried-out by the federal Govt & the business community for a cheap labor supply & treasonously outcasting several generational americans into poverty over the past 40 years has had a stifling effect.

I’m going over my credit report, and feel pretty overwhelmed. I lost my car (rather it was repossessed) after losing my job and getting on unemployment, which is so much less that I can barely afford food every month, so forget about a car payment. And, quite frankly, I just want to know what happens if I don’t pay off these debts? I don’t have a lot of debts, but for a 21 year old college student, I’m pretty much in front of the financial firing squad as we speak. 5K on the car, 2K student loans (which don’t need to be paid back until I graduate), 1.5K on a Capital One card. Those are my concerns.
So question: what if I just never pay? Is it possible to rebuild my credit without paying them back? Doesn’t it reset every 7 years or something?
Thank you.