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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.

My car was repossessed because I got behind on payments. I was on unemployment for a month or two before I got a seemingly good job. I decided to trade my car in with the cash for clunkers program to try and take advantage of it while I could. However, it turns out that the job was a scam and I went back to being unemployed. I tried to keep up with my payments, but I couldn’t so it was repossessed. The dealer I bought it from has a policy that if you’re unemployed, you can bring back the car and not owe anything. Is this true if it’s repossessed too? Or would it be easier to try to get it back?

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.

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