My husband I purchased a vehicle in October of 2006 and we purchased it for $33,000.00, we now owe about $31,000.00 and the car is worth about $20,000.00, so we are upside down about $11,000.00. We desperatly need to purchase a different car. Is there such a thing called car bankruptcy? We would like to file bankruptcy, but the only thing we own is the car and a couple of credit cards... it's not like we own a house or anything. What would we have to do? How would we go about it?! If we file bankruptcy (for anyone of you that have) how does it affect you in the long-term (buying a house, buying a different car we can afford, etc) My husband has EXCELLENT credit and we are afraid it will ruin his credit, but we would honestly like to start over and start fresh. What would you suggest? What is the BEST alternative to get out of this car and out of this negative equity?! Any suggestions would help, even better if you have been through this...
2007-07-23
12:23:37
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5 answers
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asked by
TTC # 2
2