My fiance got into a really bad car accident. He was driving without insurance and hit 2 cars. His car got impounded and he left it there so it got reposessed.
He owes a total of almost $28,000 and no one wants to take payments lower than $2000 at a time.
Should he file? Prior to this his credit was good with no delinquencies or collections. The reposession dropped his score to lower than 600.
Any Advice??? Please help!!!
2007-01-01 16:32:29 · 6 answers · asked by SexyStudMuffin 2 in Business & Finance ➔ Credit
"Lower than 600" credit is nothing compared to what it will be after bankruptcy. He already made a bad decision by driving dangerously and letting his insurance lapse.
28000 is a lot of money, but keep his rights in mind. They may not "want" less than 2000 at a time, but under the Fair Debt Collection Practices Act, they must accept and apply to the bill any amount paid. Even if you pay a dollar a month.
He shouldnt file bankruptcy. He should pay what he owes and learn from his mistakes.
2007-01-01 16:55:00 · answer #1 · answered by Together 4 · 1⤊ 0⤋
I am in the exact same situation.
I had a car accident in a very expensive car. It was a total wreck... lucky i only hit a tree.
But my problem is that i still owe $20,000 on that car.
I have decided NOT to file for bankruptcy.... and your fiance should do the same.
Bankruptcy sticks with you for a long time, making it hard to get any sorts of loans from banks in the future.
I was speeding when I hit that tree... so I feel as though this way my fault and I should suffer the consiquences.
Your fiance was driving with no insurance....so in a way its his fault too and should do the honorable thing and keep paying off his debt til its finished with.
all the best to you.
2007-01-02 00:43:18 · answer #2 · answered by He moonwalked on my <3 4 · 0⤊ 0⤋
Filing for bankruptcy is a headache, and a big problem for years to come. It will stop you from owning a house, car, or getting good loans for almost ten years, yet in some cases it is the best solution. Look at how long it wil take to pay the people off with and with out a loan from a bank. With good credit he might be able to get a good loan for the whole amount and pay the bank what he can.
2007-01-02 00:41:12 · answer #3 · answered by anamaradancer 3 · 1⤊ 0⤋
he should go talk to an accountant, bankruptcy really is a last resort as it ruins your credit for almost a decade afterwards.
2007-01-02 00:35:03 · answer #4 · answered by n.hyatt 2 · 0⤊ 0⤋
ask a bank person!
2007-01-02 00:33:53 · answer #5 · answered by Anonymous · 0⤊ 2⤋
i think he should
2007-01-02 00:35:15 · answer #6 · answered by Random is my passion 4 · 0⤊ 1⤋