This is the situation, a year ago i had a girlfrien and we were living together for some years,,, i got her a car from the dealer! my name first and her name second!on the paperwork ...the thing is that she returnd the car and now i have a debt of 6000 dollars on it...(we dont live togeher anymore)i have horrrible credit debt and currently leasing a car.. i thinking of filing bankruptcy...will this get rid off that amount or what and whats going to happend to the car im leasing right now??? help (sorry for the horrible speelling and grammar). hope u understand..my question!
2007-04-26 12:47:55 · 4 answers · asked by confundida 1 in Business & Finance ➔ Credit
Bankrupcy WILL get rid of the debt but it will also RUIN your credit for the next 10 years making it nearly impossible to get any credit including buying a car, house or anything else that you may want without a co-signer! If there is ANY OTHER WAY that you can pay off this debt then you need to really concider that instead!! Also talk to a lawyer and look into the possiblities of getting HER to pay off that debt since in fact it was HER car!! If SHE sold it without your consent and YOU were the first person listed on the note then the money that she made off it was legally YOURS and not hers!! You need to get some legal advice before doing something like bankrupcy and seriously ruining your credit!! Good luck and try not to buy anything that big for ANYONE that isnt your wife from now on!!!
2007-04-26 12:56:13 · answer #1 · answered by Anonymous · 0⤊ 0⤋
The things we do for love. I won't criticize you for the decision you made to sign/co-sign for the car. That's in the past and no sense beating yourself up over it. The reality is that filing bankruptcy is not as easy as it once was and there are more chapter 13 (repayment plan) than chapter 7 (non repayment) bankruptcies being allowed. You cannot file if you make a certain amount of money. You cannot keep your home and/or cars over a certain amount of equity in them. You may end up having to repay that $6,000 debt anyway because you signed for it in good faith. The car finance company doesn't care if you are driving the car or that you broke up with your girlfriend. You signed the loan and you are liable... period. If you are overextended in debts, consider a non profit debt counseling plan by CCCS (reputable only) that can help you negotiate payments you can live with. Trust me, it's not worth filing bankruptcy for a few thousand bucks although it may feel like it is. Think of the next ten years of your life being affected with insurance rates, job denials, self esteem, etc. You made the mistake but you can learn from it and not do it again. Check out the organization below for a CCCS plan near you. There's no obligation but worth a phone call:
2007-04-26 21:40:52 · answer #2 · answered by Anonymous · 0⤊ 0⤋
Assuming you CAN file bankruptcy, it will get you out of the debt. However, defaulting on the $6000 will do LESS damage than the bankruptcy. Since you are currently leasing a car, and don't own it, I doubt you will be forced to give up the leased car, but you will have to keep making the payments.
2007-04-26 21:31:00 · answer #3 · answered by STEVEN F 7 · 0⤊ 0⤋
The laws just recently changed so you may have to pay back the money even if you file bankruptcy. Consult a lawyer or laws in your state.
2007-04-26 19:56:51 · answer #4 · answered by JusMe 5 · 0⤊ 0⤋