I owe 1100 on my car should i keep it or surrender it and place it on bankruptcy?

Answer 1

I would keep it. You only owe $1100. It would cost you way more to buy a new one.

Answer 2

KEEP the car. I know - I filed for bankruptcy 10 years ago and I'm still paying for it.

The creditors will keep hounding you; this will go on your credit record and it will take a long time for it to fall off.

By going the bankruptcy route you might have problems renting an apartment in the future, buying a house, buying another car - the list goes on and on.

Trust me - if you can keep making the payments on your car - do so!

Answer 3

Keep the car. You don't want to file for bankruptcy except as a very last resort, as it will mess up your credit for years to come. If you have to file for bankruptcy anyway for other things, you should still keep it. Either way, you'll need a car to get around, because you won't have the credit to get a new one.

Answer 4

It depends on you. Because you have such a low amount owed, I would keep it and use it as a down payment for another car. Now if you have another car already, then I would include it in your bankruptcy.

Answer 5

If you can keep it and pay it off. At least this will show you are still trying to keep some credit in good standing. If you can not afford the monthly payment call the financier and explain your problem. Most places will work on payments with you because they do not want you to go bankrupt on them.

Answer 6

Keep it. You can't file bankruptcy for one item and having it taken by the repo man will cause you more trouble than paying the $1,100 note.

Answer 7

If it is your only means of transportation - you do not need to surrender it to bankruptcy. They will continue to let you make payments - but you must be employed.

Answer 8

I guess that would depend on how important your credit is to you. If you plan on buying another car or a home in the next 7 years, you should try to pay it.

Answer 9

For an particularly comparable subject a got here across an incredible answer at: FINANCE-ideas.info- RE somebody owed me money for a automobile yet declared financial ruin and is retaining the automobile. What do I do? I bought my automobile final 12 months to somebody for $2700. He gave me $700 up front and we drew up a settlement pointing out that something could be due no later than December 6th, 2010. whilst the time got here, after many neglected emails and calls he informed me the automobile replaced into interior the keep and that he could not pay it authentic then. After an incredible quantity of emails and calls that went unanswered, I confirmed up at his abode and asked his mom if he replaced into there. He informed me he had to report for financial ruin and his lawyer informed him to not say something to all people. He informed me the automobile "were taken" and informed me to communicate to his lawyer approximately it. After attempting to go away a message at his place of work three times, the secretary have been given fed up and informed me that there probable wasn't something that they could do for me and that i replaced into named interior the papers yet they did not have the automobile and that they have got not any concept who has the automobile. After this, i desperate to do a sprint snooping on line and have sufficient info to instruct that he nevertheless has the automobile and is even particularly attempting to sell it on line. He won't respond to calls and keeps redirecting me to his lawyer. His lawyer spoke back the telephone as we communicate somewhat and informed me that i replaced into named as an unsecured creditor and that my pitfall replaced into in not asserting a lien on the automobile as quickly as I drew up the settlement. I asked him 'If I have been to pass to his abode and ask for the automobile returned, could he ought to provide it to me?' 'undergo in innovations that he's my shopper and each little thing I say would be in his argument, yet no, he has a real to the automobile because you gave him the identify after signing the settlement.' i attempted to touch a lawyer yet he stated he'd cost me $one hundred fifty for a consultation. I informed the youngster i could desire the money by means of the top of December so I knew i replaced into going to be able to locate the money for taking summer season training this 12 months. Now i'm broke and might't locate the money for summer season training and could even ought to graduate late..this guy is ruining my existence. What ought to I do?

Answer 10

What's it worth? Can you afford to pay it off? If you have a net gain or can afford to pay it off and keep it, that would be the better way to go.