2007-10-28 16:26:36 · 8 answers · asked by Rachel D 1 in Business & Finance ➔ Personal Finance
Filing bankruptcy needs an attorney but for only a auto loan it isn't worth it.
2007-10-28 16:31:41 · answer #1 · answered by shipwreck 7 · 0⤊ 0⤋
I'm with the second lady that posted... Filing bankruptcy is a very significant event in the history of your ability to manage credit. If it is only the vehicle that you are having trouble with i'd call the bank and discuss the issue with them. They may be able to help you in some way. If they can't I would simply let them reposess it. A reposessed automobile will clear your record in 2 or 3 years. Filing bankruptcy will come back for 7 years or more.
Bankruptcy should only be used if you, for instance, have $40,000 in credit card debt, a $250,000 mortage, and a $40,000 car but for whatever reason you will no longer be able to make your payments for an extended period of time. For a car on its own bankruptcy is not the answer.
2007-10-28 23:37:22 · answer #2 · answered by Jake B 4 · 0⤊ 0⤋
No you don't need a lawyer to file for bankruptcy, but after reading the responses found here, I think the best thing would be to refer you to the website listed at the bottom of my post.
There is a lot of misconception about filing bankruptcy and restoring your credit and I have done both. You will be offered credit again after bankruptcy. Your creditors know you cannot do it again for 7 years so they havve not to much to lose by helping you recover your credit rating, but don't expect miracles over night!
I got my credit score up to 720 after a bankruptcy and a credit score of 485 in a little over a year with the help I received from this sites useful information. Read it all, it will be worth it. I used a sponsored link for Lexington Law Firm to help me remove negative items on my credit reports LEGALLY!
My score is up by 235 points. Lexington Law was really affordable and was responsible for 140 of my score points!
Just don't expect them to do all the work! You will have more at stake than any help you get so stay actively involved in your own case! You will be glad you did!
2007-10-29 01:52:11 · answer #3 · answered by Anonymous · 0⤊ 0⤋
For a very similar situation a found a great solution at: SAVEFINDER.NET-
RE I am in debt for an auto loan do I need a lawyer to file bankruptcy?
#EANF#
2014-10-09 18:21:07 · answer #4 · answered by Anonymous · 0⤊ 0⤋
file bankruptcy if you want but its not necessary. the company you owe the loan to may try to garnish your wages or place a lien against you. to file bankruptcy you will either need a lawyer or where i live theres a self-help agency called We The People (I believe they're nationwide.go to their website of www.wethepeople.com) and they sell the forms and type up the paperwork for you. all you need to do is pay for your credit reports from all (3) credit bureaus and pay the filing fees for court. this comes out waaaaaaaay cheaper than payign an attorney but if you seek an attorney that would be fine too.
2007-10-28 23:48:21 · answer #5 · answered by GG 7 · 0⤊ 0⤋
Go to moneymanagement.org
They offer free bankruptcy counseling. They are part of Consumer Credit Counseling Service, a not for profit agency.
http://www.suzeorman.com/igsbase/igstemplate.cfm?SRC=MD012&SRCN=aoedetails&GnavID=84&SnavID=20&TnavID=&AreasofExpertiseID=5
2007-11-01 11:56:42 · answer #6 · answered by R 2 · 0⤊ 0⤋
It will cost you over $2,000 to file BK. Why don't you just let the bank repo the car? It will be far less damaging to your credit. (though from the sound of it, the LAST thing you need now is credit).
2007-10-28 23:35:54 · answer #7 · answered by Anonymous · 0⤊ 0⤋
PLEASE PLEASE PLEASE PLEASE PLEASE do not file for bankruptcy you will be screwed out your a** for seven years. No one will aprove you for anything and if they do your bill will be so high!!! Trust me i know my mom filed for bankruptcy and we cant do anything we couldnt buy a house and we cant by computer becuase we dont have cash for that kind of stuff lol so just dont do it. the second someone sees you have a bankruptcy they hit the ground running and they want to buisness with you so PLEASE dont get one
2007-10-28 23:37:28 · answer #8 · answered by BlahBluhBlahBluhBlah 2 · 0⤊ 0⤋