Bankruptcy! Car loan ($8,000) no other assets/liabitilies. $50,000 in CC debt.?

Question

Car loan ($8,000) no other assets/liabitilies. $50,000 in CC debt. Interest rates on the cards are now averaging about 30% because of late fees, etc.

Answer 1

You need to see the counsel of a good bankruptcy attorney in your area. Most will see you free the first visit. You need to provide you paystubs for the last 6 months, assets, list of all your debts and last 4 years of taxes. Once they review all this information they will be able to tell you what chapter you qualify for. Bankruptcy should be your last resort. You don't give too much information in your post, but, if your car payments are behind and you want to keep the vehicle, you will not be able to keep it in a chapter 7 filing. You can keep it in a chapter 13 filing, which is a payment plan set up for either 3 or 5 years, and paid to the trustee of the courts and withdrawn from your paycheck. The secured debts get paid first with unsecured debts paid last. You really need to speak to an attorney so they can look at all your information and go from there. Good Luck!

Answer 2

Since you neglected to ask a question I can only guess that you are asking if you should go bankrupt considering your debt load....that would depend on your income level as well as your ability to make payments and weather or not your payments are current.  If you are handling these debts then don't go bankrupt....if you aren't handling them you probably should go bankrupt.  Ideally if you can keep your payments in good standing and consolidate your credit cards into one with one monthly payment then that is probably the best.  I suggest you talk to a trustee in bankrupsty and find out based on your individual situation.

Answer 3

based upon your situation,I think you should find something useful here.http://carloan.onlineidea.info/free-car-...

Answer 4

And, the question is????

Answer 5

If you are asking should you declare bankruptcy?

YES. do it.

Answer 6

He is doing the same thing as Micheal did in "the office"  He is standing before us and saying "I Declare Bankruptcy!"  Not realizing he cant just say it to make his debts go away....

To which Micheal replies.  "I didnt say it...I 'declared' it!"

Answer 7

There is no one answer to this.  Under the new bankruptcy laws, you are required to go through credit counseling where your debt, assets, income, etc. will be reviewed to decide if you qualify for Chapter 7 or Chapter 13.

You'll want to check these guys out.....

http://www.123thebest.info/go.php?link=a...

See ya.

Answer 8

It can really save you some money to just get an auto loan price on the web to verify what the going rates are.  You might be really happy.  Also if your credit is not so great, a lot of them are more willing to work with you.



What I usually tell folks is that an online quote at http://auto.lowratetoday.com is worthwhile.