Going bankrupt?

Question

My sister had to claim bankruptcy and i think it is a good option for my boyfriend but i am cautious of the repercuations

he has a 30,000 car loan comes to 650 a month

and 650 in insurance monthly

plus a 5000 loan

and 3 more grand in credit cards

basically stems from having the car.

each month now he is short in paying his bills and late.

no one will buy his car for as much as he owes he rolled over 4000 in neg. equity they dont want it for the gas prices to so i guess his only reasonable option is to go bankrupt he makes alot of money but sees none of it due to all of his bills. just wondering if bankruptcy is good i know hes consequences but he says he has made the decision to go thru with it

Answer 1

Bankruptcy will stay with you for seven years and you will NOT be able to get ANY credit.... Go to a Credit Counselor for help.  They can get you started on the right road.  You may have to take a beating on the car... I really believe his best help is a debt counselor...

Answer 2

your boyfriend needs to dump the car for whatever he can...take his 4000 to 5000 dollar loss and live through it by buying a car for 3 or 4 thousand..... he is going to lose the car either way.. be resposible for your debt (his deb) and get out of it... stop buying cars that you cant afford...

Answer 3

dont file bankruptcy just yet. I am a financial adviser. e-mail me I may be able to help you