I can't afford my KIA anymore! Between the payment & the gas I'm spending 1000 a mo. I jus wan to let it go bk

Question

I already have bad credit, I filed bankruptcey back in 06, so I'm not worried about my credit being ruined (it already is) but I'm just @ my wits end trying to make ends meet & trying to keep afloat w/ this vehicle payment. I spend 140 a week in gas alone just getting back & forth to work & I just can't do it anymore. What are my options (If I even have any) And please don't suggest I move closer to work, I have kids that are in school & don't wan to move them just too keep my d**n KIA its not worth it! HELP

Answer 1

Just remember if you let it go back, you are still responsible for the difference in the cost in which you owe and what they get for the car. Example: if you owe $10,000 and they only get $9,000, then you are still responsible for paying the thousand back.

Also, if you are spending $140.00/ week in gas, then that makes your payment $440.00/ month. With bad credit, that would be the average pmt. After you have a car repo'd, it will be hard to get another one- so be careful as you won't want to be without a car.

Answer 2

If you want to continue living where you do you are going to have to either get a second job to supplement your income or get a cheaper car.  If you don't want to do that you are going to have to move closer to where you work.  Sometimes you just have to face reality and do whatever it takes to keep food on the table for your kids.  Realize that if your car gets repossessed you won't be able to get to work and then you will lose your job and eventually get evicted.  If that happens the courts might take your kids away. If you can't provide them with a place to live, you will be seen as an unfit parent.  Your kids might not like the idea of changing schools now, but they will understand when they are older that you had to do what you did in order to get by.

Answer 3

You filed bk back in 06..was it a chapter 7 or chapter 13...in order for you to let the car repo and not be responsible for the deficiency balance you would have to go into a chapter 13 to pay the debt left from the repo....Put a for sale sign on it and sell it outright....Talk to an attorney and see what they can help you with......