I just found out I am being permanently laid off and I own a new car just purchased in December, RE PO???

Question

I am a 56 year old woman, getting permanently laid off due to buget cuts in Illinois state. I went bankrupt 3 years ago and cleared out everything..home and all..is it possible to go bankrupt again if I go for the restructering type and if not what will happen if they repossess my car...I know they will make me responsible for the unpaid which will be alot but can they take my home?? Jobs are very hard to find in the small rural community I live in and I am not able to move. I am either going to have to restructure or loose the car..the house payment is small so I can easily handle it but the car is going to be impossible...what happens to me and/or my home if I can't pay what they say on the reposession? Will I be able to make small payments till I die or will I be homeless...and please don't be rude in your answers...I'm just an old lady who needs to know. I'm not in the best of health and I am scared to dealth I will loose my home becasue of this possible reposession. HELP!!

Answer 1

Try to sell the car, you will probably be upside down but try it either way you will have to pay if the bank reposses the vehicle and sells it in auction then you will have to pay the difference so try selling it on your own.

Answer 2

Sell the car.

Answer 3

Can you take another job?  I think there are laws pertaining to how often a person can file bankruptcy.  Do you have children?  Can they help you out?

Answer 4

First Don't panic!

Sell the car, you will be responsible for the difference between what the car sells for an what you own on it.   But that will be much less that if it is repossessed.  If the car is repossessed it will be sold at auction for MUCH LESS than you can sell it for and you will still owe the difference (which will be much more).   Keep out $1000 and buy a car for cash that will get you places for the next 2-3 years.  After you sell the car, call the finance company, explain your situation, and tell them that you need to work out a repayment plan.  Make sure that you can live with the repayment plan payment.  Don't let them bully you into agreeing to pay more each month than you can afford.  As long as you keep up your house payments, your house will be fine.

  In the mean time, if you cannot find a full time job.  Look for several part time jobs.  It is time to go into survival mode: babysit children after school, be a personal assistant and run errands for people, start a housecleaning business.   It doesn't matter what the work is because all legal work is honorable.