If you have a huge financial problem and you had to choose between a repo on a car or bankruptcy?

Question

long story short, 2 years ago I co-signed a loan for my brother on a mini-van, he put $3000 down and 6 months later, started to make late payments, so I reposed the van. now I still owe $9000 when it's worth $3500 kelly blue book value I already have a truck I make payments on and can't afford both on my $17 hr. wage should I have them repo and suffer or claim some form of bankruptcy and really suffer

Answer 1

Good lesson in the never-co-sign dept.  I suggest go with the least harmful solution. You do not want to go for bankruptcy. That also is not free of charge, might cost you a few hundreds if not more and hurt your good name in the process.

Answer 2

let it go back they will sell it and a charge off will be put against you for the difference between what is owed and what it auctioned for. At this point negociate a payment plan you can afford with the bank.