The straw that broke my financial back and is prompting me to finally file, is car repairs & maintenance. I was barely keeping up with payments anyway and all my other bills & debts have gotten behind. I've decided not to re-affirm and just let go of the car, I never should have been approved for the stupid loan in the first place, and I live and work along bus routes anyway. There's between $9-10 k remaining on the loan and the car is maybe worth $7500 at best, and in increasingly poor condition.
During a free consultation, I was advised that IF I want to keep the car a little longer, to continue making the payments for now and settle it during the bankruptcy. But the more I look at my cash flow, the more impossible that looks. Three months worth of car payments and full insurance coverage, equals almost all my filing fees & attorney's fees. Continuing to make payments will just delay my filing.
So, is there any reason to try to continue making payments and surrender the vehicle during bankruptcy, or should I go ahead and let them repo it now?
During a free consultation, I was advised that IF I want to keep the car a little longer, to continue making the payments for now and settle it during the bankruptcy. But the more I look at my cash flow, the more impossible that looks. Three months worth of car payments and full insurance coverage, equals almost all my filing fees & attorney's fees. Continuing to make payments will just delay my filing.
So, is there any reason to try to continue making payments and surrender the vehicle during bankruptcy, or should I go ahead and let them repo it now?
Make sure like "CJ0203" mentioned, don't leave any personal possessions - they'll just say "nothing was in the car," if you try to claim anything. Just be prepared to take the bus anyday once its gone. REPO men are sooo sooo sooo sneaky!
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