Is repo better??
June 19th, 2007 by Questions
I have no other debt besides my car but am out of a job and cannot carry the payment any longer, I am already 2 payments behind and have been for sometime. The loan is very front end loaded and there seems no other way out then to declare bankruptcy to get rid of it. I have already declared personal bankruptcy once five years ago – how do I get rid of this $500 month payment and the car????
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June 20, 2007 at 8:01 am, A licensed trustee said:
I suggest you try and sell the car privately before you allow it to be repossessed. If the bank comes and takes it, they will sell it at auction and you will still owe them a substantial amount of money.
Alternatively, go back to the deealer that sold it to you and see if there is anything they can do to help (sell it for you, trade it in on a less expensive car, connect you with someone else that can help).
Once the car has been sold or repossessed you can decide what to do about the debt. Bankruptcy may be an option, but you will want to mee with a trustee to discuss some other alternatives as well.