what about the vehicle

February 19th, 2009 by Questions

we have substantial debt, credit cards, loans, and a 1yr old vehicle loan all total about 50,000.00. what are our options? we already had a bankruptcy that was discharged in 2004. we do have a home which we bought a year and a half ago we owe 115,000 on this mortgage the home is assessed at 85,000. should we just give this vehicle back and what would happen to our home?

Posted from: Nova Scotia


One Response to “what about the vehicle”

, Barton Goth - Goth & Company Inc. -Trustee in Bankruptcy said:

When deciding to retain or return a vehicle as part of a bankruptcy you really need to consider the following questions:
1. Do you need a vehicle for work?
2. Can you afford the vehicle payment?
3. Is the vehicle reliable?
4. Is the vehicle worth less than the full balance of the loan?
5. What is the interest rate of the loan?

Once you have thought about some of these issues then you will be in a better position to determine the best course of action. I also recommend that when you contact your local trustee you should discuss the pros and cons of keeping the vehicle and together you can put together a plan to best address your debts.

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