Considering bankruptcy?
I have two car payments that I can not keep. One car I financed for someone else in my name and realized it wasn't going down like that so now both sit in front of me. Both car payments equal 0. My insurance is 0 a month and my rent is 0 a month. I can't do it. I try to look for a better job but everyone wants experience or a degree and I don't have any real skills. I am 23 years old and hold no degree but am a quick learner and calculus level math but no one wants to hear that. I think the best thing for my situation is to file bankruptcy because I want to return to school. My debt consists of a 0 hospital bill, 0 credit card bill, and TWO ,000+ car loans. This is what is killing me. How does bankruptcy work? If I file bankruptcy with the cars will it show as two repos and a bankruptcy on my credit report? Is there any possibility that I can keep the cars under bankruptcy and make the bankruptcy planned payments? Cars are secured so that means that I can NOT put them under bankruptcy, right? I will have to repo the cars in order to have it included in bankruptcy? Even with a part time job I can NOT make two 0 something car payments. I will just take it as a serious lesson learned and 10 years from now be in a better situation with hopefully a masters degree and better pay. I can't even possibly qualify for any type of loan to try to pay off a car so I can sell it because my debt ratio is high with two newly leased cars, two credit cards, etc. because I own nothing. I'm just trying to make the best decision and ultimately I wish to return to school so I can be able to just qualify for good paying jobs. Then everything else will fall into place.
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Bankruptcy laws are really complex thanks to the Congressional screwing called the 2005 Bankruptcy Reform Act
Odds are high that you will not keep either car, and still end up having to pay a disgusting amount–even after your bankruptcy.
So, do you have car loans, or leases? If in your shoes, this is what I would do.
Take a second or third job. Find someone to assume the lease on the 2nd car. Never go into debt like that again.
Or, go and see a bankruptcy attorney, he will give you free advice and let you know what your legal rights are.
Good luck.
find a good source of income, work as much as u can two to three jobs to make up the payment. And use the money wisely as much as you can, dont use credit card when its not the basic nessisities of daily lives. try the best as you can not to end up at the bankruptcy, it take of how many years to build up your credit.
You can try follow this link. And find what you need.