My Car!?

[megiepoo]

Ok so I have decided to file bankruptcy & have already hired an attorney. I am putting everything in it, but then everyone told me I should keep my car. My payments are $365 per month, but that is 1/4 of my pay & that is not including my insurance. My problem is that I really need to have a car. I am single & I have to travel a little for work. I really don't want to keep the car because of how much I pay & my attorney agreed, but everyone else tells me I'm stupid to let my car go. Don't get me wrong I can afford the payments for now, but I am trying to go to college at the same time. Any advise from people that have already gone through this?

[carbk]

Just keep your car but DO NOT under any circumstance sign the "Re-affirmation Agreement" this is the form that your finance company (whoever your car is financed thru) will try to get you to sign. It pretty much re-affirms your debt. By not signing it you can still keep your car and still give the car back later if you had to due to financial problems or whatever. If you do sign the agreement you can't turn the car back in and if you do they can charge you a bunch of fees and stuff. Just talk to your attorney about this. GL

[inpain66]

I am in the same boat. My car payments are 270 a month and I have 5 yrs and owe 16k on the car. I need a car but know i should turn it over. I fear that if I turn it in I will not be able to get another car and I will lose my job!

[IninOxward]

Well, if filling bankrupcy means letting your car go, you must do it. I am sure you can find a much cheaper car you can use everyday going to work, I guess you can buy a new one if things goes good again.

[StartingOver08]

If your car payment is 25% of your earnings PLUS you have an additional insurance payment, you are paying too much for the car. Surrender it in the BK. If "everyone" is so concerned that you keep your car - where are they when it comes time to chip in for the payment?

This is your time to undo past credit mistakes. The car was a mistake. If you are in school you should be driving a beater anyway to keep your expenses to a miniumum.