Need some advice
Date: Thu, 03/29/2007 - 10:25
I had a car repossessed (sp?) about 3 years ago (in June). I had a relative co-sign for me and I feel terrible about it. I have not filed bankruptcy and plan on it, but I may actually try and pay this one off for the sake of my relative. What do you think is the best way to deal with this?
Thanks in advance for the advice!
Bankruptcy should be considered as a last option. It will leave
Bankruptcy should be considered as a last option. It will leave a negative mark on your credit reports for ten years and it will hurt your credit. If you can afford to pay this debt,then go for it.
Were you planning on filing bankruptcy for other debts and this?
Were you planning on filing bankruptcy for other debts and this? Or just this?
Chapter 13 will be better option when compared with chapter 7, i
Chapter 13 will be better option when compared with chapter 7, in case you really need to go that way. Chapter 13 will stay on your file for seven years.
If by any means, you can manage to pay on your own, don't file bankruptcy unless your situation really looks tough to manage.
There were other creditors that I was planning to include in my
There were other creditors that I was planning to include in my bankruptcy, if I plan to go this way. As far as paying the vehicle off, I have about $50 a month I can spare to pay it off and I believe the charge off is around 20,000.
Is there anything the my relative can do so she doesn't get hounded by the collection agency?
Thanks again!