car repossession payoff strategy or bankruptcy? problem with law ?
car repossession payoff strategy or bankruptcy? problem with law ?
I understand this may not be the place to ask these sort of questions
but I have searched for getting out of debt advice help forum with no
avail. Please feel free to direct me to a more appropriate place.
Specifically I'm looking for support from people that have gotten out
of car repo debt since this sort of debt stays on your credit report
for seven years. My questions is the following.
with 2 vehicle repossession in the last year due to a very unwise
decision (yeah yeah hindsight is 20/20). I am contemplating whether
paying the debt off is the best strategy for my family and I. I now
have about $500.00 left at the end of the month and will be getting a
part time early morning job for an extra $400.00-500.00. If this is the
way to go how much should I agree to pay on both vehicles per month to
pay the total amount off. About 15,000 is owed to each of the car
companies.
At this point I don't know if filing for Bankruptcy for the $30K in
repo costs plus another $10K in misc bad debt. and investing the
$900.00. is the way to go.
Financially speaking, A year or two years or three years from now which
will I be better off.
One last thing, please lets not get caught up in a discussion about the
amount owed as this is not my question. It is what the car company says
it is.