My husband is 21, unfortunately he has made some horrible decisions in his life regarding money. He is now considered ‘high risk’ by EVERY loan company you can think of, including the NO CREDIT BAD CREDIT NO PROBLEM people, lol. Now his (not mine, my name is not on it, and please remember, I just recently became his wife!) car is up for repossession. He leaves for basic in January, and that will solve many of our money problems. However, we NEED this car, myself and my daughter, while he is in basic and up until that time. How long will it take them to come get it? And the real question I am asking is–with his credit being this horrible, and owing all this money that’s so terribly behind, should he just file bankruptcy?? I know it will freeze the repo and we can at least keep the car. He is only 21, I know that is young, but his credit report is four pages long–of crap he still owes. Would it be better to start over even with a bankruptcy? (my credit is good.)
That is–keep the car for an undetermined amount of time. His mother (imagine that, the apple doesn’t fall far from the tree) filed bankruptcy earlier this year and drove her truck for free for over six months.

Technorati Tags: amount of time, apple, bad credit, bankruptcy, credit report, decisions, high risk, loan company, money problems, repo, repossession, six months

I’ve been looking at an informational site and couldn’t find anything that would answer this question plain and simple. For Chapter 7 it said you could keep clothes and furnishings and something else but it wasn’t house. It said everything of value had to be liquidated to pay the debts. For Chapter 13 it said something about mortgage, but it made it sound like it had to be paid off in 5 years, which I know for what my sister owes on her house, she’d only come close if they weren’t charging any interest during that time. If worse comes to worse for my sister and she ends up with her cars going into repossession and house into foreclosure, and she files bankruptcy, can she keep her house and one car, or would she have to sell them and start from rock bottom all over again?

Technorati Tags: bankruptcy, cars, chapter 13, chapter 7, clothes, debts, foreclosure, informational site, mortgage, repossession, rock bottom

I have a past repossession due to job loss for over 34k and they are charging me interest a day. I have 6 credit cards with chase, capital one, and a home depot card, these will not be included in the chapter 7 because I don’t own any on these cards. Thanks for you help.

Technorati Tags: capital one, chapter 7, chase capital, credit cards, home depot, job, repossession

Im in a dilema… With the economy the way it is, I am forced to make a decission i have been dreading for awhile. I need to know what is easier, less affecting, towards the credit and future.. Debt settlement, Bankruptcy, or repossession of 2 brand new cars!!

Technorati Tags: bankruptcy, brand new cars, Debt Settlement, decission, dilema, economy, repossession