Should I file bankruptcy?
Ok, I have 5 negative and 5 positive credit marks on my credit report. My fiance has 0 positive and 2 negative. We both have a negative mark for a joint automobile. We were both in a wreck (not our fault) and have been w/o transportation and a job b/c of the wreck. It caused a lot of things to become negative marks.
I dont see how I have positives b/c we were unable to pay everything other than rent/electric/water. We got some money from the insurance company for pain & suffering and lost wages. Currently, I have paid off 1 of his negatives (not the vehicle, but the credit card he has)… and 3 credit cards that were negative. I am still months late on one loan (which is still deemed positive). The other credit card I never used and had closed a yr ago. And the other positive I am making minimum payments on (but was late 2 months).
So, all the APRS have shot through the roof… combined, we are about 12-13000 in debt (most being the vehicle, followed by my loan and credit card). The APR on the vehicle is outrageous…and payments more than doubled. Only 1/9 goes towards the vehicle…the other 8/9 goes towards the finance charges. The vehicle is on a Honda credit card.
Should I file bankruptcy? What about 3 yr bankruptcy term (or shorter)? How does that work…will it show in the future after 3 years?
Also….if I filed bankruptcy….would the vehicle be only his repsonsibilit then? How can we get the vehicle out of our life…lol! Its a pain, monthly payments are outrageous…and its not worth what we owe now.
I do have a ancient vehicle that was given to be as a present a few years ago as a graduation present. Its pretty ancient, but it runs ok (not well). Its probably only worth about 1000. I use it as backup if I have an emergency…but it doesnt run very well so I dont like to drive it.
If I filed bankruptcy…would they take that away?
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Tags: 3 years, amp, aprs, automobile, credit card, credit cards, electric water, fiance, finance, graduation, honda, honda credit, insurance, insurance company, job, life lol, minimum payments, should i file bankruptcy, suffering, wages
Have you tried asking for a deferred payment? If you clarify the situation to the credit card companies they may be more willing to do that than to have you file for bankruptcy.
Heck yeah, your a fantastic candidate for chapter 7 bankrupcy. Question yourself this: Is my future any brighter if I stay in this situation any longer? Bankrupcy will be on your record for 10 years. You can rebuild your credit within two years…