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In debt, can't afford bills, how do I get back on my feet?

Date: Thu, 04/18/2013 - 07:37

Submitted by anonymous
on Thu, 04/18/2013 - 07:37

Posts: 202330 Credits: [Donate]

Total Replies: 2

In debt, can't afford bills, how do I get back on my feet?


Last year I got into a car accident which resulted in totaling my brand new car. My insurance paid off all of that car loan except 2000 dollars. Because I had a good job at the time I went ahead and rebought the same car. I continued paying on both loans for about three months and then I lost my job. I immediately found another job but it paid half of what I made before and I couldn't afford both loans. Because I did not want my new car to get repossessed, I continued to pay on my new loan and stopped paying on my old loan. My old loan has gone to collections. Soon after my insurance policy renewed and I realized it raised 100 dollars a month which left me with nothing to pay any other bills. I moved in with a friend where I am not paying rent so I can't afford to pay my cell phone and credit card bills but she isn't going to let me crash on her couch for long. I have to get rid of this car because it's ruining my life!!! I checked Carmax and they are only willing to give me 3000 less than what I owe on the loan. I'm kind of strapped on time so I don't know if I can sell it as fast as I need to. But is this a better bet than filing for bankruptcy? Would I even qualify for bankruptcy? Is there anything else I can do?


First off I would register with the forums.. and lets see you have to car loans you can't afford, you can't afford a place to live, your insurance went up from more than likely them running your credit, you have taken a substantial cut in pay, I would definitely be considering BK...you can get rid of the car by having the loan discharged completely, as well as include your credit card bills and any other debt you may have - excluding student loans or government debt like taxes. .. And you can get your finances in line with what you make now, not what your were making.. Oh and next time you buy a car - make sure that on your insurance you have gap coverage so you don't get in this mess again.


lrhall41

Submitted by HelpinAZ on Sat, 04/20/2013 - 06:14

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Qualifying for BK is a good question. You will need to consult a BK attorney. BK seems like a good option in getting rid of the loan although filing is going to trash your credit.
Your insurance possibly went up because of the accident last year. They usually take the opportunity to raise cost during policy renewals.


lrhall41

Submitted by Steve Barris on Sun, 04/21/2013 - 20:42

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