Would collapse serve?? This is the situation, a year ago i had a girlfrien and

This is the situation, a year ago i had a girlfrien and we be living together for some years,,, i got her a saloon from the dealer! my heading first and her name second!on the paperwork ...the item is that she returnd the car and in a minute i have a debt of 6000 dollars on it...(we dont live togeher anymore)i own horrrible credit debt and currently leasing a car.. i thinking of file bankruptcy...will this carry rid off that amount or what and whats going to happend to the coup�� im leasing right now? lend a hand (sorry for the horrible speelling and grammar). hope u understand..my press!

Assuming you CAN directory bankruptcy, it will acquire you out of the debt. However, defaulting on the $6000 will do LESS damage than the collapse. Since you are currently leasing a car, and don't own it, I doubt you will be forced to confer up the leased vehicle, but you will have to keep hold of making the payments.

The laws a moment ago recently changed so you may enjoy to pay final the money even if you file liquidation. Consult a lawyer or law in your state.

Answers: Bankrupcy WILL get rid of the debt but it will also RUIN your credit for the subsequent 10 years making it nearly impossible to get any credit including buying a motor, house or anything else that you may want without a co-signer! If here is ANY OTHER WAY that you can pay past its sell-by date this debt then you requirement to really concider that instead!! Also talk to a legal representative and look into the possiblities of getting HER to pay sour that debt since in reality it was HER saloon!! If SHE sold it without your consent and YOU be the first person nominated on the note after the money that she made off it be legally YOURS and not hers!! You call for to get some permissible advice up to that time doing something like bankrupcy and seriously ruining your credit!! Good luck and try not to buy anything that big for ANYONE that isnt your wife from presently on!

The things we do for love. I won't criticize you for the decision you made to sign/co-sign for the saloon. That's in times gone by and no sense beating yourself up over it. The actuality is that filing collapse is not as easy as it once be and there are more chapter 13 (repayment plan) than chapter 7 (non repayment) bankruptcy being allowed. You cannot directory if you make a confident amount of money. You cannot keep your home and/or cars over a in no doubt amount of equity in them. You may termination up having to repay that $6,000 debt anyway because you signed for it within good principle. The car nouns company doesn't care if you are driving the vehicle or that you broke up with your girlfriend. You signed the loan and you are liable... length. If you are overextended in debts, consider a non profit debt counseling plan by CCCS (reputable only) that can oblige you negotiate payments you can live with. Trust me, it's not worth file bankruptcy for a few thousand bucks although it may grain like it is. Think of the subsequent ten years of your life self affected next to insurance rates, job denials, self esteem, etc. You made the mistake but you can revise from it and not do it again. Check out the organization below for a CCCS plan close at hand you. There's no obligation but worth a phone christen: