I have a vehicle that ive been driving since last year. i got it from an used car lot.?

its fairly new (2003) i stop paying the note and they are looking for the vehicle to repo it. im undecided: i can file for chapter 7 and keep it and at the same time, get my credit clean. or i could take the money to pay an attorney and put down on another vehicle, and jus wait 7 years for my credit to start over. i would like some serious comments from maybe somebody who knows my shoes or who can relate to the matter at hand. whats the advantages and disadvantages of filing bankruptcy?

I have a vehicle that ive been driving since last year. i got it from an used car lot.?
If the car is in good shape and runs good then file and keep it. If you buy after, your interest rates afterwards will be much higher until your 7 years are up.
Reply:First--if you file bankruptcy, you will only keep the car if you agree to continue paying on it. The primary advantage to filing with a vehicle is that you can opt to simply give it up and have the debt discharged, continue to make payments while still being able to later change your mind without further negative circumstances. As long as it's a secured debt, the creditor will retain their right to the property until the debt is paid.





As to the advantages vs. disadvantages, it depends an awful lot on how much debt you have vs. income. If there is simply no way you can dig out, it may be your best option. It is true that it is not the black mark it once was on your credit. True, it is a big negative, but their are plenty of sub-prime lenders out there who will provide at least secured loans without much difficulty--often within the first year after discharge.





However, the laws governing bankruptcy either have changed or soon will, requiring credit counseling prior to filing a Chapter 7 petiition. If you're seriously considering it, consult a qualified attorney. They will usually talk to you about it initially for little or no cost. However, if there's any way to avoid bankruptcy, I would strongly recommend it. It does stay on your record for 10 years and certainly doesn't do you any good.
Reply:i say file banrupcy and try calling the collection angency and make arrangements.
Reply:You won't have to wait 7 years. I've known several people that did bankruptcy, and in just a few months they were getting offers for car loans in the mail. I think they do this cause they know you don't have debt. The only thing is ... it's a higher interest rate than normal.
Reply:If you file for bankruptcy, it will be hard for you to get a loan for a few years on anything- car or house. So I would see if you have any expenses in the near future in those areas.





Just some tidbits of advice. Good luck. Attorneys tend to overcharge and underwork from my experience.
Reply:It is best to go to your dealer and try to renegotiate payment terms. The dealer would like that a lot more. Keep your credit clean.
Reply:Before you even think about filing for bankruptcy, you need to know the new bankruptcy laws and how it fits into your plans. They have made it a lot more difficult to get one.





And I would not go that route unless you owe a whole lot of money, especially in credit cards.
Reply:give the car back, the dealer will usually help to keep the credit clean, and don't live outside your means, or the interest when you do get new loans will kill you.



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