Q: I have a total debt of $55k to include a 40k car loan. In near future, I won't be able to keep up. Is bankruptcy option?
The rest of our debt after car is medical bills and CC. I was getting by because I was in school full time and collecting GI BILL money on top of my salary. My school money stops in August and I have a bad feeling that I will quickly fall behind. Im not sure id bankruptcy is an option. If I filed bankruptcy and it went through, could I keep my family vehicle?
A: Bankruptcy may be an option which can be determined by a good bankruptcy attorney to analyze your finances and assets. If the "family vehicle" you are referring to is the one with the loan - you can likely keep the vehicle but you must continue making the loan payments in order to do so. Part of a consult with an attorney would be analyze whether bankruptcy makes sense for you, whether the car is worth the $40,000 loan that is on it, and if you only have $15,000 debt beyond the car loan (if I am understanding what you have written), the benefit versus negative impact of bankruptcy should be carefully evaluated. Many of us bankruptcy attorneys, offer a half hour no charge consult which you may want to look into. Start now talking with someone for information to help you make some decisions on how to proceed.
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A: Yes, If you can pay for it, but if you cannot, it would be better to get another cheaper car. Best of luck.
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