Q: I have a car that I owe more than 10 thousands of dollars that I cannot drive because of numerous mechanical problems.
What are my best options since I cannot afford to pay to fix car and make my loan payments. I live in Loves Park, Illinois.
A: Consult a bankruptcy attorney to evaluate your financial situation and determine whether bankruptcy and/or what chapter bankruptcy might help get you from under this debt.
A:
In your situation with a car that's costly to repair and still under a significant loan, there are a few options to consider. Firstly, check if your car is still under any kind of warranty. If it is, some or all of the repair costs might be covered, reducing your financial burden.
If the warranty isn't an option, you could consider selling the car. Even though you owe more than it's worth, this could reduce the overall debt you're responsible for. Another option might be to negotiate with your lender for a loan modification, which could lower your monthly payments or provide other relief.
If these options aren't feasible, you might want to consult with a financial advisor or attorney. They can help you explore options like a voluntary surrender of the vehicle or even bankruptcy, depending on your overall financial situation. Remember, each option has its own consequences and should be weighed carefully.
In the meantime, try to avoid letting the loan or insurance lapse, as this could lead to further financial and legal complications. The key is to take action sooner rather than later to find the best possible solution for your specific circumstances.
Justia Ask a Lawyer is a forum for consumers to get answers to basic legal questions. Any information sent through Justia Ask a Lawyer is not secure and is done so on a non-confidential basis only.
The use of this website to ask questions or receive answers does not create an attorney–client relationship between you and Justia, or between you and any attorney who receives your information or responds to your questions, nor is it intended to create such a relationship. Additionally, no responses on this forum constitute legal advice, which must be tailored to the specific circumstances of each case. You should not act upon information provided in Justia Ask a Lawyer without seeking professional counsel from an attorney admitted or authorized to practice in your jurisdiction. Justia assumes no responsibility to any person who relies on information contained on or received through this site and disclaims all liability in respect to such information.
Justia cannot guarantee that the information on this website (including any legal information provided by an attorney through this service) is accurate, complete, or up-to-date. While we intend to make every attempt to keep the information on this site current, the owners of and contributors to this site make no claims, promises or guarantees about the accuracy, completeness or adequacy of the information contained in or linked to from this site.
