Expert: David - 4/1/2009

Question
hello i am really up side down on a truck i bought about 2 years ago. the truck is only worth 8 maby 9 thousand and i owe about 19 on it and need a 4x4 for where i am moving to with snow. and cant afford a $500 payment. went to a dealer and before even looking at cars i asked what if anything they could do. they said that threr is nothing they can do. then the sales man i was working with was telling me that there is a way that i could get out of that truck and payments. he told me that i could buy a used car he was showing me that payment with my great credit score will only be 299 a month witch is a lot more doable. and then eather voluntary repo my truck or some kind of bankruptcy. i am fairley young and dont want to ruin my great credit score. i was stuipped for even buying this truck.what if anything can i do. thaks for your time chris

Answer
Hey Chris,

If that is the way you decide to go you should be aware of the consequences.  Repo or Bk will plummet your credit score.  Repo will lead to collections and wage garnishment until you have paid off the truck.  Bk chapter 7 will allow you to keep the new vehicle but return the truck.  You'll need to talk to a chapter 7 attorney to see if you qualify and all the details.

If this is what you do you'll want to aggressively start rebuilding credit.  If you take all the right steps you can have a 700+ credit score within 2 years of BK.  Start by going to: www.financialscoringsolutions.com

Feel free to call me if you have questions.  I don't mind.

David
219-718-8566