Debt Relief – Insolvency – Bankruptcy Information » Bankruptcy Help » I am financing a car but I owe double what it’s worth-How can I get from under this and get a less $$ car?
I am financing a car but I owe double what it’s worth-How can I get from under this and get a less $$ car?
I have just come out of bankruptcy due to divorce, so my credit is tanked. But I kept my car and have been making the payments, but they are really high. I can’t sell the car, I owe 10k and it’s worth 5k. I want a lower car payment, and I am sure that won’t happen by trading it in. Are there any real solutions out there or am I just stuck with this?
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Filed under: Bankruptcy Help · Tags: double, Financing., from, It's, less, This, Under, worthHow
Even then. you can forget trading it because you wont be able to get financed on another car.
Did you file a reaffirmation on the car loan? If so, is there still time for you to reject it? If you did not reaffirm, you can just walk away from the car. If you did reaffirm, and its too late to reject it, then you probably are stuck.