Posted by Gleanerguy on July 10, 2008 at 14:49:16 from (199.150.177.22):
In Reply to: OT Financial Fiasco posted by dave guest on July 09, 2008 at 21:18:35:
I am a financial advisor as my real profession (farming is a hobby). I am not saying this is the "right way", but as the others advised other than to just keep paying on the darned thing- I suspect that this person is probably not otherwise financially sound anyway- would be to file Chapter 7 Bankruptcy. She could give the vehicle back to the creditor and in most cases the creditor would have no further recourse against her. At least she wouldn't be paying for something is only worth half of whats owed against it. The negative implications are that bankruptcy will ruin her credit for a few years (varies by state). She of course would need to find another vehicle to drive also. She would probably need to drive a cheap vehicle and pay cash for it (not a bad thing) at that point.
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Today's Featured Article - Talk of the Town: What's The "Stuckest" You've Ever Been? - by Edited by Kim Pratt. Another great discussion from the Tractor Talk Discussion Forum. The discussion started out with the following post: "I was about 14 (part of the problem) when I got stuck. I was disking with a cab equipped IH 966. The window was dirty and I was driving into the evening sun. It was hard to see and it was my first pass down the field. I got the tractor so stuck that the underside of the tractor was resting on the ground. My uncle wanted
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