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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