Car Repossession

8/22/2008 6:43:41 AM

I am in a very bad financial situation right now. In 2004 I filed bankruptcy. In 2007 I bought a new car that is costing me $1,000 month between car payment, insurance and gas. I have been getting supplemental income from a renter and the renter has been gone for 2 months and I don't see that I will be getting another one. Therefore I am in deficit by 800. per month. I own my own home. What do I do? Sell the house? I have about 12,000 in credit card debt. My car loan is for 6 more years! I have to drive its 60 miles roundtrip to work and I would not be able to pay off a judgment. HELP.

Comments

Posted by Tom, Tampa, FL on 2008-8-23 8:40:33

I'm concerned that you're in debt already, considering that you filed for bankruptcy in 2004 and have $12k in credit card debt today. First, get the scissors out and cut your credit cards in half; learn to live without credit cards; later on keep one for emergencies.

It seems you second house my be an investment. Are you able to sell you house in this market? Back to the question of $800 in deficit. How can we make up the $800 deficit? Contact a credit counseling agency to see how much they can lower your monthly credit card payments. See how much you'll save each month by closing unnecessary accounts: cell phone, cable tv, Internet, etc. - you get the idea. Also, check out carpooling to save on gas; if car pooling is not possible, you can save a few extra dollars a month by driving the speed limit on you long commute. Hopefully, you can save a couple of hundred dollars a month. Now all you have to do is lower you rent by a couple of hundred dollars and I'm sure you'll be able to find some renters knocking at your door. This is just one of many options you may have to make up for the $800 in deficit; sometimes, you have to think out-of-the-box.

Posted by Tom, Tampa, FL on 2008-8-23 8:42:28

Sorry for the misspellings.

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