xuberant

My buddy called me today and asked what would be better for him to do.

His situation - He bought a car this year and lost his job 3 weeks ago. His cars is worth $17,000ish but he owes $24,000. He said he has $5,000 in credit card debt and does not know wether or not he should file for BK because he can not afford to pay his cc debt or car, or should he just have the bank repo the car and leave him to pay what he owes on it?

I told him I would probably do the repo deal but I do not know if that effects your credit as bad as a BK. I figure even though he still has debt he could still pay the minimum and be fine.


Anyone have any idea?

**Jay-V**

If they repo the car, it is my understanding that you do not have to pay for the outstanding balance.

BK for $30K in debt is kinda stupid IMO.

ESCALVANTE

on both accounts!

B.C.

Just have them repo it. 5K in creditcard debt, can be paid off in months if he works a little harder.

I knew of someone who worked days and nights, 2 jobs and paid back 8,000 in CC debt in 3 months, and still paid for rent, car and food.

B.C.

(this is a supermarket job too)

**Jay-V**

B.C.

My subwoofer sounds GREAT with the sounds bar. Did U get it?

**Jay-V**

Not yet Fry's has a bunch of them in stock for the same prices as the online special so I'll be good when the time comes.

xuberant

He said that his other buddy told him if he went the repo route then he will have to pay the outstanding balance on the car after it is sold at auction....can anyone verify this?

**Jay-V**

Not true.

Trust me. Just had an aquaintance who got his Vette and his ML350 repo'd by GMAC and Mercedes financial