I Cosigned for a Car Loan and that Person Went to Jail. Now I Have to Pay it. – Noname

By Steve Rhode
Ask me your question.

Noname wrote to me through the GetOutOfDebt.org site and asked the following question. If you have a credit or debt question you’d like to ask just use the online form. I’m happy to help you totally for free.

Income from the GetOutOfDebt.org site advertising is used to help alleviate poverty. If you would like to help me to help others, there are easy and free things you can do, click here to learn how you can help.

“Dear Steve,

I am in a distressed situation and i dont know what to do about it. I recently lost my job and I have 2 car payments that along with insurance is taking about 600.00 a month and recently a family member that i signed for a car went to jail so now i have that car as well as insurance to keep on i.

I hate to damage my credit but i have no way out and it looks like there is no light at the end of the tunnel with all this debt. the job market in my area looks bleak and if i do find a job its looking like i’ll only be making a 3rd of my original income.

I have tried running ads to sell the vehicles but the cars are just breaking even on what they are worth as to what is owed. I have a few credit cards that i recently defaulted payments on to keep afloat with bills since my job loss

Is bankruptcy the best way to go for me?

Noname”

Dear Noname,

It seems like bankruptcy is a reasonable solution to explore. Without any expectation that you will make enough money to support the old debts, there is no way the math will add up to let you get or stay current.

You should find a local bankruptcy attorney and schedule an appointment for a free bankruptcy consultation.

Big hug.

@GetOutOfDebtGuy

Source: I Cosigned for a Car Loan and that Person Went to Jail. Now I Have to Pay it. – Noname

Do You Have a Get Out of Debt Question You Want to Ask?

I'm happy to answer any question you have about how to get out of debt, as honestly as possible by sharing with you my experience and truth that I learned from helping thousands of people to get out of debt. Don't be shy, if you need help, ask now, click here.

And if you want to follow the latest questions and answers, just subscribe to my site RSS feed or get the email newsletter for free.