“Dear Steve,
I filed chapter 7 last year and instead of my situation getting better, its getting worse. I financed a car through a company name first investors and in the beginning of the loan I was keeping up with the payments. But, due to a decline in my yearly salary the note is killing me. I pay far to much for this vehicle and I want out. They advised me that they do not refinance, but they did push some of my payments to the back. Even though they did this, I still cant afford the not. What do I do at this point?
Tarsha”
Dear Tarsha,
Well you can’t file a chapter 7 bankruptcy again so your options are limited if you want to keep the car. You will either have to pay the car off, find someone to help you with the payments, find someone to refinance the car loan, or default on the car loan and lose the car. If you default, expect to have them come after you for the loan balance after the auction.
You might also have to consider getting a second job to help generate additional income to meet the obligation. I’d suggest you look at the public benefits finder to see what benefit programs you might be eligible for. Any benefit you receive will reduce your expenses so you have a better chance of making the car payment.
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