“Dear Steve,

The car loan company was going to work with me but faxed by papers on a Saturday (last day of the month) when I was not at work so they say they can’t help me now. My husband is out of work.

Should I let them take the truck back? I will then owe the difference because the loan is far higher in price then the value of the truck? what should I do?

Cindy”

The Answer

Dear Cindy,

I think what you should do has already been decided for you. I would imagine that outside of wining the lottery or having a family member bail you out, the truck will be taken back by the loan company since you are apparently unable to make the payments.

I’d just wait for the truck to go back and then when they hit you with the big bill, go and talk to a bankruptcy attorney. Chance are that you are not going to be able to afford the big bill you’ll get after they auction the truck off so bankruptcy is the most logical way for you to dispose of that debt.