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

Noname

“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.

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About the author

Steve Rhode

Steve Rhode is the Get Out of Debt Guy and has been helping good people with bad debt problems since 1994. You can learn more about Steve, here.

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