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Hi all. My car was repo'd and I must pay off the entire balance ($4500) which I do not think I can do by the deadline . I was able to negotiate a 30 day term -- (tried for 60 day) but it still leaves me one paycheck short -- and the lender refused to extend deadline for the additional two weeks . Won't bore you with all of the details .


Here's my question: Since my credit is already shot - can't get much worse, would it make sense to file for bankruptcy (chptr?) and try to save the car? Truth is - I would welcome a fresh start (although I still have tax situation - working out via atty) but not sure filing won't make matters even worse - although that is hard to imagine.


Many thanks in advance for any suggestions and insights. Would also welcome any words of encouragement from those who have been here -- in this terrible dark zone.

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You should start your own thread.


Unless there is more debt and more to this story, then no you should not file bankruptcy because you owe $4500 on a car.

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Of course there is much more to the story -- not first repo, other debt ( CC not too large), but there is student loan currently in deferment and tax lien . I have atty working on taxes. I am aware that student loan and taxes don't go away. Thanks, will start thread and post under bankruptcy as well.

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