single mom filing BK7..keep vehicle?

[kkakn]

I'm feeling desperate and confused. I have not worked for the last 4 years as I have been taking care if my youngest child who is disabled. I just started a new job but only make 8.50/hr. I have 4 children. I am so far behind financially, my credit has suffered in the last year. I have 2 credit cards Closed (total 1100), a school tuition in collections (2100), old cell phone bill (400) and an old repossession (8000) that is technically my ex husband's debt per court order. I simply pay them $20 a month when I can. I have a vehicle that I owe about 21K on and it is cosigned with my mother. I'm struggling and wondering if I should file Chapter 7 bankruptcy. My question is, if I do that, will the repossess my vehicle? I NEED a vehicle with 4 kids and a child with complex medical issues (appointments often, surgeries, etc). I don't know what to do. My ex husband owes 55k in child support. I live with my mother whose own credit is suffering far worse than mine bc she has too many credit cards and it's just all caught up to her
I'm even worried she'llose her house. I need to fix myself and be aBle to get my own place. Is bankruptcy the best option? I don't know what else to do. My score is a 574 right now.

[Anonymous]

Hi there,

Sounds like a very stressful situation, and I am sorry for that.

For your vehicle, whether or not it can repossed would depend on the payments being made. Are you making regular, full payments? If you are, and you file BK, then you will need to reaffirm your intent to keep the vehicle after filing. And continue to make full payments, on time.

[gdale6]

You would need to keep up the payments on the vehicle to be able to keep it and if its upside down the BK judge isnt going to let you reaffirm it either. I dont promote reaffirmation of any secured debt in a BK7 you are not nailed with a repo if you cant continue the payments post BK7