@llecs wrote:Do you feel that would be the right thing to do?
At first glance, your down payment for a new car would exceed the cost to fix your car and your initial costs to file BK would exceed the cost to fix your car too. You'd save money just by fixing it.
+1 --- I agree. You should just have your vehicle repaired. Did you have a warranty on your vehicle that may be able to assist you with the costs of the repair? It will cost more for you to hire a lawyer for the bankruptcy then it would to have your vehicle report. Also as IIecs wrote, it will cost more for the downpayment of a new vehicle then it would for fixing your vehicle. A 1 time expense is much better than a continuious monthly expense. Do you have an emergency fund that you can tap into so that you can fix your vehicle? As far as the purchase of a new vehicle before you file... well, each state is different, but most bankruptcy courts look down upon that. Not sure if this is a law or anything, but IMO, making a purchase knowing you are about to file is grounds for dissmissal.
Current Score: Eq: 823 Tu: 830
@jtmoy19607 wrote:yeah, I looked into that, there is 160,000 miles on it and once the transmission goes they aren't the same anymore. that was my first instinct. but maybe i will still go that route, but my question is can I declare bankruptcy, is it an option for me?
No clue. I am sure you probably can, but you want to discuss that with a bankruptcy lawyer prior to doing it. You have to remember that with doing something like that, you bring attention to yourself and have a much higher chance of your entire bankruptcy being dismissed. The magistrate has the final say.
@jtmoy19607 wrote:if you weren't judging me and asking you were asking from a business point of view if it is the right thing to do, I would say I don't know...that is why i am seeking feedback from here, sorry didn't mean to flip, I just get judged when I mention bad debt. But now that more people are hurting lately they arre judging less. and I am trying for part-time work, but that isn't happening. overqualified for too many positions.
No judging, I promise. And I am sorry if I made you feel that way. I was only going with my opinion. Having gone through a bankruptcy, there are not secrets. You have to disclose everything, and the paperwork is reviewed by the courts. I have been in the court when the magistrate asked another couple why it is they made a certain purchase if they knew they could not pay the debts they already acquired. I saw a discharge be denied because of the decisions the couple made prior to filing. So, I was just giving you my opinion based on my experience. I would defintely recommend going for a consultation as a bankruptcy attorney would be able to tell you best. Just make sure you are frank with the attorney and explicitly explain what you plan to do and they can give you the best options. One of the questions they ask is if you have either registered a vehicle in your name or registered a vehicle out of your name within the last 12months. They want to make sure that assets are not being hidden.