To whom could lend some immediate advice,


I purchased a 2005 brand new vehicle in 2005. This automobile has been repossessed as of 5/07. In addition, I filed bankruptcy (Chapter 13) in 2006 to avoid this very problem, however that has been dismissed for lack of payments.

My current situation is a repossessed automobile which the creditors are saying has an outstanding balance in the amount of $18,000. I just received this call yesterday (8/16) and was informed they would settle for $11,000. Unfortunately, I have neither. I do not want my paycheck garnished.

I was seriously considering filing bankruptcy again (chapter 7) to clear the dept. However, I’m not sure if I would be eligible with the new laws. I realize another option of mine would be a dept consolidation firm; based on the information I received ($200 monthly based on the $11,000 creditor would settle for) I would be able to afford that. I just would rather have the amount removed totally via bankruptcy.

If anyone could assist me in anyway (advice) I would be greatly appreciative. I have
Thanks in advance for your assistance with this matter.

Speak to an attorney about bankruptcy. I would try to work out a payment plan with them.

Thanks for your response. If they don't except $200 monthly, which is all I can afford, would you suggest a dept consoldation company? I don't want to file bankrupty again, I just feel like I don't have many other options.

A debt consolidation company won't help if they don't agree to it. Such things are voluntary.