Wednesday, August 3, 2011

Driven to Bankruptcy in Upside-Down Car

My husband and I are preparing paperwork to file for a Chapter 7 bankruptcy. One of our major issues is we have two cars, and the loans for both of them are upside down. That is, they are for more than the cars are worth. At present, we plan to reaffirm the car loans on our vehicles even though I would prefer to let them go because they're upside down. Our problem is that we live outside of the metro area where we both work. We need two vehicles. But we have no cash to purchase cars. If we chose to surrender the cars we have now, how could we obtain replacement vehicles?

Read the answer at Fox Business

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