Car Insurance | Bankruptcy, Chapter 7, Pennsylvania? | insurance ...

by Car Insurance

I got laid off back in February. At that time I had a considerable amount of credit card debt, now I’m up to over $63,000.00. I was able to make the minimum payments on all my credit cards when I was employed, but since then I have struggled. I cashed my entire 401k to pay my bills and use for my living expenses, now I have nothing. Not a dime saved up. I live off of $355.00 a week from unemployment. My lease was up on my car a month ago, and I decided to buy it from the dealership because it was the cheapest option for me, only $160 a month, but had to get my father to be the primary signer on it, if he wasn’t, no bank would of approved it because of my credit. I now have moved back in with my parents because living on my own put me further in debt then I already was. Now that the money I used for rent and living expenses is available, I figured I’d settle my debt and start paying it back. Unfortunately, most settlement companies have declined me, (this is after I exhausted credit counseling and trying to negotiate with the credit card companies myself) and the companies that say it’s possible inform me that my payment would be at least $800 a month, for over 3 years. This, I cannot do. My phone, 2 student loans, car, medical and auto insurance bill all value around $700 a month, leaving me able to afford at most another $700 a month, not including food and gas. I now realize that bankruptcy is my only option. My question is will my father be involved since he is the primary signer for my car, (though the title is just in my name for insurance purposes) or can I just continue to pay the monthly bill for that and my other expenses and he will be left out of it? (he also is a cosigner on one of my student loans). I keep reading stuff that in a chapter 7 some personal belongings are taken away from you, the thing is with me though, is that I don’t have anything, I mean, absolutely nothing, except clothes, a laptop that i purchased a half a year ago, my phone, and this car i just bought, though i’m the cosigner on the bank loan for it. What can be taken away from me? Thank you in advance for your help, it’s greatly appreciated. and any sites that can lead me in the right direction to start this off would be wonderful, thanks again.

Read more...