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mrduckcheese

Junior Member
Ok here goes, my ex wife destroyed my credit behind my back so I divorced her but was left with 30k in credit cards. I fell very sick from stress and health causes me to rack up 24000 in medical bills. I recovered and got a good job making about 5000 a month, only problem is I needed a truck that could pull a certain amount of weight. We'll my credit was crap so my mom CO signed. 3 years of perfect payments and I got laid off. Needless to say I'm screwed. I won't employment making only 2000 a month. My truck note is 700 not counting insurance and has plus regular bills. The truck is worth 17k and I owe 27000. I'm out of options and the creditors want it back. My mom cannot afford to pay it and neither can mine. My mom just signed as a favor to help me out because of my credit going down because of my ex wife. Talked to a lawyer for a free consultation and he recommended chapter 7 for me but my mom would still be responsible for the debt and she can't pay it. Can anyone think of something I could do.
 


Zigner

Senior Member, Non-Attorney
Ok here goes, my ex wife destroyed my credit behind my back so I divorced her but was left with 30k in credit cards. I fell very sick from stress and health causes me to rack up 24000 in medical bills. I recovered and got a good job making about 5000 a month, only problem is I needed a truck that could pull a certain amount of weight. We'll my credit was crap so my mom CO signed. 3 years of perfect payments and I got laid off. Needless to say I'm screwed. I won't employment making only 2000 a month. My truck note is 700 not counting insurance and has plus regular bills. The truck is worth 17k and I owe 27000. I'm out of options and the creditors want it back. My mom cannot afford to pay it and neither can mine. My mom just signed as a favor to help me out because of my credit going down because of my ex wife. Talked to a lawyer for a free consultation and he recommended chapter 7 for me but my mom would still be responsible for the debt and she can't pay it. Can anyone think of something I could do.
You will need to find employment...
 

LdiJ

Senior Member
Ok here goes, my ex wife destroyed my credit behind my back so I divorced her but was left with 30k in credit cards. I fell very sick from stress and health causes me to rack up 24000 in medical bills. I recovered and got a good job making about 5000 a month, only problem is I needed a truck that could pull a certain amount of weight. We'll my credit was crap so my mom CO signed. 3 years of perfect payments and I got laid off. Needless to say I'm screwed. I won't employment making only 2000 a month. My truck note is 700 not counting insurance and has plus regular bills. The truck is worth 17k and I owe 27000. I'm out of options and the creditors want it back. My mom cannot afford to pay it and neither can mine. My mom just signed as a favor to help me out because of my credit going down because of my ex wife. Talked to a lawyer for a free consultation and he recommended chapter 7 for me but my mom would still be responsible for the debt and she can't pay it. Can anyone think of something I could do.
Sell everything you can possibly sell to pay off the truck, including the truck. You are destroying your mother's credit...just like your ex wife destroyed yours.
 
Talked to a lawyer for a free consultation and he recommended chapter 7 for me but my mom would still be responsible for the debt and she can't pay it. Can anyone think of something I could do.
In addition to the two suggestions. . . but only if you can afford it. . .

Chapter 13 - pay vehicle in full (including contract rate of interest) over a 5 year Plan thus protecting the co-signer. See 11 USC 1301 - the co-debtor stay.

Since you have already paid 3 years for the vehicle, I will assume you have 2 years left. The 13 will allow you to stretch that to 5 years. Problem: once you factor in interest at the contract rate (whatever that is), legal fees and the Chapter 13 trustee fee, your Plan payment could be in the $600.00 per month range. Discuss this with a local bk attny to get a better picture as to the monthly payment. It may still be something you can afford even with your reduced income.

Des.
 

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