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Financial Quandry

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hexed posted 7/27/2013 16:27 PM

I declared bankruptcy in 2009.

My X and I had a VW that was not included in that bankruptcy. There was a little bit of money left owing on it. It is still owing b/c I thought it was included in the bankruptcy and quit paying on it. Waited for them to come get the car and they never did. A) I'm not sure how it wasn't included. B) The car barely runs C) Its on my credit report.

I am debating what to do. I'm trying very hard to re-establish good credit. The amount owing is enough to be painful but I could pay it off. The car isn't worth more than $500 as is. The lender will probably remove all trace of it from my credit if I do pay it off.

Any financial wizards out there have any thoughts?

hurtbs posted 7/27/2013 16:49 PM

I used to handle bankruptcy as a paralegal but that was before the big change-over with bankruptcy.

Call the lawyer that did your original bankruptcy. It may be possible to retroactively put the car on the bankruptcy. You can also ask them, if not, what your best option would be. Sometimes, the debt will charge off faster if you do not pay it than if you do (crazy I know).

The lender will probably remove all trace of it from my credit if I do pay it off.

Be *very* cautious here. If it's already on yoru credit report, they cannot do this (legally). However, creditors can and do lie about things like this all of the time.

Sorry.

[This message edited by hurtbs at 4:50 PM, July 27th (Saturday)]

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