New Beginnings
User Topic: Financial Quandry
Member # 19258
Default  Posted: 4:27 PM, July 27th (Saturday)

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?

But that's just a lot of water
Underneath a bridge I burned
And there's no use in backtracking
Around corners I have turned

“Many of us crucify ourselves between two thieves - regret for the past and fear of the future.” -foulton oursler

Posts: 8459 | Registered: Apr 2008
Member # 10866
Default  Posted: 4:49 PM, July 27th (Saturday)

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.


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

DDays 2006, and then numerous more
Divorced 2012

"In life, unlike chess, the game continues after checkmate." - Asimov
"Be patient and tough; someday this pain will be useful to you." - Ovid

Posts: 15325 | Registered: Jun 2006
Topic Posts: 2