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Ellen, Attorney
Category: Bankruptcy Law
Satisfied Customers: 36714
Experience:  Bankruptcy Lawyer. Experienced.
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Hello, We have decent credit, but we are having problems paying

Resolved Question:

We have decent credit, but we are having problems paying our bills. We are considering giving two jet skis back to a credit company that is financing them, and giving back a rental mobile home on an acre of land back to our bank. We are not behind on any bills, and we have paid all of our bills on time for 5 years. We are both in our forties.

Doing this will give us an extra 770 dollars per month. How badly will these two decisions hurt our credit? We have been paying for these items for 3 years.

Thank you.
Submitted: 6 years ago.
Category: Bankruptcy Law
Expert:  Ellen replied 6 years ago.

I am the JustAnswer expert that will be helping you today. I am a lawyer with 25 years experience. While I am permitted to provide you with legal information, I am prohibited by and various state bar associations from giving legal advice, representing you or entering into an attorney-client relationship through this open forum. Do you understand and agree to these provisions as well as's disclaimer?

Please respond with a Yes or No to continue.
Customer: replied 6 years ago.
Expert:  Ellen replied 6 years ago.

Thank you for your question.

It would typically have a severe negative impact on your credit. Your credit report would reflect 3 voluntary repossessions. In addition, the creditors may obtain a deficiency judgment against you for the unpaid fees
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