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Hi, thanks for your question. You should hire a lawyer for specific legal advice. No attorney client relationship is created here.
You have several options.
you can contact the lender to see if they can work out an arrangement that can work for you.
You can also sell the car, pay off the note
You can also see if they will take back the car, sell it and then you can pay the remainder
Bankruptcy will discharge the debt for the person named on the loan.
If it is cosigned, then both parties are on the hook for the payments
Talk to a bankruptcy lawyer if you are thinking that may be an option
Most offer free consults.
Let me know what questions you have.
I can't go bankruptcy own property which is in both mine and my wife name
What can they do if I take it back????
They will auction it off for what they can, and then the signers on the loan are responsible for the remaining balance owed.
They don't get very much at these auto repossession auctions though in most cases, so that should be the last resort
Did you have any other questions?
If you do, let me know
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