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Terry L.
Terry L., Attorney
Category: Bankruptcy Law
Satisfied Customers: 2889
Experience:  Better Business Bureau. 18yrs bankruptcy experience. Chicago Bar Assoc. American Bankruptcy Institute member.
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My son bought a car on his own and is way upside down on it.

Customer Question

My son bought a car on his own and is way upside down on it. He got a terrible deal due to very poor credit. He can't afford the monthly payment and no one will refinance him or give him a loan. Should he file bankruptcy?
Submitted: 1 year ago.
Category: Bankruptcy Law
Expert:  Terry L. replied 1 year ago.
a lot depends on his overall financial situation, current income/expenses and other debts. Sure, he can file, turn in the vehicle and discharge this and his credit cards, medical bills etc. most people bounce back after filing pretty quickly, and are able to start reestablishing credit right after the case too.He can also surrender the car to the loan company, and pay the deficiency balance off. He can also sell the car and if needed, take out a small loan for the difference so he can pass clear title. Whether he qualifies for these other options, is another question though. Did you have any followup questions?