Okay, heres my situation.

I have this 2001 Stratus which I bought new in 2001. My payoff is about
$18,000.

I pay $626/month, and still have 2½ years left on the contract (5 year
loan...high interest).

I was told my payments could be lowered after I had the car for a year,
but it turned out to be a lie. So I've been shelling out $626 now for
about 2½ years....and I'm tired of it.

If I let my car go back, they auction it off, and might get $7,000 or so
for it, meaning I'd still owe them $11,000 or so.

I don't wanna pay $11,000 for something I don't have.

I also have a $900 dentist bill and maybe a few small doctor bills.

Would I qualify for bankruptcy, or do they only allow it if you have
more debt than I do?

Thanks in advance!

im not an attorney but I do know a thing or two about bankruptcy. You might
talk to a BK atty about the possiblity of either Cramming the balance on
your car in a Ch 13 or in a 7 doing a 722 redemption. There are companies
out there that will finance deals like that and it appears you would really
be knocking off quite a bit of the negative equity in your car. As far as
the amount you owe if the car and the dentist bill are it, then I do think
its a bit extreme to do a BK. I did have a client who went in to see the BK
atty I work with and the atty called the lien holder and said that they were
in a consultation for a Ch 7 and were looking at surrendering the car, then
asked if they would be interested in working out a settlement for the cash
value of the car without having to go through the proceedings of the 722
motion. Just a thought.

Corey


"Aa Aa" <northernbasser@webtv.net> wrote in message
news:21444-402B036C-94@storefull-3154.bay.webtv.net...
Okay, heres my situation.

I have this 2001 Stratus which I bought new in 2001. My payoff is about
$18,000.

I pay $626/month, and still have 2½ years left on the contract (5 year
loan...high interest).

I was told my payments could be lowered after I had the car for a year,
but it turned out to be a lie. So I've been shelling out $626 now for
about 2½ years....and I'm tired of it.

If I let my car go back, they auction it off, and might get $7,000 or so
for it, meaning I'd still owe them $11,000 or so.

I don't wanna pay $11,000 for something I don't have.

I also have a $900 dentist bill and maybe a few small doctor bills.

Would I qualify for bankruptcy, or do they only allow it if you have
more debt than I do?

Thanks in advance!

Yes, you would qualify for bankruptcy under these circumstances. Whether you
should file solely because of the car is a different story, however.

--
Brett

************************************************** ***************
* Personal Injury/Malpractice Bankruptcy *
* *
* BRETT WEISS, P.C. *
* Attorneys at Law *
* Maryland, D.C. and Federal Bars *
* lawyer@brettweiss.com *
* www.brettweiss.com *
* *
* Small Business Estates & Estate Planning *
************************************************** ***************

The Small Print: This response is for discussion purposes only. It isn't
meant to be legal advice and you shouldn't treat it as such. If you want
legal advice, speak with a local lawyer familiar with your state's laws who
can review *all* of the facts and the law applicable to your situation.
************************************************** ***************

"Aa Aa" <northernbasser@webtv.net> wrote in message
news:21444-402B036C-94@storefull-3154.bay.webtv.net...
Okay, heres my situation.

I have this 2001 Stratus which I bought new in 2001. My payoff is about
$18,000.

I pay $626/month, and still have 2½ years left on the contract (5 year
loan...high interest).

I was told my payments could be lowered after I had the car for a year,
but it turned out to be a lie. So I've been shelling out $626 now for
about 2½ years....and I'm tired of it.

If I let my car go back, they auction it off, and might get $7,000 or so
for it, meaning I'd still owe them $11,000 or so.

I don't wanna pay $11,000 for something I don't have.

I also have a $900 dentist bill and maybe a few small doctor bills.

Would I qualify for bankruptcy, or do they only allow it if you have
more debt than I do?

Thanks in advance!