How canI protect myself against the expenses regarding repossession?

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How canI protect myself against the expenses regarding repossession?

I am behind on my car payments and have been trying to work with the finance company. I just got a knock on my door that it is up for repossession. Iam a single mom who can’t get any financial aid or foodstamps and lives off of $30 a week for food; this for me and my son (who is emotionally challenged). I work 6 days a week and am exhausted. I am at a loss and very stressed. I sent them $400last week (my electric bill money) and now they are going to repo my car anyway. I would not have sent it if it was going to do no good. Bankruptcy?

Asked on October 5, 2011 under Bankruptcy Law, Arizona

Answers:

SJZ, Member, New York Bar / FreeAdvice Contributing Attorney

Answered 10 years ago | Contributor

Bankruptcy could protect you from your current debts--e.g. from what you owe on the car, back charges for the electricity, etc.--but it is not certain to solve your other problems. For example, while bankruptcy wil delay repossession, it will not prevent it indefinitely--if you can't pay the car loan, eventually, the lender can repossess the car (though they won't be able to also sue you for the money you owe); similarly, if you can't pay your electric bil going forward, the utiity can turn off your power. You should definitely look into bankruptcy, since it may help, but more fundamentally, if you can't afford your monthly obligations, you will continue to have difficulty; bankruptcy helps most if you have one set of large debts, but will be able to meet your obligations in the future.


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