Dear Driving for Dollars,
I couldn’t pay my car loan in full because I was laid off. I let the bank know and made regular payments of $200 instead of the full $329. After three months, it repossessed my car. Should I claim bankruptcy?
It’s best to view your record, it will be unlikely you’ll qualify for a mortgage loan or refinance. It will be very difficult to get a smaller loan, such as a car loan, and get approved for credit. If you do, it will be at a high interest rate. Talk to a credit counselor to get some advice about your financial situation and to see if bankruptcy is the best alternative for you.
If you have a car question, e-mail it to us at Driving for Dollars.