I see a lot of people trying to keep their car with outrageous monthly payments and I often wonder if it’s really worth it. Everyone knows that when you drive a NEW car off the lot you are pretty much paying more than it’s worth right away. So when it’s time to file bankruptcy, is it really worth it to keep your car?
Well, what the heck are you going to do right? You can’t live without a car! Fortunately, or unfortunately, the automobile market is seeing exactly what the housing market is right now, a lot of defaults, repossessions and bankruptcy filings. That means there are a lot of newer cars on the market at used auto dealers for a fraction of your current monthly payments.
Chances are, if you do some research on available vehicles in your area you can find a car that is just as nice, with lower monthly payments. Filing bankruptcy is supposed to relieve you of massive financial obligations, so giving up your car may just be worth it.