Bankruptcy or Continue to Struggle?

2 posts / 0 new
Last post
humboldt pi's picture
humboldt pi
Status: Member (Offline)
Joined: Jan 28 2009
Posts: 16
Bankruptcy or Continue to Struggle?

To file bankruptcy or attempt to renegotiate debt on a motorhome I took a loan on in 2002 with the thought of trying life in Mexico as an alternative?  I never did go south, instead staying and educating myself about the country i live in and continuing to work 3 jobs (a holdover habit from being a single parent in USA).  Lost 2 of the 3 jobs in the last year and can't make pmts on the motorhome (a modest 26' Winnebago).  Its value is 50% of what I owe.  Can't decide whether to try to renegotiate with B of A (you would think they would be in a more generous mood, given...)  or just file bankruptcy.  Am concerned about the effects on my credit and ramifications given the many changes in laws over the recent decade; do not own anything and it may make even renting difficult.  Atty assures me negotiating with the bank is impossible and I should just pay him $1500 to file bankruptcy and my credit will be better in one year; also states he is not concerned with my credit score.  He is not inspiring much faith in his counsel.  The RV dealer says he knows of some renegotiations being successful and they have sold them on their lot.   Conceivably would live in this RV.  In the six stages I am likely in depressionj and feel befuddled and frozen.  Any pointers in this unfamiliar terrain welcomed.  

SamLinder's picture
SamLinder
Status: Diamond Member (Offline)
Joined: Jul 10 2008
Posts: 1499
Re: Bankruptcy or Continue to Struggle?
mallard wrote:

To file bankruptcy or attempt to renegotiate debt on a motorhome I took a loan on in 2002 with the thought of trying life in Mexico as an alternative?  I never did go south, instead staying and educating myself about the country i live in and continuing to work 3 jobs (a holdover habit from being a single parent in USA).  Lost 2 of the 3 jobs in the last year and can't make pmts on the motorhome (a modest 26' Winnebago).  Its value is 50% of what I owe.  Can't decide whether to try to renegotiate with B of A (you would think they would be in a more generous mood, given...)  or just file bankruptcy.  Am concerned about the effects on my credit and ramifications given the many changes in laws over the recent decade; do not own anything and it may make even renting difficult.  Atty assures me negotiating with the bank is impossible and I should just pay him $1500 to file bankruptcy and my credit will be better in one year; also states he is not concerned with my credit score.  He is not inspiring much faith in his counsel.  The RV dealer says he knows of some renegotiations being successful and they have sold them on their lot.   Conceivably would live in this RV.  In the six stages I am likely in depressionj and feel befuddled and frozen.  Any pointers in this unfamiliar terrain welcomed.  

For starters, drop the attorney - he just wants your money.

Second, seek out professional credit counseling in your location. Do not go to those that ask for money. Here's an example of a free credit counseling service in Nevada: http://www.cccsnevada.org/ Look for something similar in your area.

Check these links: 

http://www.nfcc.org/

http://articles.moneycentral.msn.com/Banking/YourCreditRating/TheConsume...

Lastly - good luck, don't act in haste, follow your gut - if it seems wrong, it is.

Comment viewing options

Select your preferred way to display the comments and click "Save settings" to activate your changes.
Login or Register to post comments