Is bankruptcy for me??

Ok, new member here. I lost my Van about year ago and now Ford Credit is knockiong at my door wanting the rest of the loan. I don’t have it and the reason I lost the Van in the first place is cause I got hurt at work in 2003 and spent the next three years going thru back operation after another. Anyways….they want about $8,200 and I don’t have it to give and its about to go to court, to make us pay?? Do I file or not?? Friends tell me no, because its not like 30 grand or something like that?

Any advice will help.

If you don’t have the money, that $8,200 is not going away. It will gather interest.

Dude, you haven’t told me anything I don’t already know…………. that’s the reason for my question. If I had the money in the first place, I’d still have my Van. When you become disabled and can’t work for a couple of years, you lose your savings trying to survive with a family. I’m trying to rebuild my life but now they want the $8200.00 and I didn’t win the lottery or anything like that….so I’m wondering if Bankruptcy is for me of not???

Good luck to you! On a topic related to your note, it sounds like you should have received Workman’s Compensation if you got hurt at work. I honestly don’t know much about it but I wouldn’t want to see you get screwed out of money you were owed. Is this old debt your only debt? Are you working now and could you reasonably offer to make payments on this? You usually can’t look at just one debt in isolation. You need to look at the overall picture before you decide what your options are.

If the only reason for filing is for this $8,200, then I would say not to do it. If there are other debts as well, that will be discharged in the bankruptcy, it might be worth it. It costs so much money to file now, thanks to the new law, and if you can come up with $100 a month to pay the creditors, you will most likely not be able to just get rid of all of the debts and start fresh. It is not the same as in days of old. Some people still get to start back at square one without owing anybody a dime. Most of the time, you are put into a re-payment plan and the creditors have to take what the court orders, not what they want necessarily and you have to pay. The creditors also get the added bonus of having a formal judgment against you that will definitely be reported to the credit bureaus.