[tr0ubled1]

My question involves an auto loan or repossession in the State of: GA

Alright, this one is a bit complicated, but hey, who's isn't. I have 4 vehicles in my name but only 3 are mine. 1 is a brothers car that he couldn't get without my help. I am self employed and business lately has gotten a bit tough. Tough enough I am 3 months behind on both my work truck and my wifes car. But all other bills are up to date including payments on my car and brothers car. I would lose all the cars before I stop paying rent or electric or buying groceries. We have 2 small children, so there needs are on the top of the list. There is always a buy here-pay here-get ripped off here place right around most corners, so getting a vehicle should worst case scenario hit won't be a prob, just would stink.

Anyways, should work truck and wifes car get repo'd, and they will soon, is there any holes I haven't thought of yet? Self employed so no wage garnishment and no tax returns to grab. No real estate owned or even paying for at this time. No fat check accounts with money stashed(unfortunately). I plan to make a deal with them after repossession and auction, that I will pay the bad debt, as I don't like people who don't pay in the end(everyone does in one way or another), in exchange for written agreement to low(like $100\month) payments with no interest. They have made their money off interest in the first couple years of payments. No need to line their pockets anymore while I struggle to care for my children. But I will pay the debt.

Don't know if this could make a difference or not, but the vehicles in question are worth half the loans now thanks to economic slump. I paid below kbb for both and now have between $10-$12k per car upside down.

Any ideas would be greatly appreciated. And no worries as far as I know about them getting the other 2 cars as they also have loans.... I know, I know... Debt free is the way to be... Maybe in my next life lol

[OhMy]

Have you considered bankruptcy? This may be a good way for you to walk away from debt and have a fresh start.

The balance of the auto loans can be discharged in a chapter 7 and it will give you a clean start. Why worry about making payments on cars you no longer own and the interest, storage, and other fees can add up to thousands.

[tr0ubled1]

Well, bankruptcy isn't really an option for me unless my company goes bankrupt, at which point I believe I could then include personal items as I am sole proprieter of said company. The company as a whole is doing good enough to get by, but not as good as it once was. If time goes by and they can't agree to reasonable terms for repayment, I guess that is a route I would have to consider. Maybe rather than the company going under I could sell it just to be free and clear, and it would of course reduce the amount percieved that I make. The way it is now, it looks like I make good and have plenty, but only to those that don't consider opperating costs. Then I'm as poor as the next guy having to struggle to get by. In theory, sell the company to my brother who works for me, and then in change work for him so that my income shows to be correct because I don't have all that extra coming that I just have to turn around and spend to keep the business going. Any thoughts on that rant?