Is Bankruptcy the Best Option for Me
My question involves bankruptcy in the state of: FLORIDA
Hello everyone, I have an issue and need some professional, expert, assistance. In Late August of 2011 my brother called me with what I thought was the deal of my life. To make a long story short, he wanted me to use my credit to help his "BEST FRIEND" purchase a car that his "Best Friend" would pay out in a year, and also pay me 3 thousand dollars for using my credit. Unfortunately, a month after I purchased the car it was stolen from his "Best Friend's" yard. My brother can't seen to get in contact with the "Best Friend" any more, and to make matters worse, the insurance company said that the check that was used for proof of insurance at the dealership, bounced! So the 40 thousand dollar car is stolen, and I have no insurance, and no money to pay for it. Is it better to try and sue the parties involved, file Bankruptcy, or report it as Identity Theft? My credit was a high 600 before this occurred.
Re: Is Bankruptcy the Best Option for Me
Played for a sucker by your own brother? Sad. Was this "best friend" his dealer?
First, I don't believe that the car was stolen. I suspect that the "friend" sold it, either for export or to a chop shop for cash. If the "best friend" has in fact disappeared, it sounds like you didn't even bother to report this to the police. Did you? If not, why not? If so, why can't the police locate this "best friend" given that you know where your brother lives and you know where the "best friend" lived?
Re: Is Bankruptcy the Best Option for Me
Well I didn't want to dish out all the dirt, but yes, the car was exported for cash. Well suposedly my brother knew that and never told me. Once I was aware of that information, I reported it stolen to the police, and of course they did not locate the vehicle. I thought everything would have worked out, till I called the insurance company and they told me that the check for the first month bounced. Now I'm left with a 40 thousand dollar tab under my name. I want to know if there is any other option besides bankruptcy? Also if I do file how bad will that be for me, considering I want to buy a house and new car?
Re: Is Bankruptcy the Best Option for Me
If you file bankruptcy, the vehicle may not be discharged in the bankruptcy. I would think that the bank that gave the loan would go to court against you. If you had this vehicle and were making payments on it for 3 years before filing bankruptcy, it would work, but you haven't even made one single payment at all.
You need to get the "best friend" and sue him in court.
Re: Is Bankruptcy the Best Option for Me
I'd add dear ol' bro' to any lawsuit. Not that I expect that either of them have the money to pay you back.
Are the police seeking charges against either of the people involved?
I also could see the lender trying to convince a court not to discharge the loan based upon allegations of your intentional misconduct or complicity. I expect that per your loan contract you represented that you were purchasing the car for your own use and also that you committed to buying and maintaining insurance on the vehicle. It would make a lot of sense to talk your situation over with a bankruptcy lawyer.
Re: Is Bankruptcy the Best Option for Me
If you can afford a house and a car, at your income level, you won't be walking away from this debt.