Unsecured Debt, Secured Debt and Repossession
My question involves an auto loan or repossession in the State of: hi i have about $23,000 in unsecure debt, and im seeking help from a debt relief guy that doesnt use consolidation. but i have 1 secure debt that is $13,000 that i now cant afford. i want to pay off the unsecure debt and possibly the secure debt but i dont think i can do both.
so the secure debt is a motorcycle which is now worth about $6000, i was naive and bought it when i was 18 im now 19 and obviously have a spending habit on the unsecure debt, and i dont have the pink slip for it.
main problem is what should i do about the secure debt? is repossession just as bad as bankruptcy? or slightly better?
for the past 9 months now i havent used a credit card, because im stopping my habits. im also a college student and am living at home, and still have a long way for school left. i know i dont want to file bankruptcy, because some jobs want to know if you have filed or not in order to get the job.
what should i do about the unsecure debt?
Re: Unsecured Debt, Secured Debt and Repossession
If you let them repo the motorcycle, it will probably sell at auction for about $3-4,000, and you'll end up owing $10-11,000 on it after repossession and auction fees are added to your debt. You will be better off selling it yourself, then coming up with the money to pay off the balance of your loan. If the motorcycle is repossessed, you will end up with that huge deficiency that will likely haunt you for years and will destroy your credit rating, but it's not a bankruptcy.
Re: Unsecured Debt, Secured Debt and Repossession
i cant get a loan at all.... my parents wont get me a loan and non of my friends have any credit. i dont have the pink slip.
is bankruptcy worst or repossession?