Submitted by squarybuttholes t3_zzrz91 in personalfinance
My girlfriend has a fairly poor debt to income ratio of something like $23k in debt to somewhere between $30k-$40k in income. The debt is split pretty evenly between a car note and credit card debt that she accrued throughout her divorce, the latter of which is slowly drowning her. She declined alimony, and that ship has sailed. She has also never pursued child support for her 13 yo daughter (from the father who is not the recently divorced), which could possibly help alleviate this burden.
My question is could bankruptcy be an option to help her. Would they take her car? I know the prudent thing to do would be to sell it but it’s an 18 Camry and she loves it dearly, not to mention it’s recently been slightly wrecked and we’d have to replace it if she did sell it. She has never missed a payment on anything and was almost obsessively proud of her credit score until it lately has begun to decline to around 600. I admittedly have little knowledge about filing for bankruptcy, and intend to do much research on the subject today.
Any advice would be greatly appreciated.
Yours always,
Squarybuttholes
[deleted] t1_j2dcs8x wrote
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