I am filing for divorce as a result, I have the burden of paying for two car loans (2007 vehicles). One which is a lease another a purchase. The cars are in my name. What advice do you have to possibly get out of one of these vehicles?
My best recommendation is to contact the leasing company, explain your situation, and ask if the lender will allow you to surrender the leased vehicle and forgive the remainder owed on the note.
Hopefully the lessor will allow you to surrender the vehicle with no more financial obligation, which should solve this problem. If the company is not willing to work with you, you may be forced to surrender the vehicle anyway, despite the fact that you will owe the lessor the amount remaining on the lease.
Once you have returned the vehicle, you can worry about how to resolve the remaining debt, such as negotiating a payment plan with the creditor, attempting to settle the debt, or filing bankruptcy, if necessary.
If you are struggling with debts after divorce, you should know that you are by no means alone in this predicament. Divorce drives more Americans to the edge of financial disaster than almost any other life event.
You may want to consider joining a debt settlement program, which could help you resolve your accounts in as little as two to three years, without filing bankruptcy.
Debt settlement, also called debt negotiation, is a form of online debt consolidation that cuts your total debt, sometimes over 50%, with lower monthly payments. Debt settlement programs typically run around three years. It is important to keep in mind, however, that during the life of your debt settlement program, you are NOT paying your creditors. This means that a debt settlement solution of online debt consolidation will negatively impact your credit rating. Your credit rating will not be good, at a minimum, for the term of your debt settlement program. However, debt settlement is usually the fastest and cheapest way to debt freedom, with a low monthly payment, while avoiding Chapter 7 Bankruptcy. The trade-off here is a negative credit rating versus saving money.
Bills.com makes it easy for you to apply for qualified providers of debt help, by following this link:
I with you the best of luck in resolving this situation, and I hope this information helps you Find. Learn. Save.