bankruptcy or give car back to bank

You may give back your car to the bank, but most likely they're going to just repossess it when you miss enough payments. The problem with this idea is that the car will go directly to auction, not back to the place you purchased it from. At auction it will be sold at a significantly reduced price to another car dealer so they can sell it for a profit. The difference between what you owe on your loan and what its sold at the auction will be a delinquency on your account. The bank will then go after you for that amount, which will be usually still about half the value or more that you all on the car loan. It will affect your credit report, but not in the same way that bankruptcy affects your credit report. Although many of my clients through a program that I offer have their credit reports back above 700 points in as little as two years after they receive a bankruptcy discharge, so bankruptcy is not the end of the world when considering your credit report. I have responded to your inquiry according to the laws of Massachusetts, where my firm is located. Laws can vary significantly from state to state and cases tend to be rather fact-specific, so you are best served by consulting with a knowledgeable attorney in weighing your options. Email messages/Online Correspondence are akin to conversations and do not reflect the level of analysis applied to formal legal opinions. Email/Online responses do not form an attorney-client relationship.    Joseph F. Botelho, Esq. BOTELHO LAW GROUP Attorneys At Law http://fallriverbankruptcyattorney.com/ 901 Eastern Ave.  Unit 2 Fall River, MA 02723  Office:  888-269-0688 FAX:    877-475-8147 #bankruptcy  #lawyer  #FallRiver  #Chapter7  #chapter13  #debt  #debtsettlement  #foreclosure  #attorney   #cantpaybills  #lawsuit  #court  #bankruptcycourt  #eviction  #lostmyjob