Being sued

Well, they wouldnt work with me.
The day I called and asked if I could pay 200,or 275$ , they denied me , told me no, and told me that they were sueing me and that a letter was already sent out confirming this. (what a bunch of shit that was, never got the letter.)

As far as everything else goes, I did talk to my family, they didnt really have much to say other than to go see an attorney and talk to them, so I did that.

They are wanting me to file for bankruptcy (chapter 7).
(I own nothing they'd take, and if I did, my family would taker 'ownership' of it for the time being)

Pros...Cons
Yes...No?
(If its the wrong idea, let me know why also please.)

Is this a stupid decision, I feel like its the wrong thing to do, but I really have no knowledge about legal things such as this, so Im at a loss.


Thank you to everyone whos posted. I really do appreciate it.
 
Prelude, I think bankruptcy would be a terrible mistake. It would affect you for many years in the future - your ability to get credit, buy a home, etc. Not to mention that recent bankruptcy law changes in the U.S. have made it much more difficult for citizens to use Chapter 7 to discharge consumer debt. Note that I don't know whether this car loan is part of these new restrictions or not.

How much, total, do these bastards want to get rid of this thing? Is it $7800 total as you mentioned in your first post?
 
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Bankruptcy for this amount of money is not the best option. By considering bankruptcy, you're essentially willing to take a big, multi-year hit to your credit over an amount which you could probably repay within one year (even in the worst case, largest scenario). Once a debt goes to collections, all correspondence should be in writing only, through lawyer or not.
 
Do not file bankruptcy. It is a heart wrenching, life changing experience that is so much more serious than having to pay off a $7400 bill.

From what I have read this sounds like common collection practices. They will try to coerce and intimidate you. You owe them money. If they sue you, you will lose and then your wages can be garnished. But I wouldn't stress too much. You are giving them money on a regular basis. They are likely not going to go through the expense of bringing you into court. Don't let the collectors get to you. You can only pay what you have. Hang up on them if they are disrepectful.

You should get another job and save up as much money as possible. Bust your ass. Ask them to settle for a few thousand. If they take it, get it in WRITING!

Good luck
 
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