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Ask Dave

You Reaffirmed THAT?

Think bankruptcy always clears away the mess for you? Then take a look at Bob.

QUESTION: Bob declared bankruptcy and reaffirmed his 2 cars in that. He owes $35,000 on his automobiles, and he can only sell them for $24,000. He is $9,000 upside down on one and $2,000 on the other, and makes $37,000 a year. What should he do? Dave gets riled up here.

ANSWER: You’re $11,000 in the hole. The car that you’re $2,000 upside down on is easier to work with. You can sell that easier. Your bankruptcy attorney ought to have his butt kicked for letting you reaffirm.

You have to come up with that $2,000 and dump that other car and start working extra and paying extra. You’re really going to have to crank up your income and deliver pizzas every night and work on the weekends. When you filed bankruptcy, it didn’t do you any good!