Answered on Jul 03rd, 2015 at 9:25 AM
A 20 year old with no credit history considering whether to file bankruptcy to avoid or somehow stop a repossession of a car? Let's get real, here. Filing bankruptcy is a serious, life altering move that will stay with you for ten years or more. It will remain on your credit history until you're thirty years old, making buying another car or a house much more expensive and difficult. It can affect your ability to buy insurance or get a good job (employers tend to shy away from people with bankruptcies because they're viewed as irresponsible). What you need to do is stop looking for an easy way out and do the hard stuff required to become a responsible adult. Go get another job, make arrangements with the finance company to give you a brief payment respite, then make all your payments on time and in full. Better yet, sell the car, even if it's at a loss and take the bus until you have enough money in the bank to buy a used car without getting a loan. The time to establish your credit is now, when you're young. Sorry if this sounds like a scold. It is intended to make you wake up and take a different path before you get trapped into a life of debt and excuses that will inevitably lead to financial hardship.