"Negative Equity Car Trade In" Discussion

Upsolve Community Member
It's pretty amazing, isn't it? :) Thanks for sharing your positive thoughts in the community! (Negative thoughts are welcome too, but we really REALLY like the positive thoughts!) I'm sure the Upsolve team will appreciate your appreciation! I hope the website helps and if there's anything you'd like to see or see more of just let us know! 

Upsolve Community Member
You can start working on rebuilding your credit as soon as your discharge is entered. 

Upsolve Community Member
We have a guide to rebuilding credit that can help! https://upsolve.org/learn/rebuild-credit-after-chapter-7-bankruptcy/

Upsolve Community Member
Keep us updated as you're working on rebuilding! We'd love to know how the process goes for you 

Upsolve Community Member
Can start right away :) 

Upsolve Community Member
I had actually started "rebuilding" before I DISCOVERED Upsolve! By that, I mean I didn't take the subject to go into filing bankruptcy lightly, as we all take a "mental hit" when it comes to that word. We've been conditioned all our lives on various words that present a negative stigma. Yet, bankruptcy was one of the first subjects covered in the U.S. Constitution!  Important steps in rebuilding: Be good to yourself. If you don't love yourself, at least like yourself! Set up a REAL budget you will LIVE BY. Start out with SECURED credit cards. Do NOT fall into the "Credit Karma" trap of biting on an UNSECURED credit card with high-interest rates!  Upon entry of your discharge, the variety of credit also helps, so you can open (what I call "forced savings"!) an installment loan where the payments you are making on time every month are actually going into your own account!  Good luck!

Upsolve Community Member
OK, Rachel... the first thing you need to do is take three deep breaths so you can focus. Nobody is going to call you from Upsolve --- but if you are under such stress that you need some mental health help ---- 1-800-273-TALK (8255).  This is a "Do It Yourself" service for filing Chapter 7 bankruptcy. If you would like info as to how you get started with Upsolve, where you are doing the work yourself, let me know. Please respond to this message. Thank you! :-)

Upsolve Community Member
Hi Rachel, disability is a tough road and my heart goes out to you. Medical problems can really turn a person's life upside down, and SSDI can be a slow process. Bankruptcy can help with medical bills. The article https://upsolve.org/learn/get-rid-of-medical-bills-in-bankruptcy/ has more information. It sounds like you're very worried about keeping your car. That will depend on different factors, but I recommend reading https://upsolve.org/learn/can-keep-car-file-bankruptcy/ to learn more about your options. If it's difficult for you to read or reading makes you tired, check out what accessibility options your phone or computer has to read aloud or narrate text. There are also extensions and apps that can help.  Sometimes it's hard to find community services to help, but you can call 211 to find out if the United Way has any community services available in your area to help you with your health care and financial needs. 

Upsolve Community Member
Hi Michael, thanks for asking your question! Here is an article from the Upsolve Learning Center: https://upsolve.org/learn/trustee-review-bank-statements/ (Note: I am not a CPA) Generally, when you go negative in a bank account, this accrues an interest rate and it becomes a form of a short-term loan which is a liability that can be discharged in bankruptcy --- but what you need to be concerned with is your bank account statement balance. Read the article and it will explain more! Good luck! :-) 

Upsolve Community Member
Michael, thanks for asking- you can learn more about a negative bank account balance in this article: https://help.upsolve.org/hc/en-us/articles/1500004360381-Negative-Bank-Account-Balance-Here-s-how-to-list-it-on-your-bankruptcy-forms

Upsolve Community Member
Hope that helps! Please let us know if you have any other questions! 

Upsolve Community Member
many many thanks!!

Upsolve Community Member
Hi Dusty, thanks so much for your question. I'm sorry to hear about the difficult times you've faced. In general, an Upsolve user can list all of the ways they pay their bills, including help from friends and family. This article might help: https://help.upsolve.org/hc/en-us/articles/360056759173-Income-from-Contributions

Upsolve Community Member
If an Upsolve user's expenses are more than their income, that can be a situation called a "negative surplus." You can learn more about that situation here: https://help.upsolve.org/hc/en-us/articles/360048823594-What-s-a-negative-surplus-and-why-should-I-care-

Upsolve Community Member
I am so sorry to hear about the wreck, Dusty. Rooting for you.