I have recently found myself in a situation where my vehicle was totaled during a storm via tree colapse during a lapse of insurance. The situation is worsened because there is a 12,000 lien on the vehicle. I have the abilitility for NOW to make payments, but i graduated college in May, have no assets and a lot of debt, which makes paying monthly on a totaled car not very realistic. I currently live at home with family, and am in an intern position which is ending within a month. I spoke with a bankruptcy attorney, whom suggested that i A) declare bankruptcy, or B) try and amass some money in order to try and work out a deal with the finance company, letting them know that i have no assets and bankruptcy is on the table.
I am looking for a few more opinions, and curious about the liklihood they will 1) work with me on a deal, and 2) how much i would most likely have to come to the negotiating table with.