u/Impossible_Status357 — reddlx

This is my Alt so please dont be alarmed by the new creation.

Hey everyone,

I’m in a rough financial spot and would appreciate some real talk/advice.

Current situation:

Household income: ~$5,200/month ($3,600 me + $1,600 wife)
Rent is $1,800 — we’re barely scraping by with almost nothing left at the end of the month.

The truck:

2006 Dodge Ram — owe $16,398
Monthly payment $610 + $100 insurance = $710/month
Truck has oil leak + check engine light. I barely drive it, it mostly just sits outside and is unregistered.

Other debts:

~$9,500 in various collections/unsecured debts (8 different creditors)
~$10,500 in student loans
$400/month informal payments to parents for two other vehicles

I can’t really file bankruptcy right now due to the full situation with my vehicles, family payments, and everything else.

I’m strongly considering voluntarily surrendering the truck to stop the $710/month bleeding. I know I’ll still owe a deficiency balance but i need breathing room here to try and get everything under control.

Main questions:

Is voluntary surrender better than just letting them repo it?
If I surrender the truck and get the $710/month back, how likely am I to be able to settle with all 10 creditors (the 8 collections + truck deficiency + possibly others)?
Any better options I’m missing?

Thanks in advance. This has me stressed out beyond belief.

*i dont not qualify for any consoldation loans.*