He retired several years ago and leased out his medallion to the garage, which got him drivers and a steady stream of income to pay his note, with change to spare.
Now that the market has crashed and there are fewer fares it is hard to to find people to lease to. Since his rents are less than his loan payments, he has to dip into his retirement savings to pay the note each month.
Is bankruptcy a good choice for him? I decided not! What can you keep if you file for bankruptcy? He had assets which would be at risk. Instead, I dev/practice-overview/bankruptcy-overview/exemptions/eloped a non-bankruptcy survival plan.
Can I help you? No two cases are exactly the same! Let me put my 40 years of Experience to work for you.