Just had my 341 meeting and it did not go as good as the majority of the posters here advise. The US Trustee sat in on the meeting and gave me a difficult time with my car payment ($900/month). I know the payment is high but I only have
20k left to pay off. The US Trustee was asking me why I needed a car with that high of a monthly payment. I advised her that I didn't. I told her at the time of purchase my income was much higher (30% higher), so the monthly payment was manageable. I also advised her that even though the monthly payment was high, If I had to purchase another SUV (need an SUV because of my 4 dogs), It would cost me at least 20k. My question is: Has anyone had success refinancing their auto loan to get a lower monthly payment? Keep in mind that my credit is shot (fico of 530) due to the fact that I have not made any credit card payments for the last year.
My attorney advised me that the US Trustee will either make me sell the vehicle or dismiss the chapter 7 bankruptcy due to the Presumption of abuse. I really do not want to sell the vehicle because it is close to being paid off.
Any suggestions are greatly appreciated.
20k left to pay off. The US Trustee was asking me why I needed a car with that high of a monthly payment. I advised her that I didn't. I told her at the time of purchase my income was much higher (30% higher), so the monthly payment was manageable. I also advised her that even though the monthly payment was high, If I had to purchase another SUV (need an SUV because of my 4 dogs), It would cost me at least 20k. My question is: Has anyone had success refinancing their auto loan to get a lower monthly payment? Keep in mind that my credit is shot (fico of 530) due to the fact that I have not made any credit card payments for the last year.
My attorney advised me that the US Trustee will either make me sell the vehicle or dismiss the chapter 7 bankruptcy due to the Presumption of abuse. I really do not want to sell the vehicle because it is close to being paid off.
Any suggestions are greatly appreciated.
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