Hello folks,
I've been reading the forum, finding answers to my questions and finally decided to join and ask my own.
Bit of background,
I make over the median income and no way for me to file for chapter 7 so 13 is the solution for me, also confirmed by an attorney I consulted.
Got some personal loan and credit card debt and couple of 401K loans, it's getting to a point that just paying for minimums exhausting my income. I do put money aside for 401K, up to company match nothing more.
All accounts are on time, no collections, lates what so ever.
How I got here is pretty much helping immediate family right before and during pandemic and snowballed to this point. I am pretty much tapped out.
After my initial consultation with the attorney, since my car is 11 years old and has 150K miles, I was able to get a toyota certified suv with extended warranty that will last me at least 5 years.
Now here is the dilemma, I didn't trade in the car since they barely gave me anything for it. Figured I could sell for a bit more than I owe, since it's a enthusiast driven brand/model. Which I will regret getting rid of it later I'm sure.
I owe 8K on the car and market is 14K or so. Credit union ( no other accounts with them) requires that I have to pay it off first then I can sell it. OR someone needs to come up with cash to buy it otherwise, they can't make a title transfer. I have to do it after I get the title which is insane hassle for the buyer nobody is gonna pay and wait for me to transfer the title on their name, I wouldn't do it.
I can get money from my girlfriend to pay if off then pay her back but I don't want to get her name involved in the whole thing since we live together.
IF I get a personal loan and pay it back as soon as I sell the car, would that cause any alarms.
I can always strip the car to stock form and surrender, If i would have known this title issue, I would just do that and trade in the car.
I don't want to sign a retainer before I figure this out this issue, would date of retainer matter at all so maybe I can get advise from the lawyer. I don't want to keep calling the guy without paying him anything.
Sorry for the long post, Once I get everything sorted out and file, I will open another post with progress and timeline so others might find it helpful in Maryland
Thanks!
I've been reading the forum, finding answers to my questions and finally decided to join and ask my own.
Bit of background,
I make over the median income and no way for me to file for chapter 7 so 13 is the solution for me, also confirmed by an attorney I consulted.
Got some personal loan and credit card debt and couple of 401K loans, it's getting to a point that just paying for minimums exhausting my income. I do put money aside for 401K, up to company match nothing more.
All accounts are on time, no collections, lates what so ever.
How I got here is pretty much helping immediate family right before and during pandemic and snowballed to this point. I am pretty much tapped out.
After my initial consultation with the attorney, since my car is 11 years old and has 150K miles, I was able to get a toyota certified suv with extended warranty that will last me at least 5 years.
Now here is the dilemma, I didn't trade in the car since they barely gave me anything for it. Figured I could sell for a bit more than I owe, since it's a enthusiast driven brand/model. Which I will regret getting rid of it later I'm sure.
I owe 8K on the car and market is 14K or so. Credit union ( no other accounts with them) requires that I have to pay it off first then I can sell it. OR someone needs to come up with cash to buy it otherwise, they can't make a title transfer. I have to do it after I get the title which is insane hassle for the buyer nobody is gonna pay and wait for me to transfer the title on their name, I wouldn't do it.
I can get money from my girlfriend to pay if off then pay her back but I don't want to get her name involved in the whole thing since we live together.
IF I get a personal loan and pay it back as soon as I sell the car, would that cause any alarms.
I can always strip the car to stock form and surrender, If i would have known this title issue, I would just do that and trade in the car.
I don't want to sign a retainer before I figure this out this issue, would date of retainer matter at all so maybe I can get advise from the lawyer. I don't want to keep calling the guy without paying him anything.
Sorry for the long post, Once I get everything sorted out and file, I will open another post with progress and timeline so others might find it helpful in Maryland
Thanks!
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