Purchasing cars prior to 13

[treehugger1]

Currently, I have two vehicles financed; one with 147K miles and the other with 210K miles. Both have no equity. One of them is currently having the head gaskets replaced. I was hoping that betwen the two cars I could make it five years, however, my job requires travel using my personal vehicle and now I'm worried about them surviving five years of a BK 13. I managed to get caught up with all my creditors (see earlier post) due to a win at a casino. Still, there is no way my monthly income will stay ahead of my monthly unsecured creditor bills, so it appears that I only have kept the wolves at bay. I thought I'd check with a lender as to financing a newer car and they were more than willing to offer a low-interest auto loan (I have great credit, JUST TOO MUCH UNSECURED). Can I buy a newer car? I haven't petitioned for BK, and I remarkably keep away from filing every month by the skin of my teeth. Since I now may have 3 - 5 months before I consider filing, would purchasing a newer car count against me? Can I keep two vehicles if I file? The 209K mile car will be paid off in a few months and is worth $0 blue book (salvage title), so I wouldn't care if a trustee has to sell it or if I have to attempt to sell it to pay down other debt. I've seen oher posts stating one should go ahead and purchase a vehicle that you know will last. Would buying another vehicle while contemplating a future BK be in bad faith?

[HHM]

Yes, you can buy a car before filing BK. But try to do so about 2-3 months before you file BK.

[treehugger1]

Cab, I have two cars also; one has 210K miles on it now and the other 147K and I just put several $$ into it for head gaskets. After the head gasket issue (subaru), I realize that I could have a problem making it for five years. I'm looking today for a Toyota corolla that will get 30 - 35 mpg. The vehicle with 210K miles on it will be paid for in a few months. If I file in a few months, I doubt the trustee would want it: it has a salvage title (rebuilt 1995 wrecked Subaru), but you never know. Otherwise I'll sell the vehicle as I don't want to pay liability insurance on three vehicles. I'd like to keep the 2000 subaru and a newer corolla. I live in a very wintery place, and I would guess 60- 80% of the population here has a 4WD or AWD vehicle of some kind. The 2000 subaru is a great winter car for my required travelling, but the mileage is terrible. Hence, the corolla to reduce costs. I'm going to keep hanging around here as a BK 13 makes economic sense to me. I just don't want to file until I'm "sure" I can provide for myself over five years. This will also provide a bit of time to see what will happen to my overtime during the next few months.

[CATCHMEIFYOUCAN]

I HAD to buy another car because my own car got flooded just a month before I filed. YOU need a reliable car, they shouldn't hold that against you! Of course I had perfect reason to get another car, but regardless definitely get yourself one in before you file. Hit the dealer the last day of the month, the sales people are scrambling to meet their quota! hah!

good luck, catchmeifyoucan