Question about car

[KellyBerg]

Ok, but my main concern is buying a new $32,000 car right before I surrender my current one and then putting the $32,000 car into the plan. I'm going to pay the whole $32,000 anyway, but how would that be favored?
If I put my current car in it, I'll be paying $32,000 as well including interest so its the same. HELP!

we did what I said in the post because of a 722 redemption loan which is available only for chapter 7 filers. However, if you surrender a vehicle, then the difference is scheduled as unsecured debt and your creditor would simply file a claim for that amoun and they would receive the same percentage as the other unsecured creditors in your case. In our lucky instance, in my chapter 13, no claim was filed for the deficiency balance so they ended up getting nothing. (I filed a chapter 7 in 01 discharged and then a chapter 13 in 05, let car go back in chapter 13 and refinanced truck in chapter 7 with 722)

[CindyLou]

So you finally decided you might be able to bite the bullet and part with the Escape?

[lrprn]

Ok, but my main concern is buying a new $32,000 car right before I surrender my current one and then putting the $32,000 car into the plan. I'm going to pay the whole $32,000 anyway, but how would that be favored?
If I put my current car in it, I'll be paying $32,000 as well including interest so its the same. HELP!

Ok, KellyBerg aka CityGirl aka BrianBlade aka....whatever. No serious bankruptcy filer would post about buying a $32,000 car right before filing. See you when you create your next fake forum identity. Bye bye.

[rrockinggramma]

LOLOL Our "new" vehicle was a 12,000 used Grand Prix.No one would finace a 32,000 vehicle for us unless we had 20,000 down payment. LOLOLOLOL And the redemmed vehicle was a 1997 F150 flare side, also purchased used. LOLOL I know cars are more expensive these days ( I haven't even shopped for one since 05) but there are plenty of good ones out there for a lot less than 32,000.00. Lifestyle also has to change when one files for BK or the Bk is nothing but a bump in the road right back into debt. LOLOLOL

[MajorMike]

There is alot to read on this forum and to be honest, I had to comment on this one because I'm in a similar situation.

I have a car that I'm negative equity on. I'm paying over $700 a month because I had to roll in the previous car's negative equity.

I think I understand where the OP is coming from when she asks this question. You say, why would someone want a $32,000 car when they are going into a BK? Well, because if I were to turn in this car I have, the negative equity would turn to unsecured credit and go into the plan ( correct me if I'm wrong )

If I then take out a new loan for $30,000, my payments will be LESS then if I keep the car I currently have and keep paying on negative equity!!

The OP makes sense. She(FEMALE?) gets a new $30K car and pays less for it.

Why wouldn't someone want to do that going into BK when you need a decent reliable car for the next 5 years.

I think you were pretty harsh on the OP.
Tell me why this wouldn't work as I'm contemplating the same thing!

[CindyLou]

The point was that if you were about to file bk and need to give up your car and replace it, then you should be replacing it with a lower priced vehicle that wouldn't be such a red flag.....like a used car or maybe a new car in the 13-15,000 range. You can't go into BK court having purchased a luxury car literally on the "eve of BK" and not expect raised eyebrows.
BTW....welcome back.

[MajorMike]

What do you mean welcome back? I've never posted. Can you see when I've lurked?
The car for $30,000 isn't a luxury vehicle. It's only priced that high because it's a hybrid. Better gas mileage that saves money in the long run. I guess you don't see my point when I say, I'm paying $700 right now and why would the trustee raise an eyebrow? The only reason would be the negative equity turned into unsecured but since I'm going into a 13, I'm paying most of my unsecured.

The point was that if you were about to file bk and need to give up your car and replace it, then you should be replacing it with a lower priced vehicle that wouldn't be such a red flag.....like a used car or maybe a new car in the 13-15,000 range. You can't go into BK court having purchased a luxury car literally on the "eve of BK" and not expect raised eyebrows.
BTW....welcome back.

[newbie2]

Walks like a duck..

Talks like a duck...

Quacks like a duck...

Welcome back City Girl.

[Boscoe]

13 posts is not exactly "never posted".

And show some creativity.

City Girl
Brian Blades
Major Mike

What is next,

Sexy Suzy?

[klux]

What the heck is going on on here? Call me dumb, but is this a fake person or something? I come on here to ask ligitimate questions and see peoples answers/questions to try and help eachother out during difficult times, and what......we can't trust who is on here?

[lrprn]

What the heck is going on on here? ......we can't trust who is on here?

It's an open Internet forum, klux - anyone can join. That's why we have so many great people hanging out here, but it does open the door to the rare bad apple as well.

Although we moderators do our best to control forum trolls, occasionally one drops by trying to have their jollies . Luckily 99.9% of our members are absolutely legit.

We give a potential trolls and problem members just enough time to hang themselves before they are banned. Trolls are dependable that way - they can't have their sick jollies and still interact like a regular member does for long. And problem members just can't help repeating their bad behaviors. Eventually they all get the moderator ax.

Any time you question a member's sincerity, report the post by clicking the red triangle with an exclamation point inside in the lower left corner and explain why you have a problem with what they said. Then the moderators can keep an eye on that member and will react quickly if the member isn't following our forum rules or continues to not "play nicely with others"

[MajorMike]

What the HELL are you people talking about???
I have not a clue what you mean by citygirl briangirl, whatever.
What the hell have I done to warrant this?
My wife is here sitting next to me with this look on her face like what is going on?
I'm not allowed to agree or disagree with posters? If I do, I'm considered a troll?
This is fabricated and I'm owed an apology!
When I posted that in this thread, I only had a few posts! If you look at an old thread of irprn's you will see that she has over 3600 posts. What is your problem???

[MajorMike]

why don't you look at an old post of your BOSCOE and see how many posts you HAD BACK THEN!!!
Your posts aren't too intelligent either. Before you accuse someone of something, you really need to do your homework.
I just went back and read citygirl and those posts and they don't even remotely type like me! How would you even compare???

13 posts is not exactly "never posted".

And show some creativity.

City Girl
Brian Blades
Major Mike

What is next,

Sexy Suzy?

[lrprn]

Methinks you doth protest a bit too much, MM.

This is an open internet forum. A single individual can join under as many different names as they believe they can manage. The number of posts anyone has has nothing to do with whether an individual is a scammer, a troll, or an already banned member who doesn't want to leave the forum for their own reasons.

If you want to participate in this forum, continue to do so. If you consistently post replies that are insensitive, condescending, or incorrect despite being warned not to, then you along with any other new or "retooled" member will sit out a quarter. If the behavior continues, then the sidelines will be a permanent assignment.

Disagreement is fine. However, posting advice despite not understanding the basics of how different bankruptcy chapters work, finger-pointing to make people feel guilty, and making judgmental statements that hurt filers' feelings....all of which you have done in the last few days....is not.

Enough said. Let's get back to the business at hand....supporting people in one of the hardest time of their lives.