Hi Everyone.
I've been browsing this site ever since it became apparent in January that I would need to file Chapter 13, and it has been a great source of information, as well as comfort.
Here's our sitaution:
My wife and I owe approximately $97K in unsecured debt, and I $120k in old income tax (filed in 2003). The attorneys that I've spoken to have all said that we can only go with a Chapter 13, as we won't pass the means test due to our combined income of $160k. We wouldn't even be in the boat, had the IRS not slapped a $1600/month installment agreement on me, as we were making our cc payments just fine. We own a home upon which we owe $330k, but is now only worth $200k. Obviosly, we're keeping it, because we don't want our lives in the hands of landlords for next 5 years.
Anyway, we currently have 2 cars. One is a lease on my wife's Tahoe. We'll be turning in the car prior to the bankruptcy because we're way over on mileage and will need to include the overage in the bk. Obviosuly, she'll be getting a new car while her credit is still perfect. My car is owned is free an clear, and is 20 years old. It was originally left to me by my dad when he passed away. It's probably worth about $2500. I want to keep this car because it has a lot of sentimental value, but will also need something newer and reliable to get me through the next 5 years.
So, can I get a loan for a new car for me prior to filing, thus taking advantage of reducing my trustee payment, and keep my dad's old car? Obviously, we would now have 3 cars. I read on here that the BK forms only have room for two cars, so I'm not sure how this would work. If it makes a difference, I do live in California.
Thanks in advance!
I've been browsing this site ever since it became apparent in January that I would need to file Chapter 13, and it has been a great source of information, as well as comfort.
Here's our sitaution:
My wife and I owe approximately $97K in unsecured debt, and I $120k in old income tax (filed in 2003). The attorneys that I've spoken to have all said that we can only go with a Chapter 13, as we won't pass the means test due to our combined income of $160k. We wouldn't even be in the boat, had the IRS not slapped a $1600/month installment agreement on me, as we were making our cc payments just fine. We own a home upon which we owe $330k, but is now only worth $200k. Obviosly, we're keeping it, because we don't want our lives in the hands of landlords for next 5 years.
Anyway, we currently have 2 cars. One is a lease on my wife's Tahoe. We'll be turning in the car prior to the bankruptcy because we're way over on mileage and will need to include the overage in the bk. Obviosuly, she'll be getting a new car while her credit is still perfect. My car is owned is free an clear, and is 20 years old. It was originally left to me by my dad when he passed away. It's probably worth about $2500. I want to keep this car because it has a lot of sentimental value, but will also need something newer and reliable to get me through the next 5 years.
So, can I get a loan for a new car for me prior to filing, thus taking advantage of reducing my trustee payment, and keep my dad's old car? Obviously, we would now have 3 cars. I read on here that the BK forms only have room for two cars, so I'm not sure how this would work. If it makes a difference, I do live in California.
Thanks in advance!