keeping 1 car and letting 1 go

[shelly66]

We have just started chapter 13. My lawyer has our plan. He advised us to let go one of our cars and then get one later on. My question is this, we are letting go 2007 ford edge owe on it $33,500 payment $525. We are keeping2008 ford mustang gt owe $32,000 payment $603.00. We are keeping the musting because it is worth more. The edge is very basic. We live in florida and he never said anything about the payment being to high. He just said we will be paying it in the plan, with the 1st mortgage and what we are behind on the 1st. We are lein stripping the 2nd. We cannot afford to ged rid of both vehicles we both work fulltime. Just wondering if this sounds right?

[relief13035]

Ouch - those are some expensive cars.

[optimistic1]

You attorney must be familiar with what the trustee allows, the trustee here in Arizona allows only $522 a month for vehicles. He knows that if you try to keep both, the trustee will object, and the judge may rule in favor of the objection, and force you to give one up. He is simply making the process smoother, by making you get rid of it now.

[dpeters]

Just like OPTIMISTIC1 said it all depends on where you file your BK, in California you can keep your vehicles as long as you can show and prove what your income really is (Paystubs, Real Income, ETC) and that you have enough money to pay all your monthly expenses including your two cars and your plan payment.