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filing october 1st- question about car

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    #1

    filing october 1st- question about car

    We're filing Oct. 1st. We have a car payment due September 15th, on a car we plan to cram down. Should we pay the car payment or let it slide? It's $515.
    Thanks in advance.
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    #2
    Originally posted by 95kindebt View Post
    We're filing Oct. 1st. We have a car payment due September 15th, on a car we plan to cram down. Should we pay the car payment or let it slide? It's $515.
    Are you filing with an attorney? (I only ask because I would send you to him/her to determine the best course.)

    If it were me, I wouldn't make the payment on the 15th. Since the loan will be re-amortized by the Chapter 13 Plan, the payment should change. Did you just get this car? What's the balance on your loan? Do you know if you're in a 3-year of 5-year commitment?
    Chapter 7 (No Asset/Non-Consumer) Filed (Pro Se) 7/08 (converted from Chapter 13 - 2/10)
    Status: (Auto) Discharged and Closed! 5/10
    Visit My BKForum Blog: justbroke's Blog

    Any advice provided is not legal advice, but simply the musings of a fellow bankrupt.

    Comment

      #3
      we have an attorney on retainer. we're paying the balance owed to him at the end of the month.

      The length of the plan will be 60 mos.

      the car is a 2002, that we bought in 2004. We owe $12k on it, and it's worth $5480

      Comment

        #4
        i wouldn't pay it either. Especially if you are SURE you are filing on Oct 1

        Comment

          #5
          Originally posted by 95kindebt View Post
          we have an attorney on retainer. we're paying the balance owed to him at the end of the month.

          The length of the plan will be 60 mos.

          the car is a 2002, that we bought in 2004. We owe $12k on it, and it's worth $5480
          Ask your lawyer about getting a new car! It's over 7 years old (a 2002 is usually made in 2001) and you need a reliable car to get you through 5 more years!
          Chapter 7 (No Asset/Non-Consumer) Filed (Pro Se) 7/08 (converted from Chapter 13 - 2/10)
          Status: (Auto) Discharged and Closed! 5/10
          Visit My BKForum Blog: justbroke's Blog

          Any advice provided is not legal advice, but simply the musings of a fellow bankrupt.

          Comment

            #6
            We'll be two payments behind when we file. I guess the past due payments just get sucked up into the plan.

            Comment

              #7
              yeah, we got a new car a 2008 hyundai sonota. The attoney told us to.

              Comment

                #8
                Originally posted by 95kindebt View Post
                yeah, we got a new car a 2008 hyundai sonota. The attoney told us to.
                See! Your attorney is counseling you well. When did you get the new car... after you posted the question? (Just wondering.)
                Chapter 7 (No Asset/Non-Consumer) Filed (Pro Se) 7/08 (converted from Chapter 13 - 2/10)
                Status: (Auto) Discharged and Closed! 5/10
                Visit My BKForum Blog: justbroke's Blog

                Any advice provided is not legal advice, but simply the musings of a fellow bankrupt.

                Comment

                  #9
                  got it a week ago. we love it! Hubby's been driving a beater to work, so he's going to take the tahoe, and me the new car. selling the $450 beater.

                  Comment

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