My lease will be up November of 2010

[whirlwind123]

My lease is up on my vehicle november of 2010., I was planning on keeping it and getting a loan for the balance., but now i don't know what I will do??? I have to have a car I travel a distance for work., I have always paid my car on time., Do I have to let the trustee know if I am going to puchase the car?
Maybe I should just try to get rid of my lease now and purchase a car before filing?

[whirlwind123]

Can I cash surrender a Life insurance to put down on a auto?

Can I cash in my life insurance to put down on an automobile as my lease is up in a year., and then what will I do., so I thought maybe I should buy a vehicle now and put some extra on it so my payment ain't much more., I haven't filed my Bankruptcy yet.,????
What do you think?

[StartingOver08]

When do you plan to file BK?

The lease is an allowed expense (depending upon the amount of the lease) in your schedules. Also, the cash value of the life insurance typically can be exempted. Check the exemptions for your state. www.legalconsumer.com

Or, as you point out, you can get your vehicle now so you are all set before filing. Are you close to the median income?

[whirlwind123]

Yes I am close to median income., I am not so sure about this attorney I have was very rushed and typically spent little time., I am thinking about getting another attorney consultation, I want to file in December or January I think., or asap., but I want to get this car business done., when my lease is up in a year I either buy it out or turn it in., so If I don't have the money to buy it out can i continue to make payments? if I turn it in what do I do for a vehicale., can't have a clunker I travel for work and am a young female.

[AngelinaCatHub]

Yes I am close to median income., I am not so sure about this attorney I have was very rushed and typically spent little time., I am thinking about getting another attorney consultation, I want to file in December or January I think., or asap., but I want to get this car business done., when my lease is up in a year I either buy it out or turn it in., so If I don't have the money to buy it out can i continue to make payments? if I turn it in what do I do for a vehicale., can't have a clunker I travel for work and am a young female.

Approach the dealership and see what deal you can get on the purchase of this car at this time? Maybe it will be a better deal? It's worth trying. 'Hub

[AngelinaCatHub]

Whirlwind, this is a second thread on the same subject. Redundant threads are confusing and against the rules. Stick back to your original thread. Further questions relating to the same subject will bring your original thread to the top. 'Hub

[whirlwind123]

more questions

Sorry for posting similar question twice.

Should I be honest with the dealership and let them know I am filing bankruptcy and want to get everything in order? I definately have to buy not lease or I will run; into the same situation., can I go to any dealership?
How much am I allowed to deduct for a car payment? Also, my credit probably has started to go downhill is it permissable for my mom to co sign.,
Thanks for all your help

[lrprn]

Whirlwind, this is a second thread on the same subject. Redundant threads are confusing and against the rules. Stick back to your original thread. Further questions relating to the same subject will bring your original thread to the top. 'Hub

Whirlwind, I merged your two threads into one. As Hub said, it's against our forum rules to post more than one thread on the same subject.

[maddog2112]

Hey whirlwind, I had a similar situation when I was getting ready for my 13. First of all, if you decide to buy a new vehicle, don`t say a thing to any dealer about a future filing! Our vehicle had 1 year left on the lease when we went in and I planned to purchase the vehicle rather than turn it in. It was actually cheaper to purchase a new vehicle while in the 13 and keep the payment the same as the lease, than coming up with the cash for the lease payout. However, it was a real pain buying a vehicle in the 13 as you have to go thru your lawyer, trustee and judge to be allowed to purchase. The other problem is it is hard to find someone who will finance. I had a large down payment and am still paying 18% interest on the vehicle. If you plan on being in the 13 for 5 years, the last thing you want is a vehicle you can`t depend on, especially when you drive for work. The payment money will either go to pay creditors or a new vehicle since the trustee will want all of your disposable money after expenses and bills. If you need a new vehicle and can purchase now with a much lower interest than I got, and can afford it. Go for it now.