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    #1

    Car purchase...

    I see a lot of info about buying a newer car prior to filing.

    My husband's car is a 2007 and the pmt is $302.00. My car is a 2000 with 130,000 miles and is lien free. Should I get a newer car? Would I consult with an attorney before buying or just buy it?

    Thanks!
    Attorney Retained/Paid: 1-4-10
    Online CCC-Completed & Cert Received: 1-8-10
    Filed Chapter 7 1-18-10.
    341 3-10-10 ~~~ Last Day to Object: 5-10-10
    Tags: None
    #2
    By law, your lawyer is not allowed to advise you to take on new debt while considering filing for BK. (crazy that they are hamstrung that way!) So while your attorney might hem and haw about making your CH 13 livable, isn't really supposed to tell you to trade that 2000 car with 130K miles on it in. So I'll tell you "DO IT!" Both our vehicles were over 100K miles when we filed, and it is HARD to find financing, plus have to go through trustee for motion to incur debt to do it after you file. If you have any credit left to get one now, you really should. Keep the payment reasonable, around what you are spending on your hubby's car to keep trustee from objecting when you file.
    Filed CH 13 September 17, 2007
    Plan Modified July 8, 2009 from $1100/month to $400/month due to change in income, finally discharged in July of 2013!

    Comment

      #3
      Our attorney actually suggested we replace our older car so we could qualify for chapter 7.
      Stopped Payings CC's: 8/14/2009 | Retained Attorney: 9/23/2009 | Filed CH 7: 12/7/2009 | 341 Meeting: 1/21/2010 - Complete | Discharged: 4/9/2010
      "One person pretends to be rich, yet has nothing; another pretends to be poor, yet has great wealth."

      Comment

        #4
        Did you do it then? Did you have to reaffirm or what?

        Thanks!
        Attorney Retained/Paid: 1-4-10
        Online CCC-Completed & Cert Received: 1-8-10
        Filed Chapter 7 1-18-10.
        341 3-10-10 ~~~ Last Day to Object: 5-10-10

        Comment

          #5
          Originally posted by Faust View Post
          Did you do it then? Did you have to reaffirm or what?

          Thanks!
          Purchased a 2008 Ford Escape 2 weeks later. We sign all the BK paperwork tomorrow and should be filed shortly afterwards. On our statements of intentions we will list the cars as reaffirming.

          Guess were going to find out what Capital One will request. We will reaffirm the newer car if they request it because we are not upside down. Our other car loan is $5,000+ upside down and I doubt any judge would let us reaffirm that loan.
          Stopped Payings CC's: 8/14/2009 | Retained Attorney: 9/23/2009 | Filed CH 7: 12/7/2009 | 341 Meeting: 1/21/2010 - Complete | Discharged: 4/9/2010
          "One person pretends to be rich, yet has nothing; another pretends to be poor, yet has great wealth."

          Comment

            #6
            I just got approved. I'm really nervous though.
            Attorney Retained/Paid: 1-4-10
            Online CCC-Completed & Cert Received: 1-8-10
            Filed Chapter 7 1-18-10.
            341 3-10-10 ~~~ Last Day to Object: 5-10-10

            Comment

              #7
              Originally posted by Faust View Post
              I just got approved. I'm really nervous though.
              I can understand. After buying the car we had another consult with a different attorney that had previously been a trustee for 15 years. Told him the story about buying the car. He said it's perfectly acceptable because were not looking to defraud anyone with a secured loan.

              Just a little nervous now about what Capital One will do after we file.
              Stopped Payings CC's: 8/14/2009 | Retained Attorney: 9/23/2009 | Filed CH 7: 12/7/2009 | 341 Meeting: 1/21/2010 - Complete | Discharged: 4/9/2010
              "One person pretends to be rich, yet has nothing; another pretends to be poor, yet has great wealth."

              Comment

                #8
                Please keep me posted!!!
                Attorney Retained/Paid: 1-4-10
                Online CCC-Completed & Cert Received: 1-8-10
                Filed Chapter 7 1-18-10.
                341 3-10-10 ~~~ Last Day to Object: 5-10-10

                Comment

                  #9
                  We are a little less than 3 months away from filing and all 3 lawyers that we "interviewed" strongly suggested to get a newer vehicle to replace our 2002 Durango with 140k miles on it. We will be purchasing a slightly used (2008) vehicle tomorrow. We kept our payment reasonable at $350/month so as not to seem over the top.

                  This is one of those items that many on this forum have recommended and I never would have thought of on my own. It will likely save me a lot of hassle 3-4 years from now.

                  Comment

                    #10
                    Well, we haven't even started interviewing lawyers yet, but we went and found a newer car (about 6 wks ago maybe a little longer) to replace my husbands 1997 Chevy truck that had 160K miles on it. Hubby is great at fixing cars--but it was still getting expensive with all the parts, and unreliable. My van is a 2003 Caravan and is getting up there in age. We wanted at least ONE vehicle that had low miles and was reliable.

                    We bought a 2008 Pontiac with 20K miles and still the remainder of the warranty--financed through our CU (obviously we plan on reaffirming--and owe ZERO other debt to our CU) at 3.4% We would NEVER get that good of an interest rate after filing. Our payment is $250

                    I'm good with our decision.

                    Comment

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