I Might as well ask another dumb question

[jmac]

So i have a old truck i drive i owe 10k on. I also own a pos hyundai with 200k as my back up. I know once i file things are going to be tight so if anything goes wrong car wise I could be in trouble.

I was thinking about getting my max car allowance of 466 hopefully trading in my truck and car and buying a new truck on my moms credit. Will i be allowed to say this is my vehicle is i show i pay on it?

Probably going to get an answer like this is what got you here in the first place credit that is, so i don't need to hear that answer, i just need to know how to set myself up better for the 5-6 years of the 13 and to maxamize my money to me and not the trustee.

[Exployer1234]

Is the car going to be in your mom's name?

You have a certain amount allowed for a car allowance on BK. It varies from state to state. You also have the wildcard that can be used.

If you buy a car before filing BK you can reaffrim the loan and keep the car. That might be an option as well.

[jmac]

Yea it will be in her name only, she is close to retiring so she dont mind. Think if i allowed to do it better to have a new truck with a payment that lowers my DMI and is under warranty then a old truck that raises my DMI with no warranty for the next 5 years and gives me 200 dollars my towards the trustee.

[Exployer1234]

I don't think you can include the car on your BK if it is in her name unless you are a cosigner. I could be wrong on that, but if she is the only one on the loan then technically it is her car. You will still need to list where your money is going on your BK.

I understand wanting to have something dependable. As long as the payments are low. Personally unless I could find a car for 200 dollars per month I would not sign. Anything over that can sometimes be hard to come up with.

I chose just to keep my old car. I have had it for 8 years now and I have become attached to it. It is not worth much now unless I fix it up, but to me I like it. I have no clue why I like this car so much, but I would be sad if I had to give it up. Lucky for me the trustee will not want to take it. It is a 92 Lexus SC400 with a salvaged title that has 240,000 miles on it. I was asked by my attorney what the book value on the car is and I said well since it is a salavged rebuilt title I would say 1000 dollars. I looked up the BBV and it was 1800 for fair condition and 2800 if I sold it to a private party with out a rebuilt title.

Good luck on your choice. There are cars out there that are still low milage and resonable that are less then 5K. It might be an option.

[momofthree]

Ditto the above. If it is in her name, you can't claim the payment. Best bet is to have her co-sign the loan with you. You will certainly need a dependable vehicle to get you thru the next 5 years. Be careful about turning your 2 vehicles in towards the new one though. I don't know what state you're in, but be sure you can exempt any equity in the new vehicle.