Chapter 13 payment plan

[lillymarlene]

mom2crazies,

"Get yourself a car paid for in CASH and enjoy one less payment as you rebuild your life. Being that far upside down is too scary to reaffirm if you get in another bad situation (and your bankruptcy option will be no longer available) "

That's great advice. It's what I'd do if my car still had payments and the car wasn't worth it.

[momofthree]

I know that our attorney told us that once it goes to auction, the trustee does have to give you back the exemption amount (I'm not sure if that works with Wild Cards', though). Get yourself a car paid for in CASH and enjoy one less payment as you rebuild your life.

If he buys another car, he'd be using the exemption on the new car. He will not get the exemption amount paid back to him from the surrendered car. Just wanted to clarify that....

[mom2crazies]

You're right my reply wasn't clear - To clarify my post, my understanding is that once the car is surrendered, you are free to "buy" it back within a certain amount of time. If you let the auction go through, You will receive the $ back. Then you can purchase a new vehicle (if you want) with the money that you receive back from the trustee after the auction (In my case, it is $2,500). We specifically asked that because we are thinking of not buying our vehicle back and using the $ and what we can save to help purchase a new vehicle.