Is this doable? (wanna turn in my car)

[boxermom]

Hi,
Im new here & Ive looked over pages & pages of questions, Im sure this has been asked on here before but so far in my search I havent found a situation as similar so forgive me if this has been asked before.
My situation:
After a divorce in 2008 I filed chapter 13, walked away from my house in the middle of the housing downfall & the lender took it back & sold it & I was fortunate enough to not be stuck with anything owed. My car & a few credit card (under $5K at filing) is what Im paying back at 100%. I basically did the 13 to walk away from the house & b/c I make too much $ to file 7. Fast forward 3 1/2 years into my plan, Im remarried, we have full custody of his child & are planning on having our own. I would like to either turn my car in or get approved to sell it. My car is a tiny 2 door sports car & now its not feasible for us as a family of 3 to comfortably ride in it. Also, its an older car, 110K miles & starting to nickel & dime me. I believe I am actually in a position to where I could get either amount owed or more for the vehicle & I am fine with giving it all to the finance company & continue paying what Im paying now to pay off my CC. My husband would finance a new larger car for me so I wouldnt be incurring any debt. Is this doable? Anyone done this before? Welcome any & all advice/comments.....Thanks in advance

[toojerm]

I surrendered a truck upon filing. I was able to drive it another 10 months until they actually came and picked it up. As a matter of strategy, we have financed 2 vehicles in my wife's name to build up her credit while I am in CH13.

[LadyInTheRed]

Welcome to BKforum, boxermom!

You need to talk to your attorney about modifying your plan to surrender the car. It sounds like your financial situation may have improved because of your marriage. Modifying your plan could mean redoing your entire budget including your husband's contributions to the household income. Your expenses have probably changed too, so your plan payment could go up or down. Either way, you will incur attorney fees to modify the plan. Depending on how much is still owed on the car, it may not make financial sense to surrender it at this point. It may make more sense to just lay low and let the car get paid off in the plan even if your husband does buy you a new car. You can sell the old car later.

[indy4wins]

I agree; I went down that road last summer, 2011, and I was going to try and get the permission of the trustee to incur new debt; After I slept on it, I decided against doing it; There seems to be a lot of conversation on this site about vehicles; It's hard to make an older car last sometimes, especially 5 years; I'm driving a 2000 Chevy Cavalier with 175,000 miles on it, and it's still getting me by; I'm going to buy a car once I get discharged as a treat to myself; If you can make your car last, do it; You only have about 1 year left on your BK; Nickels and dimes are better than 10's and 20's; It will save you in the long run; Have a nice day and good luck to you;

[keepsmiling]

Hey Indy,
Is your . not working?
Big fan of the under-used semi-colon myself but it does make your post hard to read.

[indy4wins]

Sorry;;;;;;;;;;;;;;;;;;;;;;;;;;;about;;;;;;;;;;;;; ;;;;;;;;;;;;;;that;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;; ;;;;My keyboard is not working; When my BK is over, I'll be able to afford a new computer;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;; Have a nice evening

[keepsmiling]

rofl
gotcha

[df04527]

^that made me laugh. Nice response...lol

[keepsmiling]

I REALLY am a fan of the semi colon lol. It just needs to get out more. Maybe not that much lol^^^
Just to venture completely off topic... anyone read Eats Shoots and Leaves?
Great little book, practical and funny.

[lillymarlene]

I agree with LadyInTheRed and indy4wins to hang onto these old cars until your chap 13 is over, but what if you have a car that won't pass inspection? This year I just barely made it. My check engine light was on for a long time, but then one day, during my inspection month, it suddenly went off and I quickly had the car inspected. Then last week the annoying light turned back on. The car now needs about $1,200 (not even counting whatever is causing the demon light problem) worth of repairs, brakes, rusted rear end, and the power steering doesn't work properly.

I found out that in my state, if your car doesn't pass inspection and you don't fix the problem within 30 days while on the "rejection sticker" that this is reported to your insurance company who then cancels your insurance. I wouldn't care since I'm able to use my boyfriend's car, but this was all written into my plan, that I pay my insurances; the car and house are part of the bankruptcy estate.

I don't know what to do if I can't come up with the funds for repair, outside of leaving the car out in the yard, just paying the insurance and not having it inspected. If there is no inspection, maybe there is no report.

[keepsmiling]

If the new hubby is willing to finance the car, and he's not part of the bk.... not sure there is any problem, right?
Put the lil sports car in the garage, start the engine once in a while, get rid of it when bk is done. All under radar, all legal. Am I missing something?

[LadyInTheRed]

Am I missing something?

I don't think so.

[indy4wins]

a good way of looking at it KEEPSMILING. I'm partial to cars because I like to work on them on my spare time. One of the big reasons why I got into trouble and had to file Chapter 13 was because of cars. I was advised in the beginning to stay under the radar when it came to this process. I think I've done a good job at it. If anyone needs any car advice, please let me know. Have a nice day KEEPSMILING...................................

[boxermom]

thanks for the replies everyone. Got an appt with my attorney just to way my options. It seems like it would be easier just to keep the ol girl for another year & a half. We will probably get another larger vehicle & just stick it out until its up. Im more than halfway there so we'll see. Thanks again for the great advice! Luck to you all!