Question about auto in chap 13?

[mandy25]

We have a consultation with a Lawyer soon on filing chapter 13. We will be filing on a mobile home we owe $16000 on. It would probally appraise for no more than $20,000. We also have a auto which we are about $9000 upside down on. We are considering letting it go back in the bankruptcy. Will we have to pay the total amountof what we owe on it? Our income is about half of what the median income allowment is. Other than another auto which we owe about $10.500 on we have no other assets. Can anyone please give me an idea of what to expect. Also we owe about 15000 in other bills that are all unsecured except about a thousand that we owe on furniture.
Any help would be greatly appreciated. Total debt would probally be about 60.000.
Thanks this is a great sorce of information.
Mandy

[SinkingFast]

Need some info.

What State?

How long have you owned the vehicle? Year, model, mileage? New Law has an ownership "Cram Down" requirement.

Are you current on the home and/or auto? Or do you plan for those debts to go into the plan?

[mandy25]

Need some info.

What State? Arkansas
How long have you owned the vehicle? Year, model, mileage? New Law has an ownership "Cram Down" requirement.

We will have had the car a yr next month. Its a 2005 Impala with about 51000 miles. We owe about 19,900 on it.

Are you current on the home and/or auto? Or do you plan for those debts to go into the plan? The home is current but the car we havent made this months payment on. Planning on letting it go back with bankruptcy.
Thanks for your reply!
Mandy

[Jenny]

Pardon my ignorance, but how does a 1 year old car end up with 51,000 miles on it? You might need to look at other factors if you put 51,000 miles on a car per year, or you maybe got a really bad deal on a used car if you bought it this way.

[anonymuse]

A 2005 Impala probably came out in June 0f 2004, so that could be about 2 years old actually.

[mandy25]

Yes it was a program car when we got it. It had 31000 miles when we got it. It was a huge mistake that we are paying for.
Mandy

[SinkingFast]

Pardon my ignorance, but how does a 1 year old car end up with 51,000 miles on it? You might need to look at other factors if you put 51,000 miles on a car per year, or you maybe got a really bad deal on a used car if you bought it this way.

Uuuhhhhmmmmmm. Let's see??!!

YOU LIVE OUT IN THE COUNTRY!!

That kind of mileage in one year is easy living in Kansas City. It's a 9 county Metropolitan area. If you live on the extreme East side and work on the extreme West side of the KC Metro Area, you can easily put 100 miles/one way trip on your car. That's a minimum of 200 miles/day just to drive to work. Not counting running errands to the grocery and doctor.

Or maybe the person is a Traveling Sales Person??!!

There are other ways that people can and do live than what fits into your narrow minded universe, Jenny.

[NowOrNever]

Pardon my ignorance, but how does a 1 year old car end up with 51,000 miles on it? You might need to look at other factors if you put 51,000 miles on a car per year, or you maybe got a really bad deal on a used car if you bought it this way.

Of what relevance is HOW the car has 51000 miles on it? We easily put 3k to 4k on our cars each month. What "other factors" do you suggest that we high mileage folks look at? I don't really feel it's necessary to justify my mileage to anyone.

[mandy25]

Well I was wondering the same thing as to why the milage counted. Anyway can someone answer my question will we end up having to pay for the car that we surrender full amount or what the car appraises for or the difference of what it sells for?
Thanks again for all the great info.
Mandy

[aa06a47]

Pardon my ignorance, but how does a 1 year old car end up with 51,000 miles on it? You might need to look at other factors if you put 51,000 miles on a car per year, or you maybe got a really bad deal on a used car if you bought it this way.

How many miles do you think it should have?

[anonymuse]

If I were to drive myself to work every day, I'd be putting 25,000 miles a year.

[Jenny]

How many "traveling sale persons" do you know, SF? I know several people who travel via car and sell a product, and none of them call themselves "traveling sales person". And they all receive compensation for their travel expenses either in the form of company cars (which they don't own or pay for) or mileage reimbursement or tax credits.

In any case, this is moot since the OP already admitted making a financial mistake with the car. We now know exactly why the car has as many miles on it as it does.

[aa06a47]

Jenny, think you need to take you med's or something....your starting to annoy me, and if you were to ask people who know me, they would tell you I'm a very hard person to get "annoyed".

Why do you feel you have to condem/be critical of people who screw up? They are on here and admit there mistake. Does it make you feel better to be critical of people? Do you realize when someone admits there mistakes, they know they screwed up...they don't need you telling them how bad they are.

Do you feel your better than those of us who have screwed up so bad we are spending time on a BK board? Just admit it.

[Jenny]

I'm pointing out facts. I don't care that I annoy you. The only thing I know about you is that you're filing bankruptcy because you gambled away your family's financial future. That's not something I respect. I hope you learned your lessons and go on to support your family responsibly.

You're the one attending GA meetings. Perhaps you need some medication to go along with that. Good luck with your Chapter 13 payments.

[aa06a47]

I'm pointing out facts. I don't care that I annoy you. The only thing I know about you is that you're filing bankruptcy because you gambled away your family's financial future. That's not something I respect. I hope you learned your lessons and go on to support your family responsibly.

You're the one attending GA meetings. Perhaps you need some medication to go along with that. Good luck with your Chapter 13 payments.

Yes, I did, I am guilty of that. I have learned my lesson. I have admitted that and I am going on with my life. Thanks for pointing out what I have freely admitted.

I don't wish to earn your respect, just to learn from your advice and the advice you can give others. So far, your only contribution to this board is to point out the obvious, people who file BK screwed up somewhere. Thanks for pointing out the obvious. I still don't know why your on the BK board?

Now, on a more personal note, Jenny, take the $hit your throwing and blow it out your a$$.

Have a nice 4th of July.......where did I put my happy pills....