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Last edited by Keebler; 08-27-2008, 08:40 PM.Discharged November 2008 100 days after filing no-asset Chapter 7. We intended to let a two-year-old vehicle go back to the bank and reaffirm an inexpensive ten-year-old SUV and our home mortgage. In the end we surrendered ALL of our vehicles and reaffirmed NOTHING. We'll "ride through" our mortgage after the court ruled it an undue hardship. -
This is a situation where it sounds like keeping the car might be the best thing to do, especially if you have a decent interest rate. You are not upside down, which is very uncommon with a new car. If you can afford to pay the 375 I would say definitely keep the car!Chapter 7 Pro Se....Discharged Feb. 2006 -
Plus,............... If you try to finance now with poor Credit,............... Or go the 722 Redemption route inside BK,................ $375/mo probably won't buy you as much car or as new a car as you have right now.
Older vehicles can be a PAIN!! We've had a lot of work done this year on ours. I know.
We've had new radiators put in all of the old beaters this year. Heater core in one. Had to have the "heater box", where the flapper is that changes from defrost to heat or vent, repaired. Another water pump.
And it's not just the costs of the repairs. It's the hassle factor of having to deal with a vehicle down. Plus, the uncertainty that comes with lack of reliability.
I think you're better off to keep what you have.Filed Ch 7 - 09/06
Discharged - 12/2006
Officially Declared No Asset - 03/2007
Closed - 04/2007
I am not an attorney. My comments are based on personal experience and research. Always consult an attorney in your area to address concerns related to your particular situation.
Another good thing about being poor is that when you are seventy your children will not have declared you legally insane in order to gain control of your estate. - Woody Allen...Comment
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...Last edited by Keebler; 08-27-2008, 08:42 PM.Discharged November 2008 100 days after filing no-asset Chapter 7. We intended to let a two-year-old vehicle go back to the bank and reaffirm an inexpensive ten-year-old SUV and our home mortgage. In the end we surrendered ALL of our vehicles and reaffirmed NOTHING. We'll "ride through" our mortgage after the court ruled it an undue hardship.Comment
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Are you still paying debts you wish to discharge in bk?Comment
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...Last edited by Keebler; 08-27-2008, 08:42 PM.Discharged November 2008 100 days after filing no-asset Chapter 7. We intended to let a two-year-old vehicle go back to the bank and reaffirm an inexpensive ten-year-old SUV and our home mortgage. In the end we surrendered ALL of our vehicles and reaffirmed NOTHING. We'll "ride through" our mortgage after the court ruled it an undue hardship.Comment
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Can anyone explain how freeing myself of a car payment can hurt me when I file? I'm worried that the payment needs to act as a place holder to avoid the appearance of having disposable income. I can't put auto expenses on my on my application for an auto I don't actually have, right?Last edited by Keebler; 08-27-2008, 08:42 PM.Discharged November 2008 100 days after filing no-asset Chapter 7. We intended to let a two-year-old vehicle go back to the bank and reaffirm an inexpensive ten-year-old SUV and our home mortgage. In the end we surrendered ALL of our vehicles and reaffirmed NOTHING. We'll "ride through" our mortgage after the court ruled it an undue hardship.Comment
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No car means no car payment which reduces your expenses and creates more disposable income.Originally posted by Keebler View Post
Unless you are far below the median for your state, this expense loss could push you into Ch 13 territory. You'll need to work through a mockup Means Test and Schedules to see how you fare.
A bk filer can include the IRS vehicle operating allowance for their area even though they have no car - see .http://www.callyourlawyers.com/Bankr...revention.htmlI can't put auto expenses on my on my application for an auto I don't actually have, right?
The thinking behind this is that the filer is likely either using public transportation or paying someone to car pool and so deserves to include vehicle operating dollars as a transportation expense, but cannot include the vehicle ownership allowance.I am not a lawyer and this is not legal advice nor a statement of the law - only a lawyer can provide those.
06/01/06 - Filed Ch 13
06/28/06 - 341 Meeting
07/18/06 - Confirmation Hearing - not confirmed, 3 objections
10/05/06 - Hearing to resolve 2 trustee objections
01/24/07 - Judge dismisses mortgage company objection
09/27/07 - Confirmed at last!
06/10/11 - Trustee confirms all payments made
08/10/11 - DISCHARGED !
10/02/11 - CASE CLOSED
Countdown: 60 months paid, 0 months to goComment
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...Last edited by Keebler; 08-27-2008, 08:43 PM.Discharged November 2008 100 days after filing no-asset Chapter 7. We intended to let a two-year-old vehicle go back to the bank and reaffirm an inexpensive ten-year-old SUV and our home mortgage. In the end we surrendered ALL of our vehicles and reaffirmed NOTHING. We'll "ride through" our mortgage after the court ruled it an undue hardship.Comment
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