Best way to make sure I have a reliable vehicle

[debtmonster]

I don't care if they take BOTH of my vehicles back at this point. I am so buried DEEP upside down. I owe TWICE what EACH car is worth. They can have them. Now that I've seen so many of these $3500 dollar cars on Auto Trader, I'd gladly save up $3500 during my 60 day stay and drive the car with no payments and when they take it back, I'd pick up a car for cash and not have 4 more years of payments. I have 6 year financing.

[sean]

Unfortunately there is no way out of this situation and no if you are married you cant double the car exemption.

If you want to keep the vehicle the only thing you can do is find the fair trade in value and offer to pay the trustee the difference between the $3500 and the fair value.

This part I don't understand. If I have the cash to pay the difference, wouldn't they just take that cash as an asset?

[debtmonster]

This part I don't understand. If I have the cash to pay the difference, wouldn't they just take that cash as an asset?

I know. These people make NO SENSE! These people must have been high one on really good drugs when they made the laws.

[ansky0007]

This part I don't understand. If I have the cash to pay the difference, wouldn't they just take that cash as an asset?

Some of your cash can be exempted with different exemptions so you can use it towards keeping the vehicle. You can also get money from relatives to cover the balance if someone has the funds to give you.

Other than coming up with money to keep it they will take it and sell it and then give you a check for $3500 which was your original exemption amount and spread the balance to your creditors.

[debtmonster]

You can also get money from relatives to cover the balance if someone has the funds to give you.

Every single one of my relatives on both sides of the family are in horrible financial condition. I wouldn't have a prayer in ever getting a nickel from anyone. My father only makes $20-40/wk at his day job. He works only to get health insurance and that's it. He makes no real money. The weekly paycheck just covers gas. This economy really sucks.

[pcn]

Why cant he take out a personal loan with the van as collateral? Then there is a lien on it, and he can possibly keep it by renewing the loan after he files. Could that work?

[sean]

I've thought about that, but I've already tried to get an auto loan and couldn't get approved. So I'm not sure that a personal loan with our current vehicle as collateral would be any easier to get than a regular car loan.

[debtmonster]

I've thought about that, but I've already tried to get an auto loan and couldn't get approved. So I'm not sure that a personal loan with our current vehicle as collateral would be any easier to get than a regular car loan.

That's the problem I have. And now with my credit score being about 490, not a single bank anywhere would ever give me a loan. I'm sunk. That's why I just want to keep the car I have.

[Sleepy]

I know I'm late to the conversation here but double check your states exemptions. Here in Colorado you CAN double the auto, home etc. exemptions if you are married.

[debtmonster]

I know I'm late to the conversation here but double check your states exemptions. Here in Colorado you CAN double the auto, home etc. exemptions if you are married.

I'm in Florida and have no want to keep a car that I am like $8,000+ upside down on. They can keep it. I only need the car long enough to go past the discharge, then I want to dump it as soon as I have a few grand in my pocket to buy one from somebody on AutoTrader.com.

I have to sift through hundreds of vehicles until I find ones that I like.