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Advice on surrendering my car in BK

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    #1

    Advice on surrendering my car in BK

    Hi-

    Need some impartial advice if I should surrender my car in BK. I have a 2005 Toyota that I bought used in 2006 and I have a 72 month loan, so as of this month I have 3 more years to pay. My payments are $336 per month and with insurance, it brings it up to $400. I work from home but do have to go into the office one day per week. I'm not very social, so other than grocery shopping or doc visits, I don't drive much. I can fill up my tank and it would last for 1 and half months.

    Even with not paying my cc bills, I am still under every month to pay my bills and get behind and rob peter to pay paul. Housing costs is what alot of my pay goes too. Even when I did the credit counseling required for BK, the counsellor didn't know I would be able to make it with my expenses even after BK.

    What do you think? Good idea to surrender or try and hang on for another 3 years with my car payments?

    There is another car in the household that is my niece's, so I would not be totally abandoned without some transportation in an emergency if I did surrender.

    Thank you in advance.
    Tags: None
    #2
    I still owe on it almost the Kelly Blue book value, btw.

    Comment

      #3
      Take a good look at your income now and what it will be after BK. If you are still tight, surrender the car.

      If the housing expense is what is causing your grief, is it because the house is upside down or because of your current income. If the house is upside down, surrender it too and get out from under the debt and stress. This is your chance to get rid of the debt - don't hang on to something that is going to put you under again. JMO
      Filed CH 7 9/30/2008
      Discharged Jan 5, 2009! Closed Jan 18, 2009
      I am not an attorney. None of my advice is legal advice in any way..

      Comment

        #4
        Dump the car. You're spending $100 per week to drive to work one day each week. You could probably rent a limo ride to work for that.
        Well, I did. Every one of 'em. Mostly I remember the last one. The wild finish. A guy standing on a station platform in the rain with a comical look in his face because his insides have been kicked out. -Rick

        Comment

          #5
          I am not upside down on my mortgage, just that winter utility bills take a huge chunk of my pay and I have to pay them or they turn off the power and heat. I work from home and cannot have my power turned off and I live in a very cold weather area. Plus, I am paying off a wage garnishement of 10% from Capitol One of my pay.

          I am currently behind 1 month on my car payment from Wachovia. I have paid $12,000 so far in payments on a car that I bought for $18,000 and I still have 3 more years and that will be another 12,000 to pay it off.

          Does anyone know if I tell Wachovia that I am filing BK when they start calling to see when I am paying? Does anyone know how long before they try to grab the car from me? Do I have time before I get discharged or do they do it right away?

          Comment

            #6
            >This is your chance to get rid of the debt - don't hang on to something that is going to put you under again. JMO


            Good point!

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