need some insight/advice

[westchiburbs]

I filed Ch13 about a year ago.
We fell behind on our payments due to a $1200/month pay cut.
We moved out of our house and are in a rental. The house we own is on the market with an offer and a Jun1 closing date.
My lawyer suggested we look at a Chapter 7. We only care about keeping the cars. He said it would be a risk losing them either way.
Other than the cars/household goods, we have no assets.
There is not much equity in either car- but both are necessary to have.
If they do end up taking the cars, will it be really tough to get financing o2 two cars- we would buy used and as cheap as we can- prob about $20k for 2 cars.
Will they come after household goods in a Chapter 7- ie TVs, computers etc?

[JRScott]

Electronics generally have a high depreciation value, if you didn't buy em in the last 6 months it is unlikely they'd come after them at all even if you owed money on them.

Credit right now is hard to get, it might be harder than normal to get them. Generally though after bankruptcy it is possible to get some high interest loans for a car, not the most desirable.

Do you know what your state's exemption amount is, and what the value of the cars is?

[westchiburbs]

thanks- no new electronics.
Value on both cars is about $25k- according to KBB suggested resale- trade in and private sale would be less. Little no no equity in each.
Any recommendations on where to start looking for financing?
Online? dealer to dealer?

[catleg]

Are the cars included in your chapter 13 plan or are you doing a "ride through"?

I do not have any personal experience with this but there are others who can probably help you. The question is, can you afford to keep the cars post bankruptcy? If so, there is probably a way to work something out.

I asked in another thread whether in an uncompleted chapter 13 plan, if there are secured debts does the money paid in the plan go to pay them off first before any unsecured debts get anything. Probably a relevant question here also. Sounds like you're at risk of your chapter 13 being dismissed before you can convert to chapter 7, what does your attorney say, is he on top of this?

[westchiburbs]

The cars are presently in the Ch13.
Our attorney is going to work with the lendors after we convert to a Ch7.
We can afford the payments now (I recently changed jobs)
He is going to propose having the payments taking directly from payroll to see if that entices them to let us keep the cars.
Our attorney seems on top of this.

[queenbee]

in our state we can only have $3200 in equity in cars, but if you don't use all of the other exemptions household etc you can bury it that way plus there is a $10,000 wild card ...BUT if you are making payments then you owe more than they are worth so then your fine...usually a bank will reaffirm a debt instead of ending up loosing all the money from your loans....if you don't reaffirm during your bk then if you fall behind the debt is discharged and you will owe nothing BUT they get the cars back...just FYI