Is it possible to file ch 7 with two cars that i want to keep, and actually renegotiate down to blue book value? I am current on both cars, but the loans are new (Feb 09).
1 car we rolled the lease into a purchase cuz we wanted to keep it. Will a ride through chance me losing the car? Is it safer to reaffirm? I am with Wachovia Dealer Svc, no other debt there, no other history there escept for three months of current payments.
The other car was traded in and bought the same type of car (used). So it was a new loan, but we traded in a lease early in order to get it. Now, we have only made one pmt (will make a ocuple more before filing) and are current. Will they want to take that car also if we dont reaffirm? It is with Bank of the West and is a Mazda (Ive heard bad stuff about Mazda but I think it only matters if I was financed through Mazda American Credit, right?) I used to be financed thru MAC on my lease, but as I said, I traded it in and got another Mazda with new loan.
Both cars are financed above market value so i dont think i have to worry about equity exemptions, right?
I just dont want to lose them. One lawyer said reaffirm, other said try to ride through and negotiate....ANY EXPERIENCE HERE? THanks
1 car we rolled the lease into a purchase cuz we wanted to keep it. Will a ride through chance me losing the car? Is it safer to reaffirm? I am with Wachovia Dealer Svc, no other debt there, no other history there escept for three months of current payments.
The other car was traded in and bought the same type of car (used). So it was a new loan, but we traded in a lease early in order to get it. Now, we have only made one pmt (will make a ocuple more before filing) and are current. Will they want to take that car also if we dont reaffirm? It is with Bank of the West and is a Mazda (Ive heard bad stuff about Mazda but I think it only matters if I was financed through Mazda American Credit, right?) I used to be financed thru MAC on my lease, but as I said, I traded it in and got another Mazda with new loan.
Both cars are financed above market value so i dont think i have to worry about equity exemptions, right?
I just dont want to lose them. One lawyer said reaffirm, other said try to ride through and negotiate....ANY EXPERIENCE HERE? THanks
waiting to file in july-august,