Turning In Car - New Delema

[hippyguy]

After some advice here on the forum I am going to quit paying on my FMC financed car. I also put in a call to the attorneys office and the assistant recommended that I clean up the car and turn it in myself as a measure of good faith ( include both keys and don't forget to pull my tag ). That seems to me like the right thing to do. So my question of the days is an old mechanic down the street has a super well maintained truck for sale for $600. Exemption wise I am pretty much shot, I would hate to let him sell the truck to someone else and everyone at my work wants to get their hands on it. I don't want to screw up my discharge so I have no clue what to do. I'm pretty sure this would become another asset, and the truck is worth more than he wants. The assistant would not give me any advice and the lawyer is doing his usual lawyer thing and is not avalible. Any advice? 30 days down and counting.

[StartingOver08]

You had your 341 right?

You are surrendering the vehicle you have and getting another one well within the exemption amount allowed. I say go for it, JMO.

[hippyguy]

You had your 341 right?

You are surrendering the vehicle you have and getting another one well within the exemption amount allowed. I say go for it, JMO.

Had 341, declared no asset no property taken. The lawyer did tell me not to touch my tax return yet at the 341. It seems like such an easy thing to do, go buy a truck for cash ( My car payment, i'm not paying this week will cover it ). As of our 341 we exempted about the max. Whats the worst thing that could happen we become an asset case and they take my $600 truck?

[jessegirl]

Had 341, declared no asset no property taken. The lawyer did tell me not to touch my tax return yet at the 341. It seems like such an easy thing to do, go buy a truck for cash ( My car payment, i'm not paying this week will cover it ). As of our 341 we exempted about the max. Whats the worst thing that could happen we become an asset case and they take my $600 truck?

I really wouldn't worry to much about it. If you had your 341 and now you are just waiting for the discharge correct? How would the trsutee even know that you got another vehicle? I would buy it. I mean its only 600.00 bucks. For the trsutee to take something like that and then pay for it to be picked up and then for someone to sell it, the trustee would not make anything on it. Maybe 100.00.....No worries...

[hippyguy]

I agree with you guys, I don't think I can pass it up for $600. If it dies in a year I still probably saved $7300. Sounds like a no brainer

[Brighterdays]

yep, buy it. the worse case scenario is you have to give it back(not likely), but still its the worse case scenario.