Hello Everyone!
I'm hoping to get some advice/insight on what to do about my cars. I'm hoping to file Chapter 7 soon (in the interviewing stage for an attorney). As I explained in an older post a while back, my step-father stopped paying the rent in January (an agreement between him and my mother, she lives with me) so I had to cover the rent, which left very little after utilities, etc. to pay my own credit obligations (which is why I need to file for bk).
Anyway, part of those obligations are two cars (mine and mom's) both are leased. I haven't made payments on my car since January, but I did pay my mom's car in February and March due to the lawsuit with the manufacturer that was going on (needed to keep the account in good standing).
I just concluded a lemon lawsuit over my mother's vehicle, and should be getting the settlement check in about 30 days (not a huge amount). Three weeks ago, my car died for much the same reason I just finished suing them for on my mom's car (battery won't hold a charge, and manufacturer claims that I HAVE to drive it at least 30 minutes continously a day...which I can't, I have a short commute). I can't get the car towed/fixed, obviously because I'm behind on the payments. I can't even pursue legal remedies over the faulty vehicle because of the deliquent payments. So, it's sitting dead in my driveway and I'm figuring it will get repo'd at any given point because of the late payments.
Because both cars are on my credit, I can't get anyone to finance me for a used (reasonable) vehicle. Do I use the stock-piled cash I have right now (settlement, etc.) to just buy a used vehicle for cash, or will this negatively impact the future bk 7? (in other words, here I have two cars, yet I'm getting another). For the record, I have no way of catching up on the past due payments as they have gotten too high. I'm at a loss for what to do, and need to get working transportation soon, as my co-workers are getting frustrated with my begging for rides daily.
Thanks in advance for any advice!
I'm hoping to get some advice/insight on what to do about my cars. I'm hoping to file Chapter 7 soon (in the interviewing stage for an attorney). As I explained in an older post a while back, my step-father stopped paying the rent in January (an agreement between him and my mother, she lives with me) so I had to cover the rent, which left very little after utilities, etc. to pay my own credit obligations (which is why I need to file for bk).
Anyway, part of those obligations are two cars (mine and mom's) both are leased. I haven't made payments on my car since January, but I did pay my mom's car in February and March due to the lawsuit with the manufacturer that was going on (needed to keep the account in good standing).
I just concluded a lemon lawsuit over my mother's vehicle, and should be getting the settlement check in about 30 days (not a huge amount). Three weeks ago, my car died for much the same reason I just finished suing them for on my mom's car (battery won't hold a charge, and manufacturer claims that I HAVE to drive it at least 30 minutes continously a day...which I can't, I have a short commute). I can't get the car towed/fixed, obviously because I'm behind on the payments. I can't even pursue legal remedies over the faulty vehicle because of the deliquent payments. So, it's sitting dead in my driveway and I'm figuring it will get repo'd at any given point because of the late payments.
Because both cars are on my credit, I can't get anyone to finance me for a used (reasonable) vehicle. Do I use the stock-piled cash I have right now (settlement, etc.) to just buy a used vehicle for cash, or will this negatively impact the future bk 7? (in other words, here I have two cars, yet I'm getting another). For the record, I have no way of catching up on the past due payments as they have gotten too high. I'm at a loss for what to do, and need to get working transportation soon, as my co-workers are getting frustrated with my begging for rides daily.
Thanks in advance for any advice!
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