car buying - need input please

[nodough]

We've been trying to figure out what to do regarding our car situation and I have an idea but I don't now if this would be frowned upon by the trustee. We haven't filed yet and want to get a vehicle that will replace the one financed through Ford. We also have a son that will get his license in a few months so we actually need two vehicles eventually. We have found two used vehicles that we're interested in buying. Our credit is still good and we could probably get both for the same or less per month than we are paying for the one truck from Ford. Then just stop paying the Ford now since we're going to let it go in the bankruptcy anyway. It would fix our problem but I'm afraid it will look sneaky. Any thoughts?

[JRScott]

It is common to get less expensive vehicles prior to filing and sometimes even during the case (though after filing you need Trustee approval).

Your one stepping stone would be your state's laws on vehicle exemptions as it relates to number of drivers in the household, make sure you stay within those limits.

[nodough]

It is common to get less expensive vehicles prior to filing and sometimes even during the case (though after filing you need Trustee approval).

Your one stepping stone would be your state's laws on vehicle exemptions as it relates to number of drivers in the household, make sure you stay within those limits.

I figured it would be ok to get one less expensive vehicle but I wasn't sure about replacing one vehicle with two. I know it will be difficult to get something after we're discharged so it would be nice to have what we need beforehand. If my son and I have to share a vehicle I guess it could be done but I think I'll usually end up being the one with no wheels available.

I know some states have exemptions per driver but not good old California. We can all just use public transportation out here right? We're supposed to be more concerned about being "green" than getting to work on time.

[Billssuck]

State car exemptions?

It is common to get less expensive vehicles prior to filing and sometimes even during the case (though after filing you need Trustee approval).

Your one stepping stone would be your state's laws on vehicle exemptions as it relates to number of drivers in the household, make sure you stay within those limits.

Hmmm...now you got me to thinking....

We saw our lawyer and the state exemption in MO is $3,000 for vehicles. He added up the total of worth of our vehicles (4 very older high mileage cars) and he said their value is $10,500 total. He quickly deducted $6,000 for me and my husband and said the other $4,500 is non exempt. But....I have an 18 year old college student at home who drives (legally too ) and am I right to be able to have another $3,000 car exemption leaving only $1,500 in non-exempt?

Just for other info too, one of my vehicles is a "tool of the trade" asset so I really think that all of my vehicles will be exempt now (tool of the trade exemption is $3,000 too). What is your input on this and do you think that I am thinking correctly?

We are planning on filing the end of May and we are still unsure whether we will be a chapter 13 or a chapter 7 as our income is just below the median. If our cars are exempt now and we have no other assets, we too could be a non-asset chapter 7 and that is what I am secretly hoping for (shhhh...don't tell my husband).