Hi everyone-
New to the forum here. We have a 2002 GMC pickup worth about 5k, we owe $14k, underwater for sure. My husband has a landscaping business that he uses it everyday for. We filed chap. 7 and are awaiting our 341 hearing later this month. We marked that we wanted to re-affirm our car loan with our credit union. Current payment is $286, so not too bad. The problem is that the truck needs about $4k in repairs. The 4 wheel drive system is broken, needs new tires and a few other repairs. If we surrender it, my husband won't have a truck to pull his landscaping trailer with, thus making it very difficult for us to continue making money. How long would we have to wait to get another car loan? Does anyone know what kind of rate we'd be looking at straight out of BK? If we keep the vehicle we will be making a huge payment and paying a ton of money for repairs (which we don't currently have). If the credit union would lower our payment to about $180 that might make it worthwhile to keep it. Can they do that in a chapter 7? They would have to lower the principal balance on the loan, I know that's more common in a Chap. 13.
Any advice welcome!
New to the forum here. We have a 2002 GMC pickup worth about 5k, we owe $14k, underwater for sure. My husband has a landscaping business that he uses it everyday for. We filed chap. 7 and are awaiting our 341 hearing later this month. We marked that we wanted to re-affirm our car loan with our credit union. Current payment is $286, so not too bad. The problem is that the truck needs about $4k in repairs. The 4 wheel drive system is broken, needs new tires and a few other repairs. If we surrender it, my husband won't have a truck to pull his landscaping trailer with, thus making it very difficult for us to continue making money. How long would we have to wait to get another car loan? Does anyone know what kind of rate we'd be looking at straight out of BK? If we keep the vehicle we will be making a huge payment and paying a ton of money for repairs (which we don't currently have). If the credit union would lower our payment to about $180 that might make it worthwhile to keep it. Can they do that in a chapter 7? They would have to lower the principal balance on the loan, I know that's more common in a Chap. 13.
Any advice welcome!