Questions concerning two paid off cars on a 7

[momisery]

We paid off our two cars with a unsecured note about 9 months ago now. We are now scheduled to drop off 300.00 to start the process and schedule a meeting with our attorney where we bring the rest of the money to file. Anyhow, the attorny told hubby in a pre-filing meeting that we would lose one of the cars. One is a 2006.5 kia Optima with 60,000 miles on it and the other is a hyndai accent with about 55,000. Neither are valuable but in MO I guess since they are paid for they can take one car??? I am not sure how this works as we both need a car as hubby is in sales and can not pick me up when he goes out of town on business. So, will they allow you to buy are car back or will it be lost and gone forever?

[LuciluS]

Some Trustees in specific District/States will allow you to buy back the car. As your Attorney if you can get a car loan against one of your cars. I know most credit unions will allow such if your credit is not tanked like our is.

Ask him/her if there is any other way to save a vehicle. Tell her hubby is in sales and you need to cars. It's a dang shame you try to do right by paying off your cars & then get punished in a BK for doing so.

Good Luck

Luci

[momisery]

Paying them off gave us one loan with a lower payment. And we took out cash to pay off some of our debt like our taxes on the house and cars and a medical bill and some cash to have as hubby was not making much. We thought he would do better like he had always done. I never thought this would happen or I would have simply given up back then. The idea was to get the loan to keep us alive until his job got better. We never thought it would get worse.. geesh.. Thanks we will talk to the attorney.

[MrSmithster]

are you over or under on your means test? is there a wild card allowance in MO if you use schedule 2 on your means test? are you both working? the totalwildcard in CA is approx 20K, i kept my paid off car and it was worth $2k over the schedule 1 car allowance, but by using schedule 2, i got to keep it, so said the guy in the suit. i guess it worked for me, im on day 61

[lafrteacher]

We are buying back one of our paid-off vehicles. We exempted one, and used Kelly Blue Book online to value the other one. It made us an "assets" case, though; no "wildcard" exemptions in my state.

[momisery]

I heard we have a wild card, but I do not know how much it is. We are keeping one car and I guess we need to look at the numbers on that one. Good to know that there may be a chance. We still have to have our meeting with our attorney so we are just starting her in mo. Where did you find the wildcard info about MO? I found the exemptions, but nothing else. Thanks so much

[LuciluS]

Here are the MO Exemptions:

Click on the underline Federal supplemental exemptions in the below website as you can use those exemptions in conjunction with your MO exemptions:

http://www.bkforum.com/newreply.php?do=newreply&noquote=1&p=299345

Federal supplemental exemptions can be used in conjunction with your Missouri exemptions and can be viewed here.


Also see Missouri bankruptcy forms.

[OhioFiler]

We paid off our two cars with a unsecured note about 9 months ago now. We are now scheduled to drop off 300.00 to start the process and schedule a meeting with our attorney where we bring the rest of the money to file. Anyhow, the attorny told hubby in a pre-filing meeting that we would lose one of the cars. One is a 2006.5 kia Optima with 60,000 miles on it and the other is a hyndai accent with about 55,000. Neither are valuable but in MO I guess since they are paid for they can take one car??? I am not sure how this works as we both need a car as hubby is in sales and can not pick me up when he goes out of town on business. So, will they allow you to buy are car back or will it be lost and gone forever?

If your husband needs the car for his job other than as a vehicle to commute to his office he may be able to exempt it under "Tools of the Trade". I haven't looked at Missouri exemptions but you should look into this option.

[MrSmithster]

i mis-spoke. i meant with the wild card exeption, total assets can be $20K in calif when using schedule 2

[LuciluS]

Here are the MO Exemptions:

Click on the underline Federal supplemental exemptions in the below website as you can use those exemptions in conjunction with your MO exemptions:

http://www.bankruptcyinformation.com/MO_exemp.htm

Federal supplemental exemptions can be used in conjunction with your Missouri exemptions and can be viewed here.


Also see Missouri bankruptcy forms.

O My Goodness! Why didn't someone tell me I copied & pastied a blank sign in. So Sorry. I put the correct website for Missouri exemptions

[momisery]

They sure don't allow much do they? A bunch of radishes here cost 1.19 the prices are horrible and I can not afford the healthcare premiums and they think they are good ones here. Housing is cheap, but everything else like the Doctor and DDS costs the same as bigger areas with better jobs and benefits. All other items are a lot more. WE have property taxes and personal property is taxed too. So the car tags sound cheap until you look at the tax. They are losing their population their wages have dropped miseralbly for the past decade per the book of lists and they are wondering why they can't attract jobs and people? Geesh... MO wake up. CA people move here for the cheaper housing when t hey are retired, beyond that this place is a mistake to move to. Nice people, saddly very poor area from what I can see now. You spend all your money on healthcare premiums, car insurance and house insurance ... we have tornados so I guess insurance is high because of that. Pretty, but too costly to work here unless your a professional in the medical field or in upper mgmt, then you can afford it.

[momisery]

Thanks for posting it!! I do appreicate your efforts!

[bk2009]

Looking at those exemptions, I doubt you'll be keeping either of those cars. The exemption is only $1k and the wildcard isn't much either. Your house exemption looks good though.

[LuciluS]

Thanks for posting it!! I do appreicate your efforts!

You are quite welcome. I glanced at the MO Exemptions along with the Federal supplemental exemptions and they awful! Like I said in my early posts, you/hubby tried to do right by paying off your cars, etc. and now because you need to file BK you are being punished. The Bankruptcy Laws need another revamping.

At least in your neighboring state and our state, AR, you are allowed to use either the AR BK exemptions or the Federal BK exemptions. We will be using the Fed. exemption. My 99 Toyota Sienna Van is over the exemption, but it is not in 'ideal' shape. I'm hoping I get to exempt part of it as a disability aid as I had the back seats removed & a lift installed with a remote control to raise my scooter into and out of my van.

I sure hope by the time our BK is closed, the economy will be better. I'm disabled, so my SSD will only raise in $$ if Congress passes a Law to do so. The year 2010, is the 1st year in 45 yrs. Soc. Sec. is not receiving a cost of living raise. Economists may say we are recovering, but I don't believe it. Yes, you are right groceries are high and haven't been reduced. If we are recovering from the recession in 2009, then why did Congress not allow a cost of living raise for 2010?

We haven't seen the end of it yet. Market value of homes will not recover for many years in some parts of the U.S. Bankruptcies will continue to reach an all time high each month.

Well, off my soapbox. Good luck with having two cars.

[momisery]

Thanks, good luck to you too... Our Kia was rearended so we have a repaired car that probably is not worth the book value ... so we shall see